Dutch GP Avedon Capital has sold its majority stake in Netherlands-based employment agency Olympia to its CEO, Dimitri Yocarini, and Morgan Stanley Tactical Value Investing (MSTVI).
MSTVI has bought a minority in the business, while the company's CEO has retained a majority, according to a statement by Olympia.
MSTVI, a team within Morgan Stanley Investment Management, targets private, long-term and likely illiquid investments. Its capital influx should help the business grow further on the Dutch market, according to Dutch publication MenA.
When Avedon bought a stake in the business in 2013, it was investing vis its NIBC Growth Capital Fund II fund, which closed on €190m in 2013. The fund provides €10-30m tickets for small and mid-market companies with a €30-300m EV based in Benelux and Germany.
NIBC acquired Olympia through a debt-to-equity swap in 2010, when its German parent went bankrupt. Six years later, the company was sold to NIBC spinout Avedon Capital.
The deal came partly as a result of internal conflict within Olympia over franchising fees charged by NIBC. Avedon's capital injection was meant to allow for a change of the franchising structure, where franchisees would be offered a small stake in the parent organisation, and fees that were seen as excessive would be scrapped.
Founded in 1969, Olympia is a temporary employment agency with around 130 offices and 700 direct employees. It employs around 12,000 people daily. The company is based in Hoofddorp.
Stibbe – Egbert Vroom (partner).
Morgan Stanley – Frederik Wijsenbeek (executive director).
Avedon Capital Partners – Gerritjan Eggenkamp (partner).
High-net-worth individuals and family offices are hunting for yield, concerned about low interest rates and market volatility
Fund expects to hit its target in the first quarter of 2020 and has already made six investments
Soprome and BTC Capital also back the takeover of the security services company
Perlego offers access to online textbooks for a subscription fee of £12 per month