Silverfleet Capital, a mid-market private equity specialist, has acquired 100% of shares in the temporary work agency (TWA) orizon AG, Augsburg, Germany.

The transaction was made via funds advised by Silverfleet Capital. orizon AG was owned by GL Aktiengesellschaft, Hamburg, (71.5%) and various other shareholders (28.5%). The purchase price amounts to € 176.5 million.

With some 5,800 employees and 71 offices, orizon AG is one of Germany’s top 10 TWAs. The orizon group pools the strengths of five TWAs specializing in varying sectors and regions. The orizon group comprises Rolf Plümer GmbH, Plümer Konstruktionen AG, Andreas Wust GmbH, PersonnelConsultants HR GmbH and RKM GmbH.

Dr. Dieter Traub, CEO of orizon AG states: “With our multi-brand strategy and the wide range of skills offered by our employees, we can provide our customers with services tailored to their exact needs. At the same time, we guarantee a high level of service quality by pooling central processes, such as quality management and personnel development at orizon AG.” With the aid of its recently launched IT system, orizon AG can allocate from its pool of staff in real time. This enables the group to react flexibly to current and future market needs and to seamlessly integrate planned acquisitions and new offices.

This successful business will continue to be led by the current Executive Board of orizon AG. Guido May, a director of Silverfleet Capital GmbH, is looking forward to the cooperation: “Together with the company’s management, we plan to drive the continued growth of orizon AG. With our Buy & Build strategy, we invest in companies with growth potential and provide them with additional funds for strategic acquisitions.”

Silverfleet has demonstrated the success of its Buy & Build strategy with companies such as the Astron Group or Müller & Weygandt, both of which grew substantially through acquisitions under Silverfleet's ownership. In the course of the orizon acquisition, Silverfleet Capital was advised by Baird (M&A), Latham & Watkins (Legal), PwC (Financial/Tax), Maconda (Commercial), Close Brothers (Finance) and Shearman & Sterling (Finance).

The completion of the transaction is subject to approval from Germany’s Federal Cartel Office, among others.