Wise sells 30.48% stake in Openjobmetis

As part of the deal, the fund manager reaped €34.5m from the sale, which was based on a share price of 825 cents. The GP committed to a 180-day lock-up period and will retain a 4.97% stake in the business following the transaction.

Equita Sim acted as a sole bookrunner for the process, while Banca Akros acted as co-lead manager.

Previous funding
Wise originally invested in the business – formerly known as Openjob – in July 2003.

Wise acquired a majority stake in the company in 2007 via its Wisequity II vehicle, which reached a final close in May 2006 on €170m, and subsequently floated the asset on the Star segment of the Milan stock exchange in December 2015.

Under the GP's tenure, the company has undertaken a series of bolt-on acquisitions, including Pianeta Lavoro, In Time, QuandoccoRre and Job.

In March 2011, Openjob acquired Metis, leading to the creation of Openjobmetis. Following the deal, Wise held a 67% stake in the newly merged business, with Metis's majority shareholders, the Vittorelli family, retaining a 25% stake.

Company
Established in 2001 as Openjob, the company is an employment agency focusing on the supply, recruitment, placement and training of personnel. Subsequently renamed Openjobmetis, the business is headquartered in Gallarate and employs a staff of 570.

According to a statement, the company posted €460m in revenues in 2016.

People
Wise – Stefano Ghetti (partner).
Openjobmetis – Rosario Rasizza (managing director).

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