MBCF acted as lead adviser to Olympia Flexgroup AG in this transaction.
Amsterdam, December 2009
Olympia Flexgroup AG (‘Olympia'), the international temporary staffing company quoted on the Frankfurt Stock Exchange, has divested its Spanish activities to Synergie SA (‘Synergie'), the Paris-listed supplier of HR services.
Seller
Headquartered in The Hague, The Netherlands, Olympia operates a chain of temporary staffing agencies in Europe with nearly 140 branches and over 8,000 employees. Olympia is renowned for its successful franchising concept, which combines the benefits of having an international coverage with access to local entrepreneurial skills.
Buyer
Synergie is an important international supplier of temporary staffing, consulting and training ser-vices. Based in Paris, France, the company's network consists of 2,000 employees working in 550 agencies throughout Europe and North America.
Transaction
Olympia aims to focus its activities on those core geographies that favour maximally the further growth and development of its franchising formula. Contrary to its core strategy, Olympia operated a chain of mostly wholly-owned employment agencies in Spain. The company therefore strategically decided to sell its Spanish activities to a trade buyer. Following the transaction, Synergie increases its network in Spain to 34 branches, almost tripling its turnover to an expected € 70 million in 2010.