Avedon exits Olympia in management buy-back
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.
Previous funding
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.
Company
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.
People
Stibbe – Egbert Vroom (partner).
Morgan Stanley – Frederik Wijsenbeek (executive director).
Avedon Capital Partners – Gerritjan Eggenkamp (partner).
Latest News
Stonehage Fleming raises USD 130m for largest fund to date, eyes 2024 programme
Multi-family office has seen strong appetite, with investor base growing since 2016 to more than 90 family offices, Meiping Yap told Unquote
Permira to take Ergomed private for GBP 703m
Sponsor deploys Permira VIII to ride new wave of take-privates; Blackstone commits GBP 200m in financing for UK-based CRO
Partners Group to release IMs for Civica sale in mid-September
Sponsor acquired the public software group in July 2017 via the same-year vintage Partners Group Global Value 2017
Change of mind: Sponsors take to de-listing their own assets
EQT and Cinven seen as bellweather for funds to reassess options for listed assets trading underwater