Randstad launches tender offer for Siparex-backed Ausy

Alice Tchernookova
21 June 2016

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Dutch human resources consultancy Randstad has launched a cash tender offer to acquire French consultancy Ausy, backed by Siparex and BPI France since 2011.

Randstad – via Randstad France – will offer €55 per share to Ausy shareholders, alongside an offer for various types of obligations.

Siparex and BPI France, which jointly hold 17% of Ausy's capital via the Hisam holding, approved the offer. Ausy's executive board has also unanimously supported the tender offer.

With the GPs' backing, Ausy has raised its turnover from €200m in 2010 to a current €440m thanks to significant organic growth and a dozen of bolt-on acquisitions in France and abroad, the last of which was in the US in 2015, which resulted in the group doing 50% of its business internationally.

BNP Paribas is acting as financial adviser to Randstad on the transaction, with Clifford Chance as legal adviser.

In March 2011, Siparex and BPI provided a capital increase of €20m in the first round of funding for Ausy. Siparex provided most of the round via its Siparex MidCap I and Siparex MidMarket II funds. BPI contributed an estimated €2m to the round.

Founded in 1989, Issy Les Moulineaux-based Ausy engages in the provision of advanced technology consultancy and engineering services. The company is specialised in the areas of information technology, support, electronics, information systems and networks, and consultancy services related to information systems and telecommunications. Ausy has been listed on the Paris stock exchange since 1999.