24 August 2011, London – Advent International, the global private equity firm and its co-investor, AlpInvest Partners B.V. (“AlpInvest”), have agreed the sale of Raet Holding B.V. (“Raet”), the largest provider of technology and business process outsourcing for Human Resources in the Netherlands, to CVC Capital Partners. The value of the transaction is undisclosed and is subject to regulatory approval.
Raet has experienced considerable growth in recent years, with € 132 million turnover for the last 12 months up to June 2011. It currently has approximately 12,500 clients and provides services to a total of 1.5 million employees with its HR and payroll systems, making it the leader in the Dutch market. Raet offers the full range of HR functionalities including absence management, recruitment and selection, flexibility of term of employment, training and education and employee development. In addition, Raet is the largest operator in the market for fully outsourced administrative HR services and handles personnel administration and payroll processing for more than 200,000 employees.
Advent acquired its minority stake in Raet in 2003 and since then has supported its transformation from a pure supplier of payroll solutions to a leading e-HRM technology provider.
Closing of the transaction is expected to take place in Q4 2011.