Wise sells 2.43% stake in Openjobmetis

Amedeo Goria
04 October 2017

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Italian buyout house Wise has sold a further 2.43% stake in listed recruitment agency Openjobmetis.

Wise sold 333,998 ordinary shares, representing a 2.43% stake. Following the transaction, the GP will retain a 0.12% stake in the business. At the time of publication, shares were trading at €12.66 apiece.

According to local press reports, the GP reaped €4.2m in proceeds from the current sale.

Previous funding
The GP originally invested in the business – formerly known as Openjob – in July 2003. Four years later, the firm acquired a majority stake in the company with capital drawn from its second buyout vehicle.

Under Wise's tenure, the company completed several 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, the GP held a 67% stake in the merged group.

Subsequently, Wise floated the asset on the Star segment of the Milan stock exchange in December 2015 and in March 2017 it sold a 30.48% stake. The fund manager reaped €34.5m from the sale, which was based on a share price of €8.25.

More recently, it sold a further 2.4% stake at €11 per share, reaping €3.65m in proceeds.

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).