ADD-ON TO ORIZON AG
PPM Capital ("PPM"), a mid-market private equity specialist, has
acquired SIR Industrieservice GmbH ("SIR"). SIR provides temporary
employees and human resource management and is one of Germany's
leading temporary work agencies. The transaction is a strategic
add-on acquisition for the orizon group, which was acquired by PPM
just two months ago. All parties have agreed to keep the purchase
SIR, based in Cologne, offers a wide range of services relating to
the supply of temporary employees and human resource management. With
its strategic nationwide presence, SIR is represented in 14 cities
throughout Germany. In addition to temporary employment services, SIR
also provides highly qualified staff, outplacement, on-site
management services and customer support with recruitment and
personnel projects. SIR has a particularly strong regional presence
in North Rhine-Westphalia (NRW). The company has specialised sector
expertise in the areas of steel, automotive, lifts and shipbuilding.
SIR was founded in 1988 and was a wholly owned subsidiary of
ThyssenKrupp Industrieservice Holding GmbH from 1999 onward. For the
fiscal year 2006/2007 SIR expects a turnover of approx. €28 million
with over 1,100 employees.
PPM believes SIR is an ideal extension of the orizon group, currently
one of Germany's ten largest temporary work agencies (TWA) with over
6,000 employees and 74 offices. The orizon group can now pool the
strengths of six TWAs specialising in varying sectors and regions.
The orizon group also includes Rolf Plümer GmbH, Plümer
Konstruktionen GmbH, Andreas Wust GmbH, PersonnelConsultants HR GmbH
and RKM GmbH. SIR is also a good geographic fit for the orizon group,
as orizon was previously under-represented in NRW.
Dr. Dieter Traub, CEO of orizon AG, welcomed the acquisition: "Within
the framework of our multi-brand strategy, SIR represents an
excellent extension of the orizon group with regard to its locations
and operations. Our newly launched IT system will enable us to
quickly and smoothly integrate SIR into the group. SIR will benefit
from our centralised administration and will be able to successfully
continue its growth strategy. SIR has clearly demonstrated its
ability to grow organically, as underlined by the formation of eight
new independent offices over the past two years."
The successful SIR business will continue to be led by the existing
management team. Guido May, Managing Director of PPM Capital GmbH
states: "We are convinced that the experienced management team under
guidance of Georg Sommer and Thomas Markert will successfully
continue the company's growth, thus meeting our expectations for this
first add-on acquisition under PPM's ownership of orizon. With our
Buy & Build strategy, we invest in companies with growth potential
and provide them with additional funds for strategic acquisitions."
PPM has already demonstrated the success of its Buy & Build strategy
with companies such as the Barracuda Group, Müller & Weygandt / EDP -
European Dental Partners and The Astron Group, which grew
substantially through acquisitions under PPM's ownership.
PPM was advised by Deloitte Corporate Finance (M&A), PwC
(Financial/Tax), and Latham & Watkins LLP (Legal).
Approved by PPM Capital Limited; PPM is authorised & regulated in the
UK by the Financial Services Authority.
For further information please contact:
Managing Director PPM Capital
Associate PPM Capital
Tel.: +49 (0)89 2388 96 0
For German media enquiries:
Tel.: + 49 (0)40 899 699 0
Notes to PPM
PPM Capital is a leading source of private equity finance for
mid-market transactions and has more than €2 billion of allocated
funds available for investment. An established office network
operates in London, Munich, Paris and Chicago with 25 local
Although PPM's investment portfolio is broadly based, the firm has
established a reputation for its expertise in the healthcare, retail,
leisure, business and financial services sectors and a number of
successful investments have recently been completed.
- €176.5 million acquisition of orizon AG from GL AG in 2007
- Acquisition of Intradent Zahntechnik AG in 2006
- GBP 107.5 million acquisition of Paramount Restaurants from
Starlight in 2006
- GBP 183 million acquisition of Azzurri Communications from 3i in
- €230 million acquisition of Histoire d'Or from Apax-Partners in
- €1.3 billion sale (together with Triton) of Phadia to Cinven in
- Sale of BST Safety Textiles to the WLRoss Group in 2006
- Sale of OREFI Participation to Investcorp in 2006
PPM Capital Limited is the private equity arm of Prudential plc.
Copyright © Hugin ASA 2007. All rights reserved.
-0- Jun/18/2007 8:01 GMT
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