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Work Service SA has purchased Prohuman

23.12.2013

For EUR 16 m, the Work Service Group has purchased one of the largest Hungarian job agencies, the company Prohuman. It is the next step in the expansion of the Work Service Group, which boosts the group on its way to becoming the leader of HR services in Central and Eastern Europe. 

The conditional agreement of purchase of Prohuman was signed on 21 December 2013. On the day of closing, Work Service will take over 75% of shares of the Hungarian company for the total amount of EUR 16 m.  The purchase price will be paid in three tranches, to be completed after the fulfilment of all conditions precedent specified in the agreement.

Prohuman has operated on the Hungarian HR market since 2004. The company forms a part of the Prohume Group, which includes five companies operating in different areas (comprehensive HR services, merchandising, sale promotions, marketing events, telemarketing).  Prohuman is one of Hungary's largest job agencies, which in 2012 alone recruited over 6,000 temporary workers. The company's mission is to provide comprehensive support to its business partners, and those actions have led to the creation of a strong player on the Hungarian market of HR services.

'We are glad that we have been joined by yet another strong brand. It is a great source of satisfaction for us to say that the Work Service capital group comprises companies being leaders in their own markets, setting trends and paying a lot of attention to the high quality of their services. 'Together, we may build a strong position for Work Service throughout Central and Eastern Europe,' comments Tomasz Hanczarek, President of Work Service SA.

'Prohuman will not only help us expand our operations in geographical dimension on markets where we have been absent so far, but it will also strengthen the position of Work Service as an attractive employer. Thanks to our presence on the Hungarian market, we are providing our employees with even greater prospects of professional growth. Once a local Polish HR company, now we are becoming an international leader,' highlights Tomasz Misiak, President of the Supervisory Board of Work Service S.A.

'We are continuing to march our path of consistent and profitable growth for Work Service. Each new acquisition gives us a boost of new competences and a further geographical reach for our operations. Thanks to that, we are able to offer our clients and business partners a full range of services, not only in Poland but also on other European markets,' says Paul Sofianos, President of the Supervisory Board of Work Service.

'We want to provide comprehensive HR services throughout Central and Eastern Europe, being always one step ahead of the expectations of our business partners and clients. With the restrictions concerning employment of Poles in EU countries now abolished, our value on European countries is rising,' sums up Paul Christodoulou, Vice-President of the Management Board of Work Service.  

‘As a local company, Prohuman has won the position of an unquestionable leader in HR services in Hungary. In order to speed up the pace of growth, the company is planning to expand its operations onto markets within the region and to provide services competitive to international rivals, not only on a local but also on a regional scale. The similarity of business philosophies of Work Service and Prohuman makes the signed agreement the right direction of development for Prohuman,' comments Sandor Zakor, General Director of Prohuman.

Work Service has so far spent PLN 164 on acquisitions. Prohuman is the seventh HR company taken over by the Work Service capital group. In 3rd quarter of 2013, the Company purchased Antal International, a specialist in recruiting middle-rank employees and managers; then Work Express, a leader in recruiting Polish for work abroad.

The main financial investor in Work Service SA is a private equity fund, PineBridge Investments. The function of investment adviser is performed by Trigon Brokerage House. Legal advisory is provided by the legal office CMS Cameron McKenna.

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THE WORK SERVICE S.A. CAPITAL GROUP

The Work Service Capital Group has operated since 1999 and is the largest provider of comprehensive HR services on the Polish market. Work Service operates around the entire country through its network of branch offices, as well as abroad in 6 Central and Eastern European countries. The company specializes in HR restructuring, recruitment of qualified workers, personnel advisory and outsourcing of functions connected with staff management. It also offers solutions with the use of temporary work contracts. Over 2,000 companies have already selected Work Service as their partner in business, and the company assists close to 250,000 individuals each year in finding employment. Work Service is the first company in the personnel services sector to be listed on the Warsaw Stock Exchange.

More information at www.workservice.pl

Contact for the media:

Krzysztof Inglot

Director of Market Development Division, Press Officer

mobile: +48 508 040 345

phone: +48 71 371 0927

e-mail: krzysztof.inglot@workservice.pl

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