HIG Capital acquires Office People

The management team of Office People, led by CEO Mahmut Akköse, will remain in place, HIG said in a statement.

Office People generates around EUR 300m in revenue and around EUR 20m in EBITDA, according to a source familiar. Lincoln was sellside advisor.

Lincoln did not respond to a request for comment.

Under HIG’s ownership, Office People is expected to continue its growth organically, alongside add-on acquisitions and a selective internationalisation strategy, it said.

Office People benefits from underlying growth trends in combination with an established regulatory regime for temporary work in the EU and Germany in particular, it said. Flexible workforces are essential to help companies overcome the structural shortage of labour across the EU, production peaks and periods of high business activity, it added.

The growth of the temporary workforce is also expected to increase in the coming years as the “baby boomer” generation retires Akköse said in the same statement.

Office People is invested via HIG Europe Lower Middle Market LBO III, which raised EUR 1.1bn in 2020, against a target of EUR 1bn, according to the source and Unquote Data.

HIG declined to comment.

Company
Founded in 2005 by Olaf Hansen and headquartered in Münster, Office People employs more than 9,000 external staff across 100 locations. The company focuses on sectors with structurally high workforce demand including aviation, e-commerce, logistics, and mobility and automotive.

People
Office People - Mahmut Akköse (CEO).
HIG Capital - Holger Kleingarn (managing director).

[Editor's note: The article has been updated post publication to include revenue, EBITDA, and advisory details for Office People.]

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