Olympus Growth Fund VII, L.P. managed by Olympus Partners completed the acquisition of Soliant Health, Inc. from Adecco Group AG.
January 02, 2020
Share
Olympus Growth Fund VII, L.P. managed by Olympus Partners entered into a definitive agreement to acquire Soliant Health, Inc. from Adecco Group AG (SWX:ADEN) for approximately $610 million on November 5, 2019. The consideration will be paid in cash. Upon closing, Soliant Health will join Vaco, acquired by Olympus Partners in 2017. In the 12 months ended June 30, 2019, Soliant generated revenues of $344 million and EBITDA of approximately $54 million. Hart-Scott-Rodino filings have been made for the transaction and is subject to regulatory and other customary closing conditions. As of November 22, 2019, FTC granted the early termination notice. The transaction is expected to be completed by first quarter of 2020. The divestment is expected to result in a gain on sale for Adecco Group to be recognized upon closing and it will provide an update on the use of proceeds with its fourth-quarter results in February 2020.
J.P. Morgan Securities LLC acted as financial advisor to Adecco Group. Benjamin Clinger and Adam Wexner from Kirkland & Ellis LLP acted as legal advisors for Olympus Partners. Jay Schwartz, Eric Mandus, Julie Sebastian, Nicholas Rueter, Tom Hong, Joseph Mandarino and Brandon Sherlinski of Smith, Gambrell & Russell, LLP acted as legal advisors for Adecco Group.
Olympus Growth Fund VII, L.P. managed by Olympus Partners completed the acquisition of Soliant Health, Inc. from Adecco Group AG (SWX:ADEN) on January 3, 2020. As of January 3, 2020, the transaction received all the regulatory approvals. As of January 16, 2020, Audax Private Debt has provided a senior secured credit facility to support the acquisition of Soliant Health.
Adecco Group AG, formerly Adecco S.A., provides human resource (HR) services. The Company's services include temporary staffing, permanent placement, outsourcing, career transition. It operates through two business lines: Staffing and Solutions. The Staffing business line includes General Staffing, which includes Office and Industrial, and Professional Staffing, which includes Information Technology, Engineering and Technical, Finance and Legal, and Medical and Science. The Solutions business line includes Business Process Outsourcing, which includes Managed Service Programs, Recruitment Process Outsourcing and Vendor Management System, and Career Transition and Talent Development, which includes outplacement, career development, change management solutions, training and consulting. Its segments include France, North America, UK & Ireland, Germany & Austria, Japan, Italy, Benelux, Nordics, Iberia, Australia & New Zealand, Switzerland, Emerging Markets and Lee Hecht Harrison.