Allen & Overy advises House of HR on the acquisition of SOLCOM
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With the acquisition of SOLCOM, House of HR is taking the next step in its growth process. SOLCOM, headquartered in Reutlingen, employs around 250 people at six locations in Germany. With an estimated turnover of EUR 172 million in 2021 and continuously above-average growth, SOLCOM is one of the most dynamic companies in the industry. With the purchase of SOLCOM, House of HR has completed its fourth acquisition in Germany and is now estimated to be the third biggest HR company in this country.
After the acquisition of avanti earlier in 2021, this is the second acquisition on which Allen & Overy has advised House of HR in Germany. Headquartered in Roeselare (Belgium), the group consists of eight companies that together represent over 40 brands, all focusing on ‘Engineering & Consulting’ and ‘Specialised Talent Solutions’. In 2020, House of HR realised a turnover of EUR 1.6 billion and EBITDA of EUR 179 million.
Due to the deleveraging achieved through 2021, an additional Term Loan B facility of EUR 150 million has been agreed upon within the existing Senior Facilities Agreement. This extension enables House of HR to finance the SOLCOM acquisition and to maintain a strategic liquidity position.
The Allen & Overy team was again led by M&A partner Dr Matthias Horn and advised House of HR on all aspects of the transaction, including setting-up of the acquisition structure as well as corporate law, competition, employment, financing and tax law matters.
The Allen & Overy team was led by partner Dr Matthias Horn and senior associate Dr Matthias Taggeselle (both Corporate/M&A). The team further comprised partners Dr Heike Weber (Tax, all Frankfurt) and Dr Börries Ahrens (Antritrust, Hamburg), counsel Dr Sebastian Schulz (Employment, Frankfurt), senior associate Dr Marcus Mackensen, associates Christin Schlorf (both Corporate/M&A, both Hamburg), Lisa Wantzen (Employment), Sven Bischoff (Tax, both Frankfurt) and Sören Burdinski (Antitrust, Hamburg) as well as senior transaction officer Laura Thiel (Corporate/M&A, Frankfurt). The financing aspects were advised by partner Jean-Christophe David and senior associate Asha Sinha (both Banking, Paris).
House of HR’s inhouse legal team comprised Thomas Martens (Head of Legal) and Delphine Vandenabeele (M&A Legal Counsel).