Barclays Private Equity sells TUJA to Adecco
Barclays Private Equity is to sell the TUJA Group to Adecco, the world leader in human resources services, for a total price of €800 million. With support from Barclays Private Equity the TUJA Group has achieved strong growth, having increased its employee headcount by around 12,000 within the space of a year.
- Total price of approximately €800 million
- Successful buy-and-build strategy
- Effective interaction between private equity and management
- Adecco an ideal partner for further corporate growth
Barclays Private Equity acquired TUJA in March 2006 from Berlin-based investment company Odewald und Compagnie and has successfully applied a buy-and-build strategy to expand the group under CEO and founder Peter Jackwerth. In 2006 the TUJA Goup nearly trebled its sales relative to 2005, by making six acquisitions in Germany and abroad, including A+K Zeitarbeit, Boetronic and Gross Business, and by achieving organic growth of over 40%.
"We wish to thank Peter Jackwerth and Thomas Bäumer and all their employees for this terrific achievement. The TUJA Group's impressive expansion is an exemplary case of corporate growth and successful internationalization of a mid-sized company via solid private equity financing and good management", said Dirk Schekerka, managing director of Barclays Private Equity, commenting on the TUJA Group's performance.
"We share the view of TUJA's management team that the acquisition will give the company further opportunities for growth. The combination of long-term strategic positioning and the excellent prospects for TUJA staff, and the fact that its corporate culture will be preserved, make Adecco an ideal partner for the TUJA Group", he noted.
Since March 2006 Barclays Private Equity has held approximately 90% and management approximately 10% of the company.
At Barclays Private Equity, the individuals responsible are Dirk Schekerka and Oskar Schilcher.
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