Aurelius Group has sold fidelis HR to SD Worx, for an undisclosed sum and stands to realise a significant, double-digit return on its investment following the completion of the deal in Q1 2016.
The Group intends to pay out a proportion of the return on investment to its own investors via a participation dividend.
Aurelius acquired fidelis HR, a provider of HR-outsourcing services in the DACH region, in 2013 from TDS Informationstechnologie AG, a subsidiary of Fujitsu Group. Under Aurelius’ ownership, fidelis HR’s operations were successfully realigned, resulting in an improved product offering and an increased client portfolio including a number of long-term client contracts. Furthermore, fidelis was able to expand its offering outside of the DACH region. Over the past three years, Aurelius has improved the turnover, profitability and headcount of fidelis HR significantly, growing the number of employees to 630 in 13 locations across Germany, Austria, and Switzerland. In 2015, the Company generated revenues of EUR55.3 million and a double digit EBITDA-margin.
Through the acquisition of fidelis HR, the Belgium based SD Worx Group will expand its operations within the DACH region and continue its European growth strategy.
Gert Purkert, a member of Aurelius Group’s executive board, says: “Since Aurelius’ acquisition of fidelis HR in 2013, the Group has significantly improved the cost structure of the Company as a standalone business. We successfully expanded the Company’s customer base, generating additional long-term client relationships. In SD Worx, fidelis HR has found a strong international partner to support its future growth.”
Steven Van Hoorebeke, CEO of the SD Worx Group, says: “This takeover entirely fits within our strategy to continue our international growth and so to strengthen our position in the market. SD Worx and fidelis HR are therefore strongly complementary. In addition, they have a similar corporate culture, a similar range of services and a good geographical spread in Germany.”
Mummert & Company and Raymond James advised Aurelius on this transaction.
