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Solyne has been sold to Continu Professionals, part of House of HR, a portfolio company of Naxicap Partners

Amsterdam – Corporate Finance International (‘CFI’) is pleased to announce that it acted as the exclusive corporate finance advisor to the founding shareholders of Solyne (‘Solyne’ or the ‘Company’), a leading Dutch specialist provider of white-collar engineering professionals in the public and private domain, in the successful sale to Continu Professionals, part of House of HR, a portfolio company of Naxicap Partners.

Founded in 2009, Solyne is the Dutch leading specialist provider of engineering white-collar expertise by offering secondment and freelance services. Key areas of its expertise are public (e.g. civil engineering, cultivation, mechanical engineering and electrical engineering) and industry domains. Supplying c. 240 white-collar engineering professionals, the Company serves leading public and private clients and performs through-the-cycle services to predominantly non-cyclical end markets. With the acquisition by Continu Professionals, Solyne seeks to strengthen and accelerate its strong growth ambitions.

Continu Professionals has been a Dutch specialist in white-collar secondment solutions for more than 25 years. In 2019, it placed around 2,600 professionals in construction & infrastructure and industry & engineering. Continu Professionals works with 300 enthusiastic colleagues spread over more than 20 offices in the Netherlands, Belgium and Germany. Continu Professionals was acquired by House of HR in 2015 in a transaction in which CFI advised the sellers, marking House of HR’s first steps into the Dutch white-collar engineering staffing market. Continu Professionals has grown exponentially ever since, both organically and through add-on acquisitions, including CFI’s sell-side transactions mténv (2018) and TechMatch (2020).

House of HR is a leading international services group in the world of human resources. House of HR is the holding company for 9 operating companies representing 38 brands and is active in (i) general staffing, (ii) specialist staffing, (iii) engineering & consulting and (iv) digital staffing. Together the operating companies have more than 590 offices in 10 countries and in 2019, with its 3,400 employees, they provided jobs to more than 47,000 people. House of HR realised consolidated revenues of € 1.8bn with an EBITDA of € 220m in 2019. House of HR is originally Belgian and has its headquarters in Roeselare. The French investment company Naxicap Partners, with c. € 3.5bn of assets under management, is the majority shareholder.

Mr Kuiper and Mr Van Eenennaam, founding shareholders of Solyne, said: “CFI has been a trusted sparring partner to us for many years now on relevant strategic topics involving our business and did an outstanding job to guide us through this intense and exciting process every step of the way. Leveraging CFI’s strong domain expertise within Staffing & HR Services, their first-hand understanding of the strategic agenda of potential buyers, coupled with seamless execution, CFI has delivered a highly appreciated outcome for us at optimal terms in a way that truly matches Solyne’s unique proposition and our specific needs. We look forward to partner with Continu Professionals to support the Company’s next growth phase, whilst safeguarding Solyne’s unique culture.”

Mr Winterscheidt, CEO of Continu Professionals, commented: “Despite the Covid-19 pandemic, we continued to look for market-leading companies with a distinct and successful operating model. CFI knew that Solyne would be an excellent addition to our business as it has built a unique industry position in both the public and private domain. We are extremely delighted that both our visions and cultures are perfectly aligned, and we look forward to continuing the growth story together with Solyne. CFI did an excellent sell-side job for the fourth time in safeguarding an efficient and smooth process even in these unprecedented times.”

CFI initiated discussions and negotiations in a process, which ultimately resulted in a successful sale to Continu Professionals, that closed on 5 January 2021. This transaction further emphasises CFI’s leading position in the Staffing & HR Services sector.

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Advised by:

Roel ter Steeg

Martijn Liem

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