HgCapital has agreed to the acquisition of StepStone Solutions, the talent management division of e-recruitment software company StepStone, the second deal announced by the UK private equity firm in the last few days.
The management buy-out will see HgCapital Trust, the firm’s listed arm, pay £13.4m (€15m) of the total €110m enterprise value.
The public trust last week committed to invest an undisclosed sum, thought to be £150m (€167.8m), in UK commercial laundry equipment supplier JLA.
Around 1,400 organisations use StepStone Solutions to recruit, retain and develop talent and it is one of the biggest European software as a service companies, with over 400 staff located in 16 countries.
StepStone is a wholly-owned subsidiary of German publishing and media company Axel Springer, which is holding onto the online division of StepStone.
Jens Müffelmann, head of electronic media at Axel Springer, said, “Since Axel Springer has set a clear strategic focus on online job boards for StepStone, acquisition of the software division by HgCapital will allow the Solutions unit to enter a new phase of expansion.”
HgCapital, formerly known as Mercury Private Equity, invests in companies with an enterprise value of between £10m (€11.2m) and £400m (€447.5m) in the healthcare, business services, information and communications technology and media sectors.
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