PineBridge Investments is to make an equity investment of EUR26m in Work Service, a temporary staffing and personnel outsourcing company in Poland.
As a result of this investment PineBridge will hold 20.02 per cent of the company’s share capital and will have two supervisory board seats.
The agreement is subject to customary merger control clearance in Poland. Equity capital for this investment will be provided by PineBridge New Europe Partners II, a EUR522m private equity fund investing in Central and Eastern Europe.
Work Service operates in the large and rapidly expanding Central European personnel services market. The company is the market leader in Poland, has a strong presence in Russia and continues to increase its market share in the Czech Republic, Slovakia, Germany and Turkey. Work Service has been listed on the Warsaw Stock Exchange since May 2012.
Tomasz Hanczarek, chief executive of Work Service, says: “This is a milestone for our company. PineBridge will contribute significantly to the growth of Work Service in the Polish and European personnel services markets. PineBridge’s backing will allow us to pursue our exciting acquisition strategy, which will further expand our presence in the CEE region.”
Rossen Hadjiev, managing director of PineBridge Investments (Central Europe), who led the deal, says: “We are delighted to announce our investment in Work Service. We have been impressed with the company’s success to date, and with the support of PineBridge’s financial resources, regional expertise and focus on creating long-term value, we expect Work Service to continue its impressive growth and solidify its market-leading position.”
PineBridge Investments was advised by Baker & McKenzie and Ernst & Young in this transaction. Work Service was advised by SPCG and Azimutus.
