Orizon AG (“orizon” or “orizon group”), a portfolio company of Silverfleet Capital, has signed a definitive agreement to acquire jobs in time Holding GmbH (“JiT”). The transaction is the second strategic add-on for orizon in the last two months, following the acquisition of SIR Industrieservice GmbH (“SIR”). The initial investment in orizon by Silverfleet was completed in March 2007.

JiT, based in Hamburg, is a national provider of human resource solutions with 18 offices throughout Germany, some 2,400 external employees and a focus on the North Rhine-Westphalia region. The company has specialised sector expertise in the areas of IT, banking and telecommunications as well as an overall focus on highly skilled commercial employees. For the financial year 2007 the management of JiT expects sales to the amount of more than €60 million.

orizon AG, headquartered in Augsburg, is one of Germany’s ten largest temporary work agencies (TWA). With 10,000 external employees, more than 120 offices and projected sales of over €300 million for the 2007 financial year, orizon primarily serves the aerospace, automotive, engineering, IT, telecommunication and finance industries. The orizon group is now pooling the strengths of seven TWAs specialising in various sectors and regions: JiT, SIR, Rolf Plümer GmbH, Plümer Konstruktionen GmbH, Andreas Wust GmbH, PersonnelConsultants HR GmbH and RKM GmbH.

Dr. Dieter Traub, CEO of orizon AG: “JiT is an ideal extension of the orizon group with its complementing, high quality services, while also increasing customer and geographic diversity, especially in the IT, banking and telecommunication sector. The orizon group will support JiT to continue its organic growth, which it has already demonstrated by the formation of six new independent and successful offices over the past two years. Both parties will benefit from this new nationwide presence.”

Silverfleet and orizon believe in management continuity: The JiT business will be led by the existing management team headed by Mr. Frank Lambert, a co-founder of JiT. Guido May, Managing Director of Silverfleet Capital GmbH comments: “Together with the company’s management, we are convinced that our expectations for the continued growth of orizon will be met with this add-on acquisition. With our Buy & Build strategy, we invest in companies with growth potential and arrange additional funding for strategic acquisitions.”

Silverfleet has already demonstrated the success of its Buy & Build strategy with companies such as the Barracuda Group, European Dental Partners and The Astron Group, which grew substantially through acquisitions under Silverfleet's ownership.

The transaction is subject to the approval by the Federal Cartel Office (Bundeskartellamt), which is expected for August.

Silverfleet was advised by RWBaird (M&A), PwC (Financial/Tax) and Latham & Watkins (Legal). The funding of the acquisition and orizon group was provided by UniCredit / Bayerische Hypo- und Vereinsbank as Mandated Lead Arranger (MLA).