Out and in for NIBC

This month has seen two consecutive deals for NIBC Capital Partners: a sale and an acquisition. At the beginning of the month, the fund sold its 40% stake in recruiting agency Vitae to Manpower, through a limited auction led by BNP Paribas.

In 2004, NIBC acquired 40% in the company from the founders. They retained 30% and the management and employees acquired the other 30%. At the time of the original acquisition, Vitae was coming out of a period of economic decline in the Netherlands. Over the four-year investment period, the fund supported the company by rolling out new locations and developing operational and financial performance control. The company started to realise dividends before the exit.

Vitae is now ready for the next stage of expansion in the Netherlands and further venture into Benelux and Germany. The sales process focused on strategic buyers because the company's expansion plans would likely be supported by a buyer with expertise in the sector.

Later in the month, Vitae acquired a majority stake in Busker, a sheet pile specialist. The balance of the share is held by the four Busker family members.

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