28 mei 2022
01:00
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The sale of House of HR could become the largest debt-financed acquisition ever in our country.
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Second time lucky? Almost day after day three years after the discontinuation of the sales plans for House of HR, a sale of the West Flemish broadcasting giant seems imminent, De Tijd learned. The deal would value the group from Roeselare at more than 2.5 billion euros, possibly even 3 billion. This will make it the largest debt-financed acquisition (buy-out) ever in Belgium.
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It is almost certain that the buyer is the American investment fund Bain Capital. According to our information, the current shareholders – the French investment fund Naxicap, co-founder Conny Vandendriessche and the management – would partly reinvest in the new construction above the company. Despite several attempts, Vandendriessche could not be reached for comment.
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House of HR
- HR services group.
- Number of offices: more than 700, in four European countries (end of 2021).
- Turnover (2021): 2.2 billion euros.
- Gross operating profit (ebitda): 263 million euros.
- CEO: Rick Coppens.
- Shareholders: Naxicap (53%), Conny Vandendriessche (28%), management and ex-owners acquired companies (19%).
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House of HR is the largest Belgian HR player and the number nine in Europe. The group arose a quarter of a century ago from the West Flemish Accent Interim, which was founded by Vandendriessche and the late Philip Cracco. The company from Roeselare grew into a European player. This expansion took place partly under its own steam, but mainly through acquisitions in Belgium, France, the Netherlands and Germany.
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Last year, the group generated a turnover of 2.2 billion euros and a gross operating profit (EBITDA) of 263 million euros. In the meantime, both turnover and gross operating profit have risen further, because at the beginning of this year House of HR doubled its share with the acquisitions of the German Solcom in the Dutch TMI† It also laid hands on the Limburg training center Atrium.
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Torch
After the sale, House of HR is ready for its third financial owner. Gimv was on board between 2006 and 2012 and then passed the torch to Naxicap. Bain Capital already owns UK HR services group Zellis, which is active in the same industry. The investment giant has no Belgian companies in its portfolio.
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With the sale, the shareholders of House of HR will actually pass the box office for the second time, because the broadcasting giant paid out a quarter of a billion euros to its shareholders after the failed deal in 2019. This was done through a refinancing of the debts. In such an operation, a company incurs new debt that exceeds the outstanding debt and pays out the difference between the two amounts. As a reminder: then there was a deal with an unofficial price tag of 1.5 to 2 billion euros.
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