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Gi Group picking up Work Service
Posted on Wednesday, 29 July 2020 15:16
German employment agency Work service is being acquired by Gi Group Deutschland, its Dusseldorf-headquartered peer.

Under the terms of the transaction, the buyer is paying PLN 4.50 million (EUR 1.02 million) for the business.

It is acquiring 74.0 per cent of the company from Work Service SPV and 26.0 per cent from Work Service International.

No further details of the deal have been disclosed at this time.

Work Service was founded in 2011 and now operates from locations across 12 countries.

The company’s customer base numbers more than 3,000, while it claims to employ some 50,000 people in various sectors every day.

It has 16 offices in Germany alone.

Zephyr, the M&A database published by Bureau van Dijk, shows that the most valuable deal targeting an employment placement agency to have been announced worldwide since the beginning of 2020 was worth USD 567.05 million.

That deal saw Madison Dearborn Partners sign on the dotted line to purchase Australian player Serendipity (WA) back in March.

It was followed by the USD 244.67 million share placing by UK-based Hays which closed in April.

Other companies in the sector to have been targeted this year include PageGroup, Fullcast Holdings and Neo Career.

In all, Zephyr shows that employment placement agencies have been targeted in 124 deals with an aggregate value of USD 1.31 billion in 2020 to date.

This represents a decline on the 245 such transactions worth a combined USD 1.54 billion which were announced over the same period of last year, while it also down from 219 and USD 3.39 billion in the opening seven months of 2018.

© Zephus Ltd