PineBridge invests €26m in Work Service

Capital for the investment was sourced from PineBridge New Europe Partners II, a €522m vehicle that targets investments in Central and Eastern Europe.

The transaction remains subject to approval from Poland's customary merger control.

Company
Work Service is a Warsaw-based support services company focusing on temporary staffing and personnel outsourcing, as well as recruitment. It caters to the IT, financial and media sectors. It employs about 27,000 people on a monthly basis and serves 1,000 clients. With most of its business done in Poland, the company also operates in Russia, the Czech Republic, Slovakia, Germany and Turkey.

Work Service has been listed on the Warsaw Stock Exchange since May 2012 and forecasted revenues of €195m for the financial year 2012. Its market cap is PLN 335.64m. Following the deal announcement, Work Service shares opened 1.6% up.

People
Rosson Hadjiev, managing director, led the deal on behalf of PineBridge Investments Central Europe. Tomasz Hanczarek is CEO of Work Service. Following the transaction, PineBridge will also have two seats on the company's supervisory board.

Advisers
Equity - Baker & McKenzie (Legal).
Company - SPCG (Legal); Azimutus (Corporate finance).

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• Topics
• CEE
• PIPEs
• Buyouts
• Support services
• Poland