DPA Group NV – Project Holland Fonds supports DPA in balance sheet strengthening, growth funding, acquisition strategy and corporate governance improvement

DPA-ProfessionalsDPA Group offers high quality temporary secondment for specialized professionals in specific fields and markets. As a labour market intermediary with a strong brand name, DPA stands out by its long-term relationships with clients and in-depth knowledge of their markets.

Project Holland Fonds (PHF) supported DPA by providing capital for autonomous growth and by funding the key acquisitions of NIG, Benkis and Fagro through direct equity investments, bridge funding and underwriting of public share issues. In addition, PHF supported the company in structuring capital market transactions, optimizing the balance sheet structure and executing M&A activities. PHF played a role in improving DPA's corporate governance, which was a prerequisite for the success of DPA's growth strategy.  

 

May 2010: Balance sheet restructuring and corporate governance

  • DPA announces a EUR 9M share issue to strengthen its balance sheet and fund the acquisition of a minority share in DPA Supply Chain People BV.
  • PHF participates for EUR 7M in the share issue and, as such, becoming the largest shareholder. The remaining EUR 2M was raised by converting an existing subordinated loan previously provided by large shareholders.
  • Along with the balance sheet restructuring, the Board is extended. In September 2010 a new Supervisory Board is appointed, which has in-depth knowledge of governance, acquisition strategy, and the staffing sector.
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January – April 2011: Acquisition of Nederlandse Interim Groep (NIG)

  • DPA acquires the Nederlandse Interim Groep (NIG), to be able to focus on further growth as a strong and profitable player. NIG has a good strategic fit and offers commercial synergy and cost savings potential.
  • The Board of DPA is enhanced with NIG's management, including Eric Winter and Olav Berten, who have a successful track record as entrepreneurs in the secondment sector.
  • PHF plays an important advisory role in structuring and funding the acquisition. The cash portion of the acquisition sum is funded by a rights issue of EUR 18M. Two third of the large shareholders, among which PHF, committed to participating in the issue pro rata. The remaining part of the issue is guaranteed by PHF. Supported by PHF, DPA's acquisition of NIG is a crucial strategic step towards a financially solid, growing and well-run professionals secondment firm.
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April 2012: Acquisition of Benkis Interim Professionals

  • DPA Group takes another step in realizing its growth strategy by acquiring Benkis Interim Professionals. Benkis is a specialist temporary staffing firm in the banking sector. With the acquisition the DPA Group's turnover increases with about EUR 10M and its market share in seconding financial professionals improved.
  • As a vote of confidence PHF guarantees the full return of the 9% share issue to fund the acquisition. Within hours, the book is oversubscribed. This successful issue is a new milestone for the healthy and growing DPA Group.
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August 2014: Takeover of Fagro

  • DPA Group has once again made a significant step forward in realizing its strategic goals. With revenue of over EUR 20m in 2013 and strong profitability, Fagro is a secondment company specialized in finance & control professionals and is a seemless fit with the core activities of DPA. The take-over will immediately be earnings per share enhancing.
  • The acquisition sum will be partly financed through a sub-10% equity issue. PHF acts as underwriter for the entire equity issue and consequently provides security of funds for the M&A transaction. The issue is very successful and is significantly over-subscribed. As a result, the liquidity of the DPA shares has improved and the shareholder base has broadened.
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