Patrimonium - provides financing for the acquisition of Office People by H.I.G. Capital

2023-05-24

Patrimonium Middle Market Debt Fund, a private debt fund of Patrimonium Asset Management AG (“Patrimonium”) focused on middle market companies, provides acquisition financing to H.I.G. Capital for the acquisition of a majority stake in office people Personalmanagement GmbH (“Office People” or “Company”).

Office People is one of the leading companies for personnel management and temporary staffing in Germany and was founded in 2005 by Olaf Hansen and will continue to be led by CEO Mahmut Akköse and his management team. The Company specializes in personnel leasing, personnel placement as well as master vendor management and offers additional solutions such as on-site management and EU recruiting. Since its foundation, Office People has demonstrated strong organic growth by focusing on sectors with structurally high workforce demand including aviation, e-commerce, logistics and automotive. Employing more than 9,000 external staff across more than 100 locations, Office People benefits from strong underlying growth trends in combination with an effective and well-elaborated regulation of temporary work in the EU and Germany in particular.

Holger Kleingarn, Managing Director at H.I.G. Capital, comments: “We are very pleased with the flexible and balanced financing package provided by Patrimonium that supports the future growth strategy of Office People. The deal team’s knowledge of the sector and their pragmatic and constructive approach have been instrumental to the completion of the transaction in a smooth and timely manner.”

Moritz Frerker, Senior Director Private Debt at Patrimonium, comments: “Since its foundation, Office People has shown impressive organic growth and is well positioned to benefit from trends in the labour market. With its knowledge and experience in the industry H.I.G. Capital is an ideal partner for the experienced founder and management team for the next growth phase. We are pleased to provide acquisition financing to H.I.G. Capital and thereby supporting Office People´s growths plans. We look forward to working together.”

H.I.G. Capital is a leading global private equity and alternative assets investment firm with $55 billions of equity capital under management (based on total capital commitments managed by H.I.G. Capital and affiliates). Based in Miami, and with European offices in London, Hamburg, Madrid, Milan, Paris, and U.S. and Latin American offices in New York, Boston, Chicago, Dallas, Los Angeles, San Francisco, Atlanta, Bogotá, Rio de Janeiro and São Paulo, H.I.G. Capital specializes in providing both debt and equity capital to small and mid-sized companies, utilizing a flexible and operationally focused/ value-added approach. Since its founding in 1993, H.I.G. Capital has invested in and managed more than 400 companies worldwide. The firm’s current portfolio includes more than 100 companies with combined sales in excess of $30 billion.

Patrimonium is an independent Swiss asset and fund management company in the field of private market investments, regulated by the Swiss Financial Market Supervisory Authority (FINMA). Patrimonium is characterised by a direct and responsible investment approach in the asset classes real estate, private debt, private equity and infrastructure. Patrimonium manages assets of CHF 4.5 billion. With offices in Lausanne, Zurich and Zug, the firm employs over 70 people.

Patrimonium was advised by Ashurst (Dr Tobias Krug and Sabrina Bremer). H.I.G. Capital was advised by Gleiss Lutz (Frank Schlobach, Dr Katja Lehr and Dr Jan-Alexander Lange) and Clearwater International (Dr Heinrich Kerstien and Khalid Afras), among others.