Sale of Cohedron (Argos Wityu) to House of HR (Naxicap)
Quore Capital acted as exclusive corporate finance advisor to Cohedron, backed by Argos Wityu.
House of HR, the European group of HR service companies, acquires the Dutch holding Cohedron, a leading group of full-service companies in the public sector. The takeover strengthens House of HR’s position on the Dutch market and in the public service sector.
Dutch Cohedron is a service provider with a particular focus on the public sector. The group consists of several specialities and works under different brand names: Wyzer, Future Communication, Human Capital Group, Argonaut, Zorg-Lokaal, Plangroep and Plangroep Financiële Services. With more than 2.000 professionals and over 30 years of experience, Cohedron supports and advises public authorities, non-profit organizations and companies. It offers outsourcing of processes and secondment of qualified specialists (both in the public sector), as well as consultancy to organizations and public authorities. In 2020, Cohedron realized a turnover over about 132 million euros, with an EBITDA of about 19 million euros.
Since 2017, Cohedron is growing rapidly. This today has led to the acquisition by House of HR. House of HR is taking over all shares from the former majority shareholder Argos Wityu. Cohedron’s management sells its minority stake to House of HR, but remains active within Cohedron, whilst reinvesting in House of HR. By doing so, it reconfirms its engagement both towards Cohedron and towards House of HR. The acquisition is still subject to approval by the Dutch competition authority ACM.
Jeroen Ekkel, CEO of Cohedron, is happy with the entrance in House of HR: ‘Belonging to the ultimate Talent Powerhouse, sharing the same vision, expertise and entrepreneurial culture is a real ‘match made in heaven’. Becoming part of House of HR will enable us to further grow both nationally and internationally and to realize our ambitions. We are focusing on technical innovation, autonomous growth and high quality services. Together, we are stronger and we can have a bigger impact on both the life of people and on society as a whole. This is what drives us, day after day.’ Cohedron will continue investing in expertise and technology, such as own IT-platforms, but also by leveraging on the know-how from within House of HR.
Rika Coppens CEO of House of HR, welcomes the more than 2.000 new Happy Rebels to House of HR: ‘We are excited to welcome the people from Cohedron to our family of Happy Rebels. Thanks to the unique expertise and offerings from Cohedron, we can now enter the domain of the public sector, something that was on our wish list for quite a while. Further growing on the Dutch market, as well as searching for new opportunities in the other countries we are active in, certainly will be possible in the near future. A bright future awaits us!’
The acquisition of Cohedron is House of HR’s fourth takeover in 2021, and the second one in the Netherlands. Cohedron is to become one of the Engineering&Consulting Powerhouses, next to among others Accent in Belgium, Abylsen in France, and Covebo, Continu Professionals and Redmore in the Netherlands. Earlier this year, the German Zaquensis and TIMEPARTNER merged. In the Netherlands, House of HR was ranked by Flexmarkt as the fifth largest player in the HR-field, as well as the strongest grower in 2020. Thanks to its organic growth, the post-Covid recovery and its acquisitions earlier this year, House of HR will realize a turnover in 2021 of more than 2 billion euros.
About House of HR
House of HR is a leading services group active in the world of HR. Headquartered in Roeselare, the group consists of nine companies that together represent 41 brands, all focusing on ‘Specialised Talent Solutions’ and ‘Engineering&Consulting’. ‘Specialised Talent Solutions’ provides temporary workers with an emphasis on ‘temp to perm’, international recruitment and permanent placements for clients in need of people with specific profiles. Companies involved in ‘Engineering&Consulting’ recruit medium to highly skilled candidates such as engineers, technicians and other business consultants to work on projects at clients in a wide range of market segments.
In 2020, House of HR realised a turnover of €1.6 billion and EBITDA of €179 million. The group provides work to over 43,000 people and has 3,400 employees spread over more than 600 offices in Europe. These offices serve small, medium-sized and large clients. House of HR is a talent powerhouse with a strong emphasis on entrepreneurship, digitisation and innovation, but always with a distinctive human touch. For more info, visit www.houseofhr.com.
Cohedron is a single group of strong companies, each with their own expertise. Together, we are Wyzer, Future Communication, Human Capital Group, Argonaut, Zorg-Lokaal, Plangroep and Plangroep Financial Services, all working under the ambitious auspices of Cohedron, a holding company that connects, renews and supports. Full of business initiative and the power to influence. Together, we are Cohedron. What binds us together? The drive to make a meaningful impact – on the lives and success of people, organizations, companies and society. That’s what we stand for and aim for.
With over 2,000 professionals and more than 30 years of experience, we support and advise government authorities, non-profits and the business world. We are a full-service provider for municipalities, in areas including debt relief and spatial and social fields. And for organizations, as a partner in HR, communication, administration and finance. For more info, visit www.cohedron.nl.
Announcement date: June 21st, 2021
Client: Argos Wityu
Buyer: House of HR (Naxicap)
Seller: Argos Wityu
Acquisition of HEMA by Mississippi Ventures and Parcom Capital
HEMA B.V. (“HEMA”, the “Company” or, together with its subsidiaries, the “Group”) and HEMA’s senior secured bondholders (the “Bondholders”), represented by a majority group (the “Ad Hoc Group”) are pleased to announce that HEMA has entered into a sale and purchase agreement with the 50/50 consortium of Parcom and Mississippi Ventures. With the positive outcome of the due diligence and the bank financing from Dutch banks in place, the main conditions of the lock-up and exclusivity agreement that was signed on 21 October, have been fulfilled. Closing of the transaction is expected to occur February 2021
With the agreement on the restructuring reached with the Ad Hoc Group in June 2020, HEMA’s original bond debt more than halved from € 750 million to € 300 million. With the Dutch bank financing in place after completion, the interest costs will decrease to below € 10 million on an annual basis from over € 50 million before restructuring. Including the bank financing, the Consortium has arranged acquisition financing of €400m and a €80m new revolving credit facility, which together with c. €38m cash from balance sheet will be used to redeem the Private Place Notes, the SSNs and pay the Share Consideration to the Seller, subject to post-completion adjustment at Completion in February 2021.
During the third quarter, HEMA again showed a solid operational performance, with the decrease in revenues limited to 2.2%, despite the continued pressure of COVID-19. Online sales significantly increased and a further increase in in-store sales is expected when COVID-19 restrictions throughout Europe ease as a vaccine becomes available in the near term. HEMA ended the third quarter with a positive equity and a robust liquidity position. These developments underline the resilience and relevance of the HEMA brand. The steps taken to restructure its ownership and debt structure will enable HEMA to once again focus fully on its future.
Tjeerd Jegen, Chief Executive Officer: “Today’s announcement is a major milestone for HEMA, as the bank financing was a crucial condition for the successful conclusion of the agreement on the acquisition. When we finalize the transaction early 2021, we will not only have a healthy financial situation with a significantly decreased debt level and ample room to invest in our future development, but we will also have very supportive new long term owners providing HEMA with a stable operating platform going forward.
We look forward to this next stage in HEMA’s development, and are confident that this is in the best interest of all our stakeholders. With this agreement we can once again fully focus on the future, and on delivering fantastic products to our customers.”
Frits van Eerd, on behalf of Mississippi Ventures: “We are proud to be given the opportunity to acquire the beautiful Dutch HEMA. And we particularly appreciate the support of the three major Dutch banks ABN AMRO, ING and Rabobank in this transaction. Together we are going to prepare HEMA for a new phase, while retaining the special character of the brand and its people: the good price-quality ratio, the appealing atmosphere and the distinctive design. We realize that times are uncertain at this moment, but look forward to HEMA’s future with confidence and are incredibly keen to be part of it.”
Bas Becks, partner Parcom: “The resilience and perseverance of the HEMA employees in recent times deserves great praise and appreciation. We are incredibly proud to be part of HEMA’s future. We are closing this agreement at a crucial time for HEMA. Together with the Van Eerd family, we will do our utmost to support the brand and people of HEMA, building on a solid foundation.”
With the bank financing and due diligence condition now fulfilled and today’s signing of the agreement, HEMA and the consortium can work towards closing of the transaction. Upon closing, all shares will be owned by the consortium, in a 50/50 partnership. Under the new ownership, HEMA will be able to further roll out its strategic plans.
The transaction and improved capital structure will give HEMA ample headroom and allow the Group to better navigate the challenging market environment. All current arrangements with the Works Council, relevant trade unions and HEMA’s staff remain in place. The Works Council has rendered a positive advice on the transaction.
Closing is expected to occur February 2021 and is subject to customary pre-closing conditions, among which a positive advice from the Works Council on the new financing structure, and approval of the relevant competition authorities.
Announcement date: December 2020
Client: Mississippi Ventures
Buyer: Mississippi Ventures and Parcom Capital
Seller: Ad-Hoc Group
Quore Capital acted as exclusive corporate finance advisor to BC Partners on the acquisition of Keesing Media Group from Ergon Capital and Mediahuis
BC Partners, a leading international investment firm, has announced today that it has signed an agreement to acquire the leading European
braintainment business, Keesing Media Group (“Keesing”) from Ergon Capital and Mediahuis.
Founded in the Netherlands over 100 years ago, Keesing has a presence in over 40 countries and is already the largest puzzle content developer in Europe. It owns a number of market-leading brands and is also in the process of releasing new digital offerings which will allow it to leverage its existing content to new audiences.
BC Partners is confident that Keesing is well positioned to benefit from the increased focus on brain training and mental wellbeing. This investment will support ambitious growth plans for the Company, which includes digital expansion as well as organic growth initiatives in its existing countries (such as France, the Netherlands, Germany and the UK), as well as ongoing consolidation of the European market and entry into new continents.
Announcement date: November 13th, 2020
Client: BC Partners
Target: Keesing Media Group
Buyer: BC Partners
Seller: Ergon Capital & Mediahuis
Quore Capital acted as exclusive corporate finance and debt advisor to The Carlyle Group on the acquisition of Dept from Waterland Private Equity.
Global investment firm The Carlyle Group (NASDAQ: CG) announces that it has reached a definitive agreement to acquire a majority stake in Dept, a leading independent digital agency based in Amsterdam. This investment will enable Dept to continue to accelerate its growth in the fast-paced digital agency sector.
Named the second fastest-growing large agency in the world by Adweek in 2019, Dept delivers end-to-end digital experiences for brands and businesses worldwide such as Bose, Tesla, Samsung, Formula E, Indigo and Beiersdorf.
Founded in Amsterdam in 2015, the Dept team has grown from 150 people in The Netherlands to more than 1,500 people in thirteen countries across Europe and the Americas. During this period 2015-2019, Dept’s revenue rose tenfold to over 150 million Euros.
Equity for the investment comes from Carlyle Europe Technology Partners (CETP) IV, a fund that invests in technology and media-focused SMEs in Europe and the US. The proposed transaction is subject to customary regulatory approvals and is expected to close in the beginning of 2020. Financial details were not disclosed.
29 january 2020
Client: The Carlyle Group
Buyer: The Carlyle Group
Seller: Waterland Private Equity