ProA Capital backs Men At Work's MBO

A source close to the situation told unquote" the transaction saw the Spanish fund manager acquire a majority stake via ProA Capital Iberian Buyout Fund II from several founding partners. Concurrently, the company's management team acquired a minority stake in the business.

Following the deal, the company aims to expand its business internationally.

The deal is the first acquisition in Italy for ProA, which held a €260m first close for its second vehicle in September 2014. The vehicle has a €325-350m target and expects to make 10 investments.

Company
Established in 1998, MAW is an Italian recruitment firm mainly focused on the industrial sector. The business is based in Brescia and has 60 offices in Italy. In 2016, the company posted a turnover close to €186m with €10m in EBITDA, according to the source.

People
Men At Work – Francesco Turrini (CEO).

Advisers
Equity – Gatti Pavesi Bianchi (legal).
Company – Ethica Corporate Finance (corporate finance); Legance Avvocati Associati (legal).

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