Carlyle acquires stake in German human resources software and services vendor for second time

Carlyle intends to acquire the remaining 4.44 per cent after having obtained antitrust clearance in Germany and other jurisdictions, leaving the firm with 29.34 per cent ownership.

P&I is a vendor of human resources software solutions and related consulting services for enterprises across Europe. International HR service providers and more than 3000 direct customers process their HR business using P&I solutions. The company is stock exchange listed in the Prime Standard segment of the Frankfurt Stock Exchange and in the business year 2008 to 2009 it achieved a turnover of €59m with an EBIT of €13m.

Carlyle has invested in P&I previously, owning 66.64 per cent for three years from 2004 to 2007. During those three years P&I has achieved strong growth: 185 per cent increase in EBIT, 36 per cent increase in revenues, 50 per cent increase in license revenues and an 18 per cent increase in headcount. These efforts also resulted in a three-fold increase in share value to all public shareholders. Since Carlyle’s exit, the company has enjoyed revenue growth of six to eight per cent per annum.
 
Michael Wand, managing director of Carlyle and co-head of Carlyle's Technology funds in Europe, said, “We have been monitoring P&I closely since our exit and the company has continued to perform well, which has not been recognised in its share price development. In order to reach its full potential of becoming a major European HR software vendor we believe the company will benefit from a strong single shareholder and the renewed partnership with Carlyle. Carlyle’s European technology team is particularly excited about partnering with the company again, and looking forward to supporting the company in its next growth phase, organically and through acquisition.”

Vasilios Triadis, chief executive of P&I, said, “P&I has been on a rapid growth path driven by our outstanding team of nearly 400 highly skilled employees. We are delighted to be re-partnering with Carlyle, an investor whose demonstrated resources and expertise will help propel us forward as we continue to grow across the international marketplace. P&I is a market leader and has great potential for further expansion. We look forward to working with Carlyle again as we enter this exciting new chapter in our company’s development.”

Since 2002, Carlyle’s European technology team has acquired and invested in 19 small and medium-sized companies, supporting their growth, expansion and business transformation initiatives in the technology space.

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