ManpowerGroup completes acquisition of 7S Group
7S Group, which provides HR related services, offers comprehensive solutions in temporary staffing, business support services, and career services.
The 7S Group services complement the ManpowerGroup portfolio while allowing it to become the third largest workforce solutions provider in Germany with regards to industry solutions, technical project services and executive search.7S generated more than &euro310 million in revenues in 2014.
Terms of the transaction were not disclosed.
H.I.G. acquired a minority stake in 7S in 2010 and led the company to become an integrated full-service HR provider through the provision of capital and the implementation of selective growth measures.
H.I.G. Europe’s Hamburg-based managing director, Wolfgang Biedermann, said, "Over the past five years, we have worked closely with 7S management regarding the consolidation of the market. During this time, 7S strengthened its core areas with the acquisition of more than ten add-ons.”
"For us, the acquisition is an important strategic step on our way to becoming the leading workforce solutions provider with expertise in providing HR staffing solutions and it will form the basis for further growth. Furthermore, the 7S Group complements the ManpowerGroup portfolio in strategically relevant business segments," added Herwarth Brune, CEO of ManpowerGroup in Germany.
The successful integration of the companies is based upon similar corporate cultures characterized by company philosophies that value entrepreneurship, flexibility and a holistic service offering. For Dr. Christian Speidel, CEO of 7S, the integration into a global network is a benefit: "Through the newly gained international perspective and enlarged network of opportunities, we are now able to more fully satisfy the needs of our corporate customers."