Amsterdam – Corporate Finance International (‘CFI’) is pleased to announce that it acted as the exclusive corporate finance advisor to the founding shareholders of EN Holding B.V. (‘EN HR solutions’ or the ‘Company’), a leading Dutch RPO specialist, in its sale to Select HR NV (‘Select’), a Belgian staffing specialist. Besides Select as majority shareholder, the founding shareholders will remain as shareholders and the current management, Ms Tjesca Honnef-Kuytenbrouwer and Mr Kevin Sebel will join as new shareholders.
EN HR solutions, founded in 2002, is a leading Recruitment Process Outsourcing (RPO) specialist, a service with which EN HR solutions takes over the recruitment process of an organisation in whole or in part. It operates on-site at the client and entirely on behalf of its client. Additional to the recruitment of permanent staff, the Company also recruits flex workers and freelancers in an RPO process, referred to as Total Talent Acquisition (TTA). Lastly, EN HR solutions provides online services which includes the developments of corporate recruitment sites, job marketing and employer branding projects. These services are offered separately, but normally included in the Company’s RPO services.
Select, founded in 1986 by Mr Bart Gonnissen, is a Belgian staffing specialist, providing high-quality solutions on all HR fronts: recruitment & selection, project souring and consultancy & outplacement. The acquisition of EN HR solutions adds RPO and TTA as a fourth pillar to Select’s services portfolio. In addition, Select expands its footprint in the Netherlands and thereby further diversifies its traditionally larger exposure to the Belgian market (besides Belgium and the Netherlands, Select is also active the Middle East and North Africa). As a result of the acquisition, Select will surpass EUR 100 million in revenues for the first time since its inception. Both companies expect a mutual beneficial partnership as a result of the transaction: Select is expected to accelerate its traditional services in the Netherlands through the network of EN HR solutions. Conversely, EN HR solutions expects to strongly grow its RPO services in Belgium by leveraging on Select’s Belgian client network.
The founders of EN HR solutions commented: “We are very happy with this transaction executed in an unprecedented context (coronavirus). We selected CFI as they have proven experience of successfully closing transactions in the HR services sector. CFI has delivered a highly appreciated outcome in this transaction for us, combining flawless execution and the ability to customise the entire process in a way that truly matches the Company’s unique proposition and our specific needs. We are looking forward to our partnership with Select and believe that this transaction is a thriving combination that offers both companies significant further growth potential”.
CFI orchestrated discussions and negotiations in a process, which ultimately resulted in a successful sale to Select, that closed on 23 March 2020. This transaction further emphasises CFI’s number one position in the Staffing & HR Services sector.
With our passion for deals, CFI is a trusted corporate finance lead adviser to the middle-market providing best-in-class advice and seamless execution on M&A transactions for our clients worldwide. On a daily basis, we continue to build long-term relationships and partner with entrepreneurs, private equity investors and management teams planning to sell their businesses, raise capital, restructure or build by acquisitions.
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