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Dutch NIB Capital to buy Getronics Human Resources Solutions for E315m

NIB Capital Private Equity, the Dutch private equity manager funded by its two founding shareholders ABP and PGGM, two of the largest pension funds in the world, has reached an agreement to purchase Getronics HR Solutions, (GHRS) for E315m.

After completion of the transaction GHRS, the largest payroll service provider in the Netherlands, will trade under its former name RAET. The existing management team will continue to lead the company.

‘In terms of size and activity, this transaction fits perfectly in our buy-out portfolio,' said Alexander van Wassenaer, a partner with responsibility for buy-outs at NIB Capital.

‘We invest in niche market leaders with a clear strategy and entrepreneurial management with a good track record, which we certainly found at GHRS. As future shareholders we will support management in the continued development of the company,' Wassenaer continued.

The acquisition is in line with NIB Capital's buy-out strategy, which focuses on investments in Benelux and Germany. The firm also co-invests in buy-out opportunities across Europe and in North America but commits 80 per cent of its E14.1bn under management to fund of funds.

The sale of GHRS comes as Getronics struggles to meet bond repayments of more than E550m and becomes the latest in a line of European corporations forced into debt-related disposals of non-core operations.

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