Wise sells further 2.4% stake in Openjobmetis

Amedeo Goria
12 June 2017

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Milan-based buyout house Wise has sold a further 2.4% stake in employment agency Openjobmetis, previously listed in December 2015.

Wise sold 331,960 ordinary shares, representing a 2.42% stake in the business, at €11 apiece. Following the transaction, the GP will reap €3.65m in proceeds and still retain a 2.55% holding.

The transaction follows Wise's recent sale of a 30.48% stake in the business in March 2017, which saw the GP retain a 4.97% stake and commit to a 180-day lock-up period. As part of the current accelerated bookbuilding process, Wise exercised a waiver in order to sell its shareholding, while the lock-up agreement remains in force for the GP's remaining stake.

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. Under the GP's tenure, the company has undertaken a series of bolt-on acquisitions, including Pianeta Lavoro, In Time, QuandoccoRre and Job. More recently, Openjob acquired Metis in March 2011, leading to the creation of Openjobmetis.

In December 2015, Wise floated the asset on the Star segment of the Milan stock exchange, reducing its stake from 67.3% to 35.5%. The listing saw the GP sell its shares at 825 cents apiece, reaping €34.5m proceeds.

Company
Established in 2001 as Openjob, Openjobmetis is an employment agency focusing on the supply, recruitment, placement and training of personnel. 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).