Cosimo Vitola
Ethica Group
MAW Men at Work Agenzia per il Lavoro S.p.A.
Deal Type
Company sale
Sector
Business Services
Completion Date
28th June 2017
Deal Value
Not disclosed
Company Background
MAW is a rapidly expanding Italian provider of staffing solutions, with a strong local presence in Northern and Central Italy and a specialized knowledge of the ‘made-in-Italy’ industries.
Founded in 1998, MAW was acquired in 2000 by the current CEO, Francesco Turrini, supported by a group of private investors, who boosted the business and allowed the company to achieve fast growth: today MAW serves 3,000 clients with 8,500 people staffed daily through a network of 60 branches.
In 2016 the company achieved €186 ml revenues with €10 m EBITDA (35% growth). In the first half of 2017 the growth trend was even more striking with a +40% compared to the first half of 2016, thanks to the ability to select human resources.
Deal Summary
Ethica Corporate Finance advised the shareholders of Maffi S.r.l., the holding company which controls MAW, in the sale of the 82.5% stake to Proa, the Spanish private equity fund, which completed its first acquisition in Italy.
Francesco Turrini and the management team (13 people) acquired the remaining stake in the company
Value Added
Ethica started working with MAW in September 2016, following the preliminary approach of a trade buyer. Ethica was able to identify a selected panel of potential buyers, both trade and financial, and structure a competitive sale process, which resulted in a high valuation for the shareholders. In addition, Ethica advised the CEO on the new shareholder structure, in order to allow him and the management team to remain as managers and benefiting from the strategic and financial support of an international investor.
Ethica & Mittel Debt Advisory also advised the acquisition financing, being able to receive offers from both banks and private debt funds finding the preferred financing structure at the best condition and in a very short period of time.
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