Post on 11-Oct-2020
1
November 2017
CONTACT US: Jarle Mørk Clairfield Norway Email: j.mork@clairfield.com
Industry snapshot
STAFFING
2
STAFFING: A 400 BILLION EURO INDUSTRY WHERE EUROPE HOLDS APPROXIMATELY 1/3, SERVED BY MANY LARGE PLAYERS
Source: World Employment Confederation – Economic Report 2017 edition; Clairfield analysis
GLOBAL MARKET SIZE (EUR BILLION) 2015 REVENUE SPLIT BY TOP 15 COUNTRIES (EUR BN) PENETRATION RATE* 2015 EUROPEAN COUNTRIES
AGENCY WORK* HEADCOUNTS EUROPE (MILLION) SECTORIAL DISTRIBUTION KEY EUROPEAN PLAYERS
+6.0% +6.0%
+3.7%
2018E
43
6
2017E
41
1
2016
38
8
2015
37
4
USA 116
8
Canada 11
Netherlands 12
Australia 12
France 18
Germany 30
China 30
Japan 38
UK 43
Sum 374
Other 33
Spain 3
South Africa 4
India 4
Belgium 5
Switzerland 7
Italy
2.7
%
Luxe
mb
ou
rg
2.8
%
Net
her
lan
ds
3.0
%
UK
3
.8%
0.2
%
Ro
man
ia
0.3
%
Cro
atia
0
.5%
La
tvia
0
.6%
Sp
ain
0
.6%
Es
ton
ia
0.6
%
Den
mar
k 0
.8%
Cze
ch R
epu
blic
1
.0%
No
rway
1
.1%
It
aly
Gre
ece
0.1
%
Lith
uan
ia
1.2
%
Fin
lan
d
1.2
%
Po
lan
d
1.3
%
Swed
en
1.6
%
Swit
zerl
and
Hu
nga
ry
1.8
%
Po
lan
d
2.0
%
Fran
ce
2.1
%
Bel
giu
m
2.2
%
Ger
man
y 2
.4%
Top 15 countries represents +90%
where Europe accounts for 1/3
Hungary
0.8 Poland 0.8
Germany
Netherlands
Estonia 0.0 Bulgaria 0.0 Greece 0.0 Croatia 0.0
Austria 0.2 Czech Republic 0.3
Switzerland 0.3 Spain 0.6
Belgium
0.9 UK 1.2
France 2.0
Sum
0.1
Romania 0.1 Norway 0.1
Denmark 0.0 Luxemburg 0.0
9.1
0.1 Portugal 0.1
Sweden 0.2
0.6 Italy 0.6
Finland
Hu
nga
ry
Po
lan
d
Luxe
mb
ou
rg
No
rway
Net
her
lan
ds
Spai
n
25%
Ro
man
ia
UK
38%
27%
13%
47%
Swit
zerl
and
Swed
en
26%
28%
70%
15%
20
%
11%
37%
8%
Gre
ece
Cze
ch R
epu
blic
Esto
nia
Fran
ce
Ger
man
y
34%
6%
38%
30%
53%
57%
32%
83%
36%
18%
18%
14%
44%
24%
65%
58%
70%
40%
10%
59%
19%
21
%
30%
57%
22%
17%
23%
15%
27%
Au
stri
a
10%
Bel
giu
m
15%
38%
24%
13%
Services Public Administration
Agriculture Manufacturing Construction
Other
*share of working population
*Main segment of staffing with an 95% share
3
2.5 %
1.6 %
4.1 %
3.0 %
3.8 %
4.0 %
4.1 %
4.4 %
4.5 %
5.5 %
5.0 %
6.3x
11.4x
8.3x
12.4x
10.3x
10.6x
10.5x
10.8x
10.6x
8.9x
10.6x
0.16x
0.18x
0.34x
0.37x
0.39x
0.42x
0.43x
0.47x
0.48x
0.49x
0.53x
RELATIVELY CONSISTENT VALUATION AMONG PEERS – HIGHLY ACTIVE M&A MARKET
Source: Factset, MergerMarket, Clairfield analysis
EV/SALES
KEY MARKET CONSOLIDATORS
EV/EBIT
SELECTED TRANSACTIONS (EUR MILLION)
EBIT% LISTED PLAYERS
Median:
0.42x
Median:
10.6x
EUR 22.7 billion in total revenue with 60% stemming from Europe 5100 branches in over 60 countries 700,000 associates on assignment daily Involved in 48 deals
USD 19 billion in total revenue (all segments) with 12.5 located in Europe Over 600,000 people employed every day Involved in 24 deals
EUR 20.7 billion in revenue 4752 offices in 39 countries with 32,280 corporate employees 626,300 people employed every day Involved in 60 deals
TARGET BUYER EV EV/SALES EV/EBITDA EV/EBIT
0.3x 5.0x 9.6x
0.2x 5.1x N/A
0.3x 5.8x 6.6x
9.0x
0.4x 11.1x 12.4x
1.4x 7.4x
0.5x 12.4x 37.9x
0.5x 12.5x
72.6
102.5
132.4
50.5
183.9
70
110.6
136.5
France
United Kingdom
Netherlands
Switzerland
United Kingdom
United States
Italy
United Kingdom
United Kingdom
United States
United Kingdom
DATE
01/17
01/17
08/16
03/16
02/16
02/16
12/15
09/15
N/A N/A
N/A
N/A EUR 1.1 billion in revenue 450 locations supplying over 55 million hours of temporary labor annually Acquired 12 companies
Median:
4.1%
4
CLAIRFIELD CREDENTIALS IN STAFFING
France
Advisor to the seller
was sold to
RG32
Sweden
Advisor to the seller
merged with
Advisor to the seller
Denmark
was sold to
Netherlands
Advisor to the buyer
acquired
Netherlands
Advisor to the buyer
acquired
Advisor to the seller
Netherlands
was sold to
Netherlands
was sold to
Advisor to the seller
Belgium / Spain
Advisor to the seller
sold
its Spanish operations
to
management
through an MBO
Germany / Poland
Advisor to the buyer
acquired an equity participation in
France / Spain
Advisor to the buyer
acquired
5
CLAIRFIELD – A GLOBAL PARTNERSHIP OF M&A SPECIALISTS
WORLDWIDE PRESENCE
35+ OFFICES
20+ COUNTRIES
WHERE CLAIRFIELD
IS PRESENT
400+ PROFESSIONALS
Track record in the services sector
80+ SERVICES TRANSACTIONS
CLOSED SINCE 2006
+EUR 2.5 bn CUMULATIVE VALUE OF
SERVICES TRANSACTIONS
CLOSED SINCE 2006