Personec Group buys Manpower Business Solutions for EUR25.9m

The acquired company is a provider of payroll and Human Resource outsourcing services and is a part of the international recruitment and Human Resource company Manpower. The total value of the acquisition is approximately EUR 25,9 million. The agreement affects 178 employees located in the cities of Stockholm, Linköping, Sandviken and Ludvika. The take over is expected to take place in the first quarter of 2006, providing approval from the competition authority.

Personec is the leading provider of HR and payroll solutions in the Nordic countries. The acquisition of Manpower Business Solutions Service Center supports Personec's strategy to grow especially within Human Resources outsourcing. Through this acquision Personec becomes the market leading provider of outsourcing services in payroll administration, time management and HR administration services, in the Nordic countries. Personec estimates the net sales for the acquired company to amount approximately EUR 13 million in 2005.