PineBridge Investments to Invest €26 Million in Work Service
WARSAW, Poland -- January 21, 2013
PineBridge Investments, the global multi-asset class investment manager, is
pleased to announce that it has signed an agreement to make a significant
equity investment of €26 million in Work Service (the “Company”), the leading
temporary staffing and personnel outsourcing company in Poland. As a result of
this investment PineBridge will hold 20.02% of the Company’s share capital and
will have two Supervisory Board seats. The agreement is subject to customary
merger control clearance in Poland. Equity capital for this investment will be
provided by PineBridge New Europe Partners II, L.P., an EUR 522 million
private equity fund investing in Central and Eastern Europe.
Work Service operates in the large and rapidly expanding Central European
personnel services market. The Company is the market leader in Poland, has a
strong presence in Russia and continues to increase its market share in the
Czech Republic, Slovakia, Germany and Turkey. Work Service has been listed on
the Warsaw Stock Exchange since May 2012.
Tomasz Hanczarek, CEO of Work Service said, “This is a milestone for our
company. PineBridge will contribute significantly to the growth of Work
Service in the Polish and European personnel services markets. PineBridge’s
backing will allow us to pursue our exciting acquisition strategy, which will
further expand our presence in the CEE region.”
Dariusz Rochman, Vice-Chairman of Work Service said, “Our partnership with
PineBridge puts us in an excellent position for further consolidation in the
CEE personnel service market and will also support our continued strong
organic growth, which is expected to remain at over twenty per cent per year.”
Rossen Hadjiev, Managing Director of PineBridge Investments (Central Europe),
who led the deal, said, “We are delighted to announce our investment in Work
Service. We have been impressed with the Company’s success to date, and with
the support of PineBridge’s financial resources, regional expertise and focus
on creating long-term value, we expect Work Service to continue its impressive
growth and solidify its market-leading position.”
Pierre Mellinger, CEO and President of PineBridge Investments (Central
Europe), said, “Work Service is a very successful company and the combination
of an experienced management team, strong market dynamics and PineBridge’s 15
years of experience in the region will allow the Company to take advantage of
the many opportunities for growth in Poland and across Central Europe.”
PineBridge Investments was advised by Baker & McKenzie and Ernst & Young in
this transaction. Work Service was advised by SPCG and Azimutus.
About Work Service
Work Service provides its services to more than 1,000 clients through several
business lines: recruitment and personnel consultancy; temporary staffing;
short-term specialist contracting for the IT, financial and medical sectors;
quality control outsourcing; and merchandising processes.
The Company is forecasted to deliver revenues of €195 million for FY 2012 and
employs approximately 27,000 employees on a monthly basis.
About PineBridge Investments
PineBridge is an independent asset manager with over 60 years of experience in
developed and emerging markets. We manage US $69.4 billion across our platform
for institutional and individual investors worldwide as of 30 September 2012.
Our globally integrated investment platform offers innovative, core and
specialized alpha-oriented solutions across asset allocation, equities, fixed
income, private equity and hedge funds. What differentiates us is our
integration of on-the-ground investment teams across asset classes, bringing
investors the combined benefits of global perspectives and structured
For additional information on PineBridge Investments, visit
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Ryan O’Keeffe/Michael Turner/Nell Murphy
Work Service S.A.
Tel.: +48-(71)-37-10-927, +48-(71)-37-10-944
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