Silverfleet sells Orizon for €81.6m

According to a statement, Outsource fully acquired the business for €81.6m through its German subsidiary OSI Holding. The price includes €74.1m of acquisition price and €7.5m of advisory fees. The transaction is expected to close in early 2017.

Previous funding
In January 2007, Silverfleet – formerly known as PPM Capital – acquired a majority stake in the business alongside the management team and several existing investors, in a deal valuing the company at €176.5m EV. Unicredit structured a debt package consisting of senior and mezzanine financing to support the transaction.

Following the transaction, Silverfleet Capital operated two add-on acquisitions: SIR, acquired from Thyssen Krupp in June 2007, and Jobs-in-Time, bought in July 2007. Moreover, the company used the capital injection to boost its IT system and recruited a new chief financial officer, who was charged with significantly upgrading the financial system across the group.

Company
Established in 2006 and headquartered in Ausgsburg, Orizon is an umbrella group for five temporary work recruitment agencies comprising Rolf Plümer, Plümer Konstruktionen, Andreas Wust, PersonnelConsultants HR and RKM. The company mainly focuses on mechanical engineering, and the aviation and medical sectors. It currently manages 90 offices across Germany with a headcount of 9,000.

In 2015, the business posted €266m in revenues with €12m EBITDA, according to a statement.

People
Orizon – Dieter Traub (CEO).

Advisers
Acquirer – Gleiss Lutz Hootz Hirsch (legal).

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