Houlihan Lokey Advises on Olympia

Houlihan Lokey is pleased to announce that it has advised Avedon Capital Partners (Avedon) and Mardim Holding on the sale of Olympia, a leading temporary employment agency in the Netherlands, in a management buyout backed by Morgan Stanley Tactical Value Investing. The financial terms of the transaction are undisclosed. The transaction closed on 12 November 2019.

Olympia is a leading temporary employment agency with about 140 locations in the Netherlands, offering a wide range of personnel services. Olympia is the only major temporary employment agency to employ a franchise formula, whereby independent entrepreneurs own the local offices. It has more than 700 employees and provides work to more than 12,000 temporary workers on a daily basis. It operates in the logistical, industrial, technical, public, administrative, and contact centre sectors. In 2018, Olympia generated €420 million in sales.

Avedon Capital Partners is an investor passionate about supporting exceptional entrepreneurs and management teams of niche market-leading companies to realise ambitious growth plans in partnership. Avedon focuses on the lower end of the middle market in the Benelux region and Germany, with managed assets of more than €500 million.

Mardim Holding is the holding company of Dimitri Yocarini, the CEO of Olympia who will lead the company through its next phase of growth.

Morgan Stanley Tactical Value Investing is an investment platform of Morgan Stanley that targets private, long-term, and likely illiquid investments. The investment team seeks to make opportunistic investments globally and has the flexibility to invest in all asset classes and all parts of the capital structures.

Houlihan Lokey served as the exclusive financial adviser to OIympia. This transaction highlights the firm's strengths in having strong cross-border human capital management sector teams, combined with deeply rooted local presence, and demonstrates the firm's capabilities in complex situations. In 2016, Houlihan Lokey advised Avedon on the acquisition of Olympia from its previous owner, NIBC Capital Partners, highlighting the long-standing client relations.