Work Service S.A., the listed Poland based company engaged in providing human resource services and FIEGE Logistik Holding Stiftung & Co. KG, the Germany based company engaged in providing integrated logistics and supply chain services, have agreed to set up a 51:49 joint venture to be based in Germany and involved in providing temporary staffing and personnel outsourcing services, valuing the joint venture at EUR 21.7m.
As per terms of transaction, FIEGE will contribute FIEGE uni/serv GmbH and FIEGE worksess GmbH, the Germany based providers of temporary staffing, personnel outsourcing and training services to retail and logistics industry, and Work Service will contribute its Germany based subsidiaries towards the joint venture. The combined entity is expected to generate a turnover of about EUR 100m in 2014.
The transaction is part of FIEGE’s strategy to focus on Central and Eastern Europe, India and China markets and enables it to strengthen its position in the German temporary staffing services and HR services markets.
UPDATE 05 September 2014: FIEGE Logistik Stiftung & Co. KG and Work Service S.A. has completed the formation of a Work Service S.A / FIEGE Logistik Holding Stiftung & Co. KG Joint venture.
Sources:
FIEGE Logistik Holding Stiftung & Co. KG press release, 27 February 2014
FIEGE Logistik Holding Stiftung & Co. KG press release, 27 February 2014 (German)
Work Service S.A. press release, 28 February 2014
Work Service S.A. press release, 28 February 2014 (Polish)
DZ BANK AG
Advised in the sale of
FIEGE uni/serv GmbH; FIEGE worksess GmbH; Work Service S.A. (All subordinate German business entities)
to