News - Acquisition in The Baltic Region

Gi Group Holding acquires CVO Recruitment and Simplika

The Investment in this HR & Business Partner Company enables Gi Group Holding to Strategically Enhance its Presence in The Baltic Region.
Milan, Italy (7th December 2022)

Gi Group Holding today announced the acquisition of CVO Recruitment and Simplika, the Baltic region’s leading executive search, recruitment, and staffing company, with a strong presence in Estonia, Latvia and Lithuania. The announcement represents the latest step in a significant growth journey as Gi Group Holding evolves into an HR ecosystem that offers a full suite of tailored solutions and a direct presence in 29 countries.

CVO Recruitment and Simplika was founded in the year 2001 in Estonia. Its companies collectively generate revenues of €16 million annually by partnering with over 450 clients through handling an average of over 850 recruitment projects per year and providing temporary employment to over 500 workers on a daily basis. Rooted in professionalism and quality data and insights driven local market knowledge, CVO Recruitment and Simplika counts with a total of 35 passionate executives which will complement the Gi Group Holding Lithuania executives that currently focus on recruitment and HR services for Temporary, Permanent, and BPO assignments.
The transaction, on the other hand, marks Gi Group Holding’s market entry into Estonia and Latvia.

The acquisition of CVO Recruitment and Simplika marks a strategically important move within Gi Group Holding’s growth journey. By joining forces with this respected group of companies, the Holding will enhance its presence in the Baltic region, further cementing our footprint in the European continent. This acquisition will enable us to further enhance our offerings and uncover new opportunities that ultimately add value to an ever-evolving labour market.

CVO Recruitment and Simplika two distinct, yet complementary brands are: CVO Recruitment, which recruits middle and top-level specialists as well as top managers and Simplika, which focuses on personnel leasing and staffing plus recruitment of junior and middle level specialists; complemented by related services such as market consultation, onboarding and outplacement. Collectively, both business lines specialise in recruitment in the fields of technology (including IT), finance and analytics, sales & marketing, management, and more.

With dedicated teams of consultants and support staff across the Baltic region, led for many years by outstanding professionals in their field, our Managing Directors, and shareholders, Julija Lobanovska (Latvia), Triin Raamat (Estonia) and Valerija Buzeniene (Lithuania) the company has successfully achieved its vision of making a positive and concrete impact on both our client and candidates lives. This 21+ year journey has seen our group of companies evolve and effectively become the leading HR & Business Partner in the Baltic Region, a remarkable achievement. I look forward to further successes that will be enabled by becoming part one of the world’s most esteemed players in the global HR industry.


PwC Lithuania has acted as the exclusive buy-side advisor to the Gi Group in their acquisition of Verita Solutions OÜ, which manages personnel leasing & staffing companies CVO Recruitment and Simplika.
The project, which was led by Petras Misiūnas and Greta Didžbalė, included the provision of financial, tax and legal due diligence, as well as other transaction support services.

The project showcased excellent collaboration between the Deals, Tax and Legal advisory teams in PwC Lithuania, PwC Latvija and PwC Estonia:

  • The financial due diligence was led by Teet Tender, Greta Didžbalė, Gerds Ivuskans and Raul Ruubel.
  • Tax due diligence team included and was led by Kristina Grinevičiūtė, Īva Saicane and Martin Tois.
  • Legal due diligence, as well as other legal transaction support, was provided by teams led by Elena Mickevičienė, Karin Marosov and Jānis Gavars.

Gi Group Holding people involved in the Acquisition:

Maurizio Uboldi, Head of M&A

Gabriele Cagini, Global M&A Project Manager

Daniele Merlerati, Regional Head – APAC, Switzerland, Lithuania

Dario dell’Osa, Global Legal Senior Director

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