Avedon sells off Olympia in buy-back deal
Amsterdam-based Avedon Capital Partners has sold off Dutch human resources and jobs company Olympia via a management buy-back supported by Morgan Stanley.
While Avedon usually sells portfolio companies after six years, Olympia completed its strategic plan in just three and a half years. In this time, Olympia increased profitability, raising its turnover by 50% to over $440 million U.S. last year.
Olympia CEO Dimitri Yocarini now holds a majority stake in the company and Morgan Stanley Tactical Value Investing (MSTVI) has acquired a minority stake.
According to Yocarini, Morgan Stanley is an ideal partner to fuel the company’s growth ambitions. “Morgan Stanley will help us realize our ambition to guide employees and employers in a rapidly changing labor market,” said Yocarini.
In the Netherlands, Olympia competes with temporary employment agency Randstad, as well as larger players such as Manpower and YoungCapital.