Argos Soditic reaps 3.1x money on ORS exit

Argos Soditic has exited its investment in Swiss services provider ORS Service to Invision Private Equity. The value of the deal was undisclosed but represents a cash multiple of 3.1x on the initial investment and an IRR of 37%. An earn-out on 2009 figures will be due in June 2010 and, if fully received, would boost the cash multiple to 3.4x and the IRR to 39%. ORS was a portfolio company of Euroknight IV.

Founded in 1992, ORS is a Zurich-based company offering outsourcing solutions to Swiss public authorities in charge of asylum seeker and refugee centres. The management of these centres represents 70% of the group's revenues, management of the Confederation's asylum seekers welfare contribution system represents 12%, while recruitment, training and employment services for tour operators make up the rest. The company was acquired in a management buyout in May 2005 (September 2005, page 41).

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