Bain acquires majority stake in Naxicap-backed House of HR

Bain Capital has acquired a 55% stake in Belgium-based House of HR (HOHR), an HR services group; existing owner Naxicap and founder Conny Vandendriessche will own the remaining equity.

Following this deal, the House of HR will continue to grow through targeted M&A and organic growth in existing markets, the DACH region and the Nordics, with a focus on digitisation, according to a press release.

HOHR will focus on acquiring businesses that complement its offering in relation to geography, candidate focus (legal, finance, engineering), or sector specialism (IT, public sector, healthcare).

Naxicap first invested in HOHR in 2012, and under its ownership, the group completed 37 acquisitions. Recent acquisitions include Solcom, a German IT and engineering recruitment firm, in January 2022. According to the press release, HOHR is now generating 10 times more profit than it did in 2021.

Mergermarket reported in February 2021 that HOHR could be ready for a potential IPO and that it was also considering an extra partner or a partner to replace Naxicap as majority shareholder. The report also noted that HOHR had sales worth EUR 1.8bn in 2019. 

Bain Capital is currently deploying equity via funds including Bain Capital Europe V, which held a final close in July 2018 on GBP 4.3bn. The GP provides approximately EUR 700m (15%) of the fund for co-investment opportunities, according to Unquote Data. The sponsor registered Bain Capital Europe VI in October 2021, which is expected to follow the same stretegy as its predecessor, according to Unquote Data.

Company
Founded in 1995 by Conny Vandendriessche and Philip Cracco and based in Roeselare, HOHR places over 57,000 candidates monthly across small, medium, and large companies. It was previously known as Accent Jobs. HOHR is a multi-brand group consisting of 10 companies that represent more than 40 brands, all of which focus on recruitment in the engineering and consulting space or placing temporary workers with a view to get them a permanent contract.

The group employs 4,300 staff and reported revenues of EUR 2.2bn in 2021. HOHR has offices in Belgium, the Netherlands, France, and Germany, and recruitment agencies in Poland, Romania, Hungary, and Spain.

People
House of HR - Rika Coppens (CEO), Conny Vandendriessche (founder, board member).
Bain Capital - Matthias Boyer-Chammard (managing director).
Naxicap Partners – Eric Aveillan (CEO).

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• Topics
• Benelux
• Buyouts
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• Naxicap
• Secondary buyout