H.I.G. Completes Sale of 7S Group to ManpowerGroup
H.I.G. Europe (“H.I.G.”), the European arm of global private equity firm H.I.G. Capital, announced today that it has completed the sale of the 7S Group to ManpowerGroup. As a leading provider of HR related services, the 7S Group offers comprehensive solutions in temporary staffing, business support services, and career services. The 7S Group services complement the ManpowerGroup portfolio while allowing it to become the third largest workforce solutions provider in Germany with regards to industry solutions, technical project services and executive search. 7S generated more than €310 million in revenues in 2014. Terms of the transaction were not disclosed.
H.I.G. acquired a minority stake in 7S in 2010 and led the company to become an integrated full-service HR provider through the provision of capital and the implementation of selective growth measures. "Over the past five years, we have worked closely with 7S management regarding the consolidation of the market. During this time, 7S strengthened its core areas with the acquisition of more than ten add-ons,” remarked H.I.G. Europe’s Hamburg based Managing Director, Wolfgang Biedermann.
"For us, the acquisition is an important strategic step on our way to becoming the leading workforce solutions provider with expertise in providing HR staffing solutions and it will form the basis for further growth. Furthermore, the 7S Group complements the ManpowerGroup portfolio in strategically relevant business segments," added Herwarth Brune, CEO of ManpowerGroup in Germany.
The successful integration of the companies is based upon similar corporate cultures characterized by company philosophies that value entrepreneurship, flexibility and a holistic service offering. For Dr. Christian Speidel, CEO of 7S, the integration into a global network is a benefit: "Through the newly gained international perspective and enlarged network of opportunities, we are now able to more fully satisfy the needs of our corporate customers."
About 7S Group
The 7S Group is one of the ten leading personnel service providers in Germany. The company, headquartered in Jena, is characterized by a high degree of specialization. The core areas include the sectors Healthcare, Catering, Aviation, IT, Engineering, Industry & Technology and Office Management. While operating mainly throughout Germany, the group employs more than 8,000 employees in over 200 offices, production facilities, technical offices and customer service centers. For more information visit www.7sgroup.de.
The ManpowerGroup is a world leading provider of innovative solutions and services that enable companies to adapt successfully to the ever changing working environment. The companies Manpower, Experis, ManpowerGroup Solutions and Right Management are all acting under the umbrella of the ManpowerGroup and are operating in 160 sites across Germany. Together with the joint ventures Bank Power, AviationPower and Vivento Interim Services, the group is a pioneer with regards to industry and professional specialization. For more information visit www.manpowergroup.de.
About H.I.G. Capital
H.I.G. is a leading global private equity and alternative assets investment firm with €17 billion of equity capital under management.* Based in Miami, and with offices in New York, Boston, Chicago, Dallas, San Francisco, and Atlanta in the U.S., as well as international affiliate offices in London, Hamburg, Madrid, Milan, Paris and Rio de Janeiro, H.I.G. specializes in providing both debt and equity capital to small and mid-sized companies, utilizing a flexible and operationally focused/ value-added approach:
1. H.I.G.’s equity funds invest in management buyouts, recapitalizations and corporate carve-outs of both profitable as well as underperforming manufacturing and service businesses.
2. H.I.G.’s debt funds invest in senior, unitranche and junior debt financing to companies across the size spectrum, both on a primary (direct origination) basis, as well as in the secondary markets. H.I.G. is also a leading CLO manager, through its WhiteHorse family of vehicles, and manages a publicly traded BDC, WhiteHorse Finance.
3. Other H.I.G. funds invest in various real assets, including real estate and shipping.
Since its founding in 1993, H.I.G. has invested in and managed more than 200 companies worldwide. The firm's current portfolio includes more than 100 companies with combined sales in excess of €22 billion. For more information, please refer to the H.I.G. website at www.higcapital.com.
*Based on total capital commitments to funds managed by H.I.G. Capital and its affiliates.
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