Transactions in the Dutch HR market: the ten most remarkable deals of 2024

Pieter de Vries

Partner, Managing Director

IN COOPERATION WITH INDUSTRY MAGAZINE FLEXMARKT

Amidst ongoing labour shortages, evolving legislation, margin pressure, geopolitical uncertainty, and rapid technological change, 2024 saw 35 transactions in the HR market. Buy-and-build platforms remained the most active buyers. Key end markets included technology, healthcare, logistics, and the public sector. Notably, both publicly listed staffing companies made their presence felt again. So, which were the ten standout deals?

1. CVC invests in World of Talents

With the entry of major private equity firm CVC, World of Talents gained a new engine for growth. The Belgian staffing specialist, also active in the Netherlands and Germany and focused on scarce professions in sectors such as healthcare and engineering, completed two additional acquisitions: Dutch firms Venk Professionals and ViaMedica. The deal signals strong confidence in specialist staffing providers. CVC’s broader interest in the HR market was already evident in 2023, when it also took a stake in Belgian HR and payroll firm SD Worx.

2. HeadFirst Group acquires Impellam Group

Dutch-based HeadFirst Group acquired the UK’s Impellam Group, a key player with strong positions in the UK and US markets. The acquisition nearly doubles HeadFirst’s size. Supported by Dutch investor IceLake Capital, the company now gains access to international framework agreements, marking a significant step towards its ambition to become Europe’s leading external workforce provider.

3. YER acquires Avantgarde Experts and Staffxperts

Following Inflexion’s minority investment in 2023, YER executed two targeted acquisitions in Germany: Avantgarde Experts, active in the tech and mobility sectors, and Staffxperts, focused on technical staffing. These additions strengthen YER’s position in the high-end specialist market and signal its intent to become a consolidator in Europe’s fragmented HR landscape—similar to players such as World of Talents, House of HR, The Specialist Group, and Team Eiffel, all backed by international private equity.

4. Randstad acquires Zorgwerk

Randstad acquired Zorgwerk, a digital platform operating in healthcare, home care, and childcare. With a large flexible talent pool and strength in tech-enabled matching, Zorgwerk represents Randstad’s first domestic acquisition since BMC in 2016. The move underscores renewed focus on niches with persistent labour shortages. Randstad acquired Zorgwerk from NPM Capital, the investment firm of the Fentener van Vlissingen family.

5. Brunel invests in Equals

Brunel strengthened its social impact credentials with the acquisition of Equals, a staffing agency focused on inclusive employment (particularly for women). The move aligns with Brunel’s broader ESG strategy and reflects growing interest in social entrepreneurship within the staffing sector.

6. Linden-IT acquires ICTZaakwaarnemer

Linden-IT, an IT staffing specialist, acquired peer ICTZaakwaarnemer. Both focus on the mid-market segment. By joining forces, the companies gain increased scale for tenders, training, and specialisation. This transaction also shows that not all deals are driven by private equity.

7. Logistics Force acquires VIA and Transflexion

Supported by Fields Group, Logistics Force made two strategic acquisitions: VIA Logistics Professionals, focused on higher-educated logistics profiles, and Transflexion, specialising in operational transport roles. These integrations enhance Logistics Force’s national reach and ability to serve the full logistics chain.

8. Team Eiffel acquires Clafis

Team Eiffel, known for legal and financial project management, expanded into engineering and infrastructure with the acquisition of Clafis. The engineering firm brings specialist expertise in construction, infrastructure, and industry. Team Eiffel is majority-owned by Towerbrook, which also holds a major stake in EPSA, the French firm that acquired Dutch consultancy AB&C Groep (AevesBenefit and Boer & Croon) in 2023.

9. Bluetrail acquires Peoples Republic

Bluetrail, which focuses on placing IT professionals within the public sector, acquired Peoples Republic, a well-regarded firm in the municipal and central government domains. The acquisition strengthens Bluetrail’s footprint in the south of the Netherlands and enhances its position in public procurement. Bluetrail has been backed by Nordian since 2023.

10. Public Search acquires Kasparov Finance & BI

Public Search, an investment of Bolster Investment Partners, acquired Kasparov Finance & BI, a specialist in permanent and interim placements in finance and data. The acquisition aligns with Bolster’s strategy of investing in high-quality niche players. At the end of 2024, Bolster also acquired a majority stake in Leeuwendaal, a firm specialising in executive search, interim management, and consultancy for the (semi-)public sector—further solidifying Bolster’s presence in specialist HR platforms.

Looking ahead to 2025

Buy-and-build platforms will likely remain highly active in 2025. In addition, changes in legislation—most notably the WTTA, set to take effect in 2027—will drive further consolidation, as staffing firms are compelled to professionalise internal processes. Acquisitions offer a route to accelerate this transition.

In a market where margins are under pressure, regulations are tightening, and technology is reshaping operations, standing still is not an option. M&A is no longer purely strategic—it is increasingly a structural necessity.