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).
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Fund completed its first deal, backing Poland-based household cleaning products manufacturer Clovin
BD-Capital is a recently established private equity firm targeting European mid-market businesses
GPs invest in the business alongside the founder Barbier and the management team led by Maderay