After launching in the United States, Gi Group continues its internationalisation strategy
In 2020, our Group acquired two more acquisitions:
Work Service (Poland) and Kelly Services Brazil (KSB).
Objective: to become a global player with €6 billion of turnover by 2023.
After our recent launch in the United States and relaunch in Spain, we are delighted to announce we have completed two more international acquisitions: Work Service, Poland’s biggest company specialising in HR services, and Kelly Services Brazil (KSB), the Brazilian arm of the American multinational listed company.
The Group, headed by Stefano Colli-Lanzi, already operated in Poland and Brazil under a number of its brands. These acquisitions are a continuation of its international expansion strategy and further consolidate its presence in these two key markets. This is also thanks to its historic results in 2019: €2.6 billion in global turnover and EBITDA of €71.7 million, an increase of 19.4% compared with 2018.
Stefano Colli-Lanzi, GI Group’s CEO, said,
“Both acquisitions were completed in August, just a few days after our launch into the United States, and they allow us to increase our global positioning and competitiveness. Acquiring a majority stake in Work Service allows us to consolidate our presence in Central Europe, where we already operate under the GI Group, Grafton and Wyser brands. The same is true for our acquisition of Kelly Services Brazil, the Brazilian staffing arm of the American multinational Kelly, which enhances our presence and allows us to consolidate in Brazil, the largest economy in South America. These acquisitions demonstrate that our Group is completely focused on the post-pandemic rebound. They are also in line with our medium-term objective of recording turnover of €6 billion by 2023. I also believe that our role as labour intermediary, if performed correctly, can provide decisive impetus to recovery in the markets where we have a presence, responding to the needs of businesses and people.”
GI Group is Europe’s sixth biggest staffing agency and amongst the top 20 staffing companies worldwide. Today, we operate directly in 29 countries and in 57 others through our partnerships.
Work Service SA – Poland
Work Service SA, active since 1999 with more than 3,000 clients, is a leading HR services business in Poland and other Central European countries and is listed on the Warsaw stock market.
Based on the agreements signed, GI Group has acquired a controlling stake in Work Service and we are committed to investing significant resources in the company, allowing it to completely stabilise its financial position over the coming months and to resume growing and developing its business.
The acquisition was subject to approval from anti-trust authorities and, after acquiring a majority stake, we will also launch a public takeover bid for part of the outstanding residue, in accordance with current Polish law.
The Italian group is strengthening its already considerable presence in Eastern Europe, where in 2019 it recorded turnover of €190 million.
Our Group’s international legal advisor was Baker McKenzie with support from its Global Legal Department, M&A and Global Finance Department, and from Deloitte and Core Sp. z o.o. Work Service’s legal advisors were Blackwood Capital Group, PwC Advisory and Mrowiec Fialek & Partners Law Firm.
Kelly Services Brazil
Kelly Services Brazil is a business with over 32 years of history. The company recorded a turnover of R$134 million in 2019. With two offices in Rio de Janeiro and Sao Paolo, the business mainly provides HR solutions for the Retail, Life Sciences and Technology sectors.
Having entered the Brazilian market in 2008, and despite the difficulties faced by the country today, GI Group has consolidated its presence in Latin America (2019 turnover: €100 million) and strengthened its existing business lines: temporary and permanent staffing (GI Group), search and selection (Wyser), trade marketing (C2C) and outsourcing (GI BPO).
Kelly Services Brazil is a business with over 32 years of history. The company recorded turnover of 134 million Reais in 2019. With two offices in Rio de Janeiro and Sao Paolo, the business mainly provides HR solutions for the Retail, Life Sciences and Technology sectors. Having entered the Brazilian market in 2008, and despite the difficulties faced by the country today, GI Group is consolidating its presence in Latin America (2019 turnover: 100 million Euros), strengthening its existing business lines: temporary and permanent staffing (GI Group), search and selection (Wyser), trade marketing (C2C) and outsourcing (GI BPO).
