Baird Capital Partners Europe has sold TEAM BS, an Offenbach-based provider of short-term staffing solutions, for €71m to Randstad Group.
Randstad is one of the largest temporary and contract staffing organizations in the world and a prolific acquirer of smaller businesses in its sector. This year it has also acquired JobOne in Switzerland, and has acquired a total of 13 companies since 2003.
Granville Baird, the German arm of Baird, acquired TEAM BS along with the company’s CEO Dirk Schmitt, in January 2004, investing €9.5m in a €11.5m management buyout. Since then, the company has successfully developed from a regional provider of traditional temporary employment in the Rhine-Main area to a nationwide supplier of HR services. In the year ended 31 December 2007, TEAM BS is expected to generate sales of €55m, more than double the revenues in 2004 when Granville Baird acquired its majority stake.
Mathias Schirmer, partner at Granville Baird, said: “With our support Dirk Schmitt and his team have professionalised the organisation, strengthened the management team and improved the effectiveness of the sales force. This has enabled TEAM BS to capitalise on the attractive growth opportunities in Europe’s largest temporary employment market. The sale of TEAM BS to Randstad is a great success for Granville Baird and provides an attractive return for our investors.”
The deal marks Granville Baird’s third exit so far in 2007. The first came at the beginning of the year in January, when it announced it was selling Hahl Group, a plastics producer based in Munderkingen, to Lenzing Plastics, a subsidiary of the Austrian group Lenzing AG. The second sale took place in March with the sale of
It has also been active on the buy-side, acquiring Amoena Group, a maker of breast prostheses for women who have undergone surgery following the detection of breast cancer, from Danish medical devices company Coloplast for €102.25m.
The firm has also closed a fund this year. In May 2007 it raised €350m for GB Deutschland Fund GmbH & Co. KG. The fund will continue to pursue the investment strategy the firm has employed since its establishment in 1999, invest in German businesses, across all sectors, with revenues of between €30m and €300m.