Sector: Business Services
We acted as sell-side M&A advisors to the owners of leading Hungarian HR service provider Prohumán 2004 Kft on the sale of the company to a strategic investor.
On 28 March 2014, Work Service S.A., the leading Poland-based provider of workforce solutions acquired majority ownership of 75% in the leading Hungarian HR services provider Prohumán 2004 Kft. The buyer’s estimation for the purchase price of 100% shareholding in Prohumán – subject to certain conditions – is PLN 110 million (approx. EUR 26.2 million). The transaction is another important milestone for Work Service in the realization of its acquisitive growth strategy; the deal considerably supports Work Service to become the leading player in the Central Eastern European HR services market.
Invescom Corporate Finance acted as exclusive transaction advisor to the seller in the sale process, in which Invescom Corporate Finance identified the buyer, led the negotiations on the seller’s side and entirely managed the transaction.
Prohumán, engaging in the Hungarian HR services market since 2004, provides a full scope of human resource services in the fields of temporary employment, recruitment, HR consulting and other related areas. The company realized EUR 29.7 million revenue and EUR 2.9 million EBIT in 2013, making Prohumán one of the largest market players in Hungary. Prohumán is member of the Prohome group which has active presence – in addition to HR services – in the areas of merchandising, sales promotion, marketing communication, event management and telemarketing.
Work Service, providing comprehensive workforce solutions, was established in 1999 and in the following 15 years became the largest HR services provider in Poland. Work Service is listed on the Warsaw Stock Exchange and operates in six Central and Eastern European countries. The group – having PineBridge Investments private equity firm as one of its largest investors – realized EUR 218 million revenue in 2013.
Source: Press release, 8 April 2014