Inflexion snaps up stake in Dutch recruitment agency
- Private Equity
- December 23, 2022
- No Comment
- 9
Inflexion has bought a 25% stake in YER, a Dutch specialist secondment and recruiting agency.
The acquisition, which is understood to value YER at roughly €500m, marks Inflexion’s second deal in the Netherlands in the last 12 months, following its investment into e-bike component manufacturer enviolo in March 2022.
The mid-market private equity firm inked the deal through its dedicated minority investment fund, Partnership Capital II.
Founded in 1987, YER focuses on offering “high scarcity talent in undersupplied fields such as engineering, IT, public sector and finance to a range of specialist end market verticals”.
The business has over 950 clients including ASML, Bosch, and DAF.
Earlier this month, Inflexion’s head of partnership capital David Whileman wrote in Private Equity News that the current macro environment offered more opportunities for minority investments.
“Founders and entrepreneurs have been forced to adjust to ongoing uncertainty as the post-Covid bull market reversed course in the face of the war in Ukraine and we have seen a rapid increase in inflation. It has meant owners are facing pressure on their earnings and valuation expectations, as many capital sources – namely leverage – becoming scarcer.”
He added: “As a result, founders are unlikely to be able to achieve their price expectations for a full sale, making a minority investment more attractive either to provide interim liquidity or to provide capital to support growth and acquisitions.”
The transaction is subject to customary regulatory approvals and is expected to close in Q1 2023.
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