Roeselare (Belgium), May 28, 2022 – House of HR (“the Company”), a European leader in HR services, announced today that Bain Capital Private Equity – one of the world’s leading private investment firms – has entered into a share purchase agreement for the acquisition of a 55% stake in the Company. House of HR Management, Naxicap and founder Conny Vandendriessche will hold the remaining equity. The new strategic partnership will maintain the Company’s entrepreneurial spirit, help House of HR scale its unique platform into new markets and increase digital investments.

European leader

As a leader in HR services, House of HR places over 57,000 people each month across small, medium and large companies. Started in 1995 with one Accent office in Roeselare, Belgium, House of HR has grown and blossomed into a European group with over 4300 internal employees, €2.2 billion sales in 2021, and offices in Belgium, the Netherlands, France and Germany and recruitment agencies in Poland, Romania, Hungary and Spain, amongst others.

Sustained growth

House of HR has a multi-brand strategy stimulating local entrepreneurship to serve specialized markets allowing it to be one of the most growth-focussed and profitable platforms in the world.
House of HR continuously looks for new opportunities to invest in companies that can complement the House of HR offering, in terms of either industry specialization (e.g. healthcare, IT, public sector), candidate focus (e.g. engineering, legal, financial) or geographic spread.

House of HR’s focus on digital solutions for both candidates and customers helps meet workers’ increased demand for flexibility. House of HR is known for its market leading digital solutions, such as NOWJOBS (fully digital matching platform for students and flexworkers), SWOP, Gighouse and Book’u.

“With Bain Capital’s investment in House of HR, we start a new chapter in our incredible story,” says Rika Coppens, CEO of House of HR.  “We intend to continue our growth path, based on strong organic growth combined with targeted and specialized M&A in existing markets, DACH countries and the Nordics. All supported by continued focus on digitisation while maintaining a high standard when it comes to attention to people, both internal employees (our Happy Rebels) but also all our candidates.”

“It is rare to find such a unique platform with a vibrant, energetic ethos and outstanding management team as House of HR,” said Christophe Jacobs van Merlen, Managing Director, Bain Capital Private Equity.

“We have been impressed by HoHR’s specialized business model, underpinned by strong employee ownership which has generated sustained above-market growth for more than 10 years! This combined with a unique track record of successful M&A in this sector, which we look forward to accelerating. We’re pleased to be embarking on this partnership, with Naxicap and Conny Vandendriessche both keeping their wealth of expertise in the business,” said Matthias Boyer-Chammard, Managing Director, Bain Capital Private Equity.

“Since we first invested in 2012 in Accent Jobs (now House of HR), the Group has executed 37 acquisitions and has known two exceptional CEOs, instrumental in the success of House of HR. During this ten year journey, we have been surprised and often impressed by House of HR people. Their passion and warmness is contagious. We are proud to handover our position as a majority shareholder at House of HR, a Group that is stronger than ever, with a significant international footprint, generating ten times more profit than in 2012 and ready for a new growth path with a prominent shareholder like Bain Capital. Above all, I would like to thank all the people of House of HR and Conny Vandendriessche for this exceptional journey,” said Eric Aveillan, CEO, Naxicap Partners.

“I am really very happy that House of HR has found a new majority shareholder, that, like Naxicap did in the last 10 years, really understands the entrepreneurial and human centric DNA of the company. It has been a dream come true for me to see that House of HR turned into an international group that was born from 1 Accent office in Roeselare. That is also why I want to remain as a minority shareholder and board member so I can continue to show my support for all the great Happy Rebels that work for House of HR,” according to Conny Vandendriessche, founder of House of HR and board member.

The closing of the transaction remains subject to customary regulatory approvals in particular.

A group of financial institutions has committed to provide a debt financing package in support of Bain Capital’s acquisition of a majority stake in House of HR. The company’s existing Term Loan B, Senior Secured Notes and Senior Subordinated Notes are expected to be refinanced with private, including 2nd lien TLB facilities, and/or public debt financing on terms customary for similar acquisition financings at closing of the acquisition, which is expected to occur by the end of Q3, subject to customary regulatory approvals.

About House of HR

House of HR is a leading services group active in the world of HR. Headquartered in Roeselare (Belgium), the group consists of 10 companies (PowerHouses) that together represent over 40 brands (Boutiques), all focusing on ‘Engineering&Consulting’ and ‘Specialized Talent Solutions’. Within ‘Engineering&Consulting’ medium to highly skilled candidates such as engineers, technicians and other business consultants are active in projects at clients in a wide range of market segments. ‘Specialized Talent Solutions’ provides temporary workers with an emphasis on ‘temp to perm’, digital and international recruitment and permanent placements for clients in need of people with specific profiles. The group also launched a couple of successful digital solutions such as NOWJOBS, Book’u, SWOP and Gighouse.

For more info, visit www.houseofhr.com  

About Bain Capital Private Equity

Bain Capital Private Equity (www.baincapitalprivateequity.com) has partnered closely with management teams to provide the strategic resources that build great companies and help them thrive since its founding in 1984. Bain Capital Private Equity’s global team of approximately 600 professionals create value for its portfolio companies through its global platform and depth of expertise in key vertical industries including healthcare, consumer/retail, financial and business services, industrials, and technology, media and telecommunications. Bain Capital has offices in Boston, Chicago, New York, Palo Alto, San Francisco, Dublin, London, Luxembourg, Madrid, Munich, Guangzhou, Melbourne, Mumbai, Hong Kong, Seoul, Shanghai, Sydney and Tokyo. The firm has made primary or add-on investments in more than 1,000 companies since its inception. In addition to private equity, Bain Capital invests across asset classes including credit, real estate, public equity and venture capital, managing more than €150 billion in total and leveraging the firm’s shared platform to capture opportunities in strategic areas of focus.
For more information, visit www.baincapitalprivateequity.com

About Naxicap Partners

As one of the top private equity firms in France, Naxicap Partners – an affiliate of Natixis Investment Managers – has €6 billion in assets under management. As a committed, responsible investor, Naxicap Partners builds solid, constructive partnerships with entrepreneurs so that their projects can succeed. The firm has 58 investment professionals spread across five offices in Paris, Lyon, Toulouse, Nantes and Frankfurt.

For more information, visit www.naxicap.fr/en

The Specialist Group (“TSG”), Parcom and funds managed by Oaktree Capital Management, L.P. (“Oaktree”) today announced that TSG founder Francois Claeijs and Parcom have reached an agreement to sell their stake in TSG to Oaktree and TSG management.

Headquartered in Moerdijk, Netherlands, TSG is a leading staffing provider of technical engineering specialists for attractive, structurally growing end markets such as power, chemicals, infrastructure, renewables and life sciences. TSG also serves as a key partner to its clients and asset owners, supporting them on their energy transition agenda, a segment underpinned by persistent tailwinds. Parcom acquired STAR Group, TSG’s flagship label, in 2011, and has supported the company’s expansion strategy through the acquisitions of Sentijn in 2018 and Or-Quest in 2020.

The proposed transaction will support TSG as it accelerates its next phase of growth. As an Oaktree portfolio company, TSG will benefit from Oaktree’s expertise in energy transition and from the exposure to the wider portfolio of Brookfield, one of the world’s largest infrastructure and renewable asset owners and developers.

Sil Hoeve, Chief Executive Officer at The Specialist Group: “In Oaktree we found a partner that can help us accelerate our strategy, adding scale, diversification and complementary offerings to the existing platform of TSG. We are grateful for the support and opportunities that Parcom has provided to TSG over the past years and we look forward to working with Francesco and the Oaktree team in the years to come. ”

Anouar Noudari, Board Member at The Specialist Group: “Throughout our ownership period, TSG has been on a steady growth trajectory. Sil and the TSG team have done an outstanding job leading the transition from a world class niche staffing business in the Oil & Gas industry to a highly scalable, multi brand specialist staffing platform for engineers driving the energy transition.”

Francesco Giuliani, Managing Director in Oaktree’s Power Opportunities Group: “Building on TSG’s established platform and track-record of successful acquisitions, we see a clear path to take TSG to the next phase of growth both organically and through additional acquisitions with a focus on energy transition. Working closely with Sil and the broader team, our goal is to create a European leader in white collar technical engineering recruitment services with a focus on enabling the energy transition for key companies across various target industries.”

The transaction is subject to customary closing conditions and is expected to close in Q3 2022.

About The Specialist Group
Group is a platform that deploys technical specialists on a secondment and project basis. TSG serves >350 clients across technical end-markets such as power, chemicals, infrastructure, renewables and life sciences with a focus on enabling the energy transition. The Company operates via five labels (STAR Group, Sentijn, Or-Quest, Fellow and ECC Solutions) and provides regional coverage across the Netherlands, Belgium and Germany, focussing on both young professionals and experienced candidates. More information: https://www.thespecialistgroup.com/.

About Oaktree
among global investment managers specializing in alternative investments, with $164 billion in assets under management as of 31 March 2022. The firm emphasizes an opportunistic, value-oriented and risk-controlled approach to investments in credit, private equity, real assets and listed equities. The firm has over 1,000 employees and offices in 20 cities worldwide. More information: http://www.oaktreecapital.com/.

BOSTON and HONG KONG, May 25, 2022 – Bain Capital Private Equity (“Bain Capital”), a leading global, value-added investor, announced that it has completed its acquisition of VXI Global Solutions, a leading provider of Business Process Outsourcing (“BPO”) services to businesses around the world, from The Carlyle Group. Financial terms of the private transaction were not disclosed.

Founded in Los Angeles in 1998, VXI Global Solutions provides innovative contact center and BPO services, omnichannel and multilingual support, software development, customer experience innovation, quality assurance and infrastructure outsourcing. VXI has more than 35,000 employees operating in 42 locations in North America, Asia, Europe, and the Caribbean and plays a key role in partnering with multinational businesses as they expand their reach around the world.

Bain Capital previously invested in VXI from 2012 – 2016. During this period, VXI further penetrated the Chinese and Central American markets. Also fueling the company’s growth was the acquisition of Symbio, a leading IT outsourcing provider, which expanded VXI’s global services offering and enhanced its competitive position in China.
David Zhou, Co-Founder and Co-CEO of VXI, said: “On behalf of my Co-Founder and Co-CEO, Eva Wang and the entire VXI team, I’m extremely grateful for the close and strategic relationship we’ve fostered with The Carlyle Group over the last five years. Their continued support and confidence allowed us to grow into the leading global Customer Experience (CX) firm we are today. Reuniting once again with Bain Capital will accelerate our obsessive pursuit of creating legendary and transformational experiences for our employees, our clients and their customers as we enter the next chapter of CX and CX Advisory services. We couldn’t have a better partner than Bain Capital as we continue to disrupt the CX space by enabling challenging perspectives, developing innovative tools and investing deeply in people to unlock the art of the possible.”

Jonathan Zhu, a Managing Director at Bain Capital Private Equity, said: “This investment is testament to Bain Capital’s advantage in founder partnership deals and the result of more than 10 years of relationship building. Over the past three years, VXI has demonstrated robust organic growth, and we are confident in David and his team’s ability to accelerate this trajectory.“

BofA Securities served as the exclusive financial advisor to Bain Capital Private Equity.

About Bain Capital Private Equity

Bain Capital Private Equity has partnered closely with management teams to provide the strategic resources that build great companies and help them thrive since its founding in 1984. Bain Capital Private Equity’s global team of more than 250 investment professionals creates value for its portfolio companies through its global platform and depth of expertise in key vertical industries including healthcare, consumer/retail, financial and business services, industrials, and technology, media and telecommunications. Bain Capital has 23 offices on four continents. The firm has made primary or add-on investments in more than 1,000 companies since its inception. In addition to private equity, Bain Capital invests across asset classes including credit, public equity, venture capital and real estate, managing approximately $160 billion in total and leveraging the firm’s shared platform to capture opportunities in strategic areas of focus.

For more information, visit: www.baincapital.com

Bridgepoint Development Capital (‘BDC’) today announced the sale of HKA, a leading global consultancy in risk mitigation and dispute resolution, to PAI Partners.

Headquartered in the United Kingdom, HKA provides a comprehensive set of specialist offerings, including Expert, Claims and Advisory services for the capital projects and infrastructure sector. The Company has over 130 partners and more than 1,000 experts, consultants and advisors across 40+ offices in 18 countries.

HKA works with law firms, contractors, owners, operators, and other professional service providers across the breadth of the risk mitigation and dispute resolution market. The Company’s global portfolio includes some of the world’s largest and most prestigious commissions across a wide range of industries including industrial & manufacturing, power & utilities, resources and energy transition, transportation infrastructure, buildings, technology, financial services and government contracts.

Under Bridgepoint’s ownership, HKA has seen significant growth in its Claims, Dispute Resolution and Litigation Support business and successfully developed new service lines, including its offerings in Forensic Technical Services and Forensic Accounting and Commercial Damages. The Company significantly expanded its US operations through the transformational acquisition of The Kenrich Group in 2019, creating the region’s largest construction claims consultancy as well as significantly strengthening HKA’s global capabilities in forensics, commercial damages and government contract services. In 2020, the Company bolstered its Forensic Technical Services offering by acquiring Probyn Miers, the UK’s leading firm of Expert Architects in the field of Construction Dispute Avoidance and Resolution.

PAI will support HKA’s management team in delivering their future growth plans, including accelerating HKA’s growth through development into adjacent services and through selective and targeted M&A opportunities.

“HKA has been a successful investment for Bridgepoint. Working closely with management, together we built significant value by establishing a strong partnership culture, focusing on strategic geographic markets and undertaking selective M&A as well as a comprehensive operational improvement programme. These initiatives mean that the business is now well positioned for further growth under new ownership,” said Jeannele M’Bembath, Director at Bridgepoint Development Capital.

Renny Borhan, CEO of HKA, commented: “I am extremely proud of the successes the team at HKA has achieved to date, and I am very thankful for Bridgepoint’s support and expertise over the last five years. We are very excited to be partnering with PAI Partners in the next phase of our growth.”

Neil McIlroy, Partner at PAI Partners, added: “HKA is uniquely positioned in the large and fragmented risk mitigation and dispute resolution market, with attractive long term growth prospects. We look forward to supporting Renny and his talented team as they pursue organic and inorganic initiatives to deliver their ambitious business strategy.”

PAI Partners was advised by Rothschild & Co. and DC Advisory (M&A); Weil, Gotshal & Manges LLP (Legal); Alvarez & Marsal (Financial); and Bain & Company (Commercial).

Bridgepoint was advised by J.P. Morgan (M&A); Travers Smith (Legal); BDO (Financial); and OC&C (Commercial).

The transaction is subject to customary closing conditions.

Straco acquires a majority shareholding in LPC next to the founders and management. Labour Power Company (LPC) is a fast-growing group in the Netherlands active in staffing international flex workers and is specialised in amongst others the food, logistics, e-commerce and technical industries. Straco, a Belgian family investment firm focused on the long term, has a proven track record in the staffing sector and fully subscribes to the ambitious buy & build strategy of LPC. The investment by Straco will enable LPC to accelerate the realization of its ambitious growth plan.

LPC, consisting of seven independent staffing labels, is active in amongst others the aforementioned industries and realizes annual revenues of approximately 300 million euros. Over 10,000 people are employed on a daily basis via one of LPC’s labels. Each company within LPC has a very dedicated team to deliver, day in and day out, the best result possible for its customers and its flex workers, whereby fun at work and good employership are top of mind. With Straco on board, LPC is set to realize its growth ambitions through further acquisitions in the staffing sector. LPC is specifically looking for staffing companies that are complementary, deliver quality and take the utmost care of its flex workers.

In the vision of LPC, flexible labour has become essential as a result of further internationalisation, aging, increased mobility and an increased average educational attainment. As a consequence of these macro trends, a structural labour shortage exists and the flexible layer forms an integral part of the Dutch labour market. LPC anticipates to this by offering all specializations to optimally service its clients. HR advice, own recruitment (domestically and abroad), brokage function, in-house constructions and career development of employees, including people at a distance to the labour market, are some of the activities that LPC offers its clients.

Cor Konings, CEO of LPC: “LPC has grown incredibly fast and I am proud of all people within LPC that have made this possible. I am looking forward to the future of LPC with Straco and the continuation of our relations with existing shareholders and stakeholders. Our investors understand the sector, our company and fully support our strategy to grow LPC as a high-quality player towards revenues of more than 500 million euros.”

Maarten Peers, Managing Director of Straco Private Equity: “We are very much impressed by the recent successes of LPC and the way they prove, again and again, to prioritize the interests of both flex workers and clients. Although some of Straco’s existing portfolio companies are already active in the Netherlands, LPC marks our first investment that is fully oriented on the Netherlands. With our new team in Amsterdam, led by Emile van Elen, the promising partnership with LPC marks an important milestone for us.”

Further transaction details are not disclosed.

• EQT Private Equity Asia makes majority investment in Guardian, China’s largest domestic pest control operator, with a strong presence in the country’s eastern and southern provinces
• Guardian’s underlying market is supported by favorable demographic trends, such as increasing urbanization, a growing middle class, and a shift towards more healthy and environmentally friendly lifestyles, while from an ESG perspective, Guardian continues to improve living conditions in cities through efficient pest control
• EQT will support Guardian’s next phase of growth by driving consolidation in China’s highly fragmented pest control market while leveraging EQT’s inhouse digitalization and sustainability capabilities, route-based sector expertise, and global advisory network

EQT is pleased to announce that the EQT Mid Market Asia III fund (“EQT Private Equity”) has made a majority investment in Guardian Shanghai Hygiene Service Ltd. (“Guardian” or the “Company”). Guardian’s founders, Chuck Jiang, Charlie Peng and Steven Gan will retain a minority stake in the Company and remain in the management team.

Guardian was founded in Shanghai in 2011 by Chuck Jiang, former General Manager of global pest control company, Rentokil, in China. It has grown from a regional player to a leading national player today, having completed 14 bolt-ons historically. Today, Guardian holds a strong position in high-end commercials verticals, including restaurant chains, supermarkets, shopping malls, airports, hotels and food production facilities.

Guardian’s underlying market is supported by favourable demographic trends, including an increasing urbanization pace, a growing middle class, and new regulatory directives, such as “Healthy China 2030”, a nation-wide policy reform that sets out to encourage more healthy and environmentally friendly lifestyles.

From an ESG perspective, Guardian continues to improve living conditions in cities through efficient pest control. EQT will further support Guardian’s digital innovation of pest control products and services, which is key to decreasing negative environmental and human impacts. By investing in and rolling out digital solutions such as digital rodent traps, Guardian could lower chemical usage and reduce the number of manual site visits.

EQT will support Guardian in its next phase of growth through improvements in its digital backbone, including investments in innovation and technology, online marketing strategy and digital service offerings. Guardian will also benefit from EQT’s sub-sector expertise within route-based services and planning, as well as merger and acquisition capabilities.

Jerry He, Partner within EQT Private Equity’s Advisory Team and Head of China, said, “EQT Private Equity is excited to invest in Guardian at this critical stage of growth. We are impressed by Guardian’s development in the last decade and see abundant opportunities to apply our industry network, sector expertise and digital skillsets to support its ambitious vision and expansion plans. Moreover, China’s fragmented pest control market allows for attractive opportunities for organic and acquisitive growth. We look forward to partnering with Chuck and his management team to future proof the company and reach its full potential.”

Chuck Jiang, Founder and CEO of Guardian, said, “Over the past decade, the entire Guardian team has dedicated itself to building the Company from the ground up, from a regional player to now a leading national player. We are excited to partner with EQT, one of the world’s largest and most reputable private equity firms, to further accelerate our growth and expand our footprint. EQT’s experience and expertise in the pest control space are highly valuable, and will support Guardian in realizing new opportunities and provide better and innovative solutions for our customers.”

The transaction was closed on 17 March 2022.

Contact
APAC media inquiries:
Mavis Ma, Communications Manager, mavis.ma@eqtpartners.com, +852 9280 9663

International media inquiries: EQT Press Office, press@eqtpartners.com, +46 8 506 55 334

About EQT
EQT is a purpose-driven global investment organization with EUR 73.4 billion in assets under management across 28 active funds. EQT funds have portfolio companies in Europe, Asia-Pacific and the Americas with total sales of approximately EUR 29 billion and more than 175,000 employees. EQT works with portfolio companies to achieve sustainable growth, operational excellence and market leadership.

More info: www.eqtgroup.com
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About Guardian
Founded in 2011, Guardian is the largest local Chinese pest control operator, with a strong presence in Eastern and Southern China. During the past 10 years, it has grown from a regional player to a leading national player today, having completed 14 bolt-ons historically. Guardian has a strong position in high-end commercials verticals, including MNC chain restaurants, retail and public (airport) verticals. Guardian strives to offer comprehensive environmental sanitary solutions and be a long-term business partner to its clients.

More info: www.guardian-hygiene.com