CMS advises Work Service on joint venture with Fiege Logistik
Wroclaw-based Work Service Group has established a new joint venture for the German market with the international Fiege Group of Greven.
The new company will comprise the three German Work Service firms and Fiege subsidiaries Fiege uni/serv GmbH and FIEGE worksess GmbH. The transaction is currently awaiting approval from the competition authorities.
An international team of CMS drawn from its offices in Düsseldorf, Cologne, Warsaw and Vienna advised Work Service on all legal aspects of the project over an extended period. Dr Dirk Jannott acted as lead partner in Germany.
Fiege Logistik Stiftung & Co. KG will hold a 49 per cent stake in the joint venture, while Wroclaw-based Work Service SA Capital Group will have a 51 per cent interest. The newly formed company aims to be a leading employment service provider in the German market.
Listed company Work Service SA is one of the biggest service providers for personnel recruitment and management in Central and Eastern Europe, with more than 2,200 clients. PineBridge Investments has held an equity interest in the company since 2013.
Fiege is one of Europe's largest logistics providers; in 2012 the group generated worldwide sales of EUR1.5bn with 11,000 employees. Fiege uni/serv and FIEGE worksess were established in 2002 as specialists in personnel logistics for the retail and logistics industries.
The new joint venture is intended to bring together the services and client sectors while remaining the preferred partner for the Fiege Group's temporary employment requirements in Germany.
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