Randstad spins off FunktieMediair to industry peer Kenhardt
Global staffing and recruitment company Randstad has spun off FunktieMediair to industry peer Kenhardt. With the move, Kenhardt grows its business to around seventy strong, which, according to the firm, makes it the third largest player in the Netherlands in the field of assessments.
With a history of over 30 years, FunktieMediair is specialised in providing assessment and development (training & coaching) related to higher functions in the Netherlands. The assessor focuses mainly on the non-profit sector, with healthcare, national and regional governmental bodies earmarked as the main segments.
In 2002, FunktieMediair was acquired by Vedior*, which at the time had set its sights on international expansion. The FunktieMediair deal was part of a wider acquisition spree in which it also purchased Multilabor and Solisform in Portugal and Janet Dean in Australia. Under the wings of its parent, FunktieMediair managed to grow its ranks, and by 2007 the recruiter held a top 10 position in the Dutch staffing and recruitment industry. In December 2007 Vedior was bought by rival Randstad, for a sum of €3.5 billion, and as part of the integration FunktieMediair became part of the Randstad group**.
Following a strategic re-orientation in October 2015, Randstad decided to split FunktieMediair into two parts. The interim management and recruitment services were carved-out and bundled with Randstad Zorg, while the assessment and development activities – which continued to operate under the FunktieMediair label – were combined (~35 employees) and put up for sale. Randstad hired MBCF, a corporate finance firm based in the Netherlands, to find a strategic partner for FunktieMediair, and, on the back of an assessment of the landscape, the advisers entered into discussions with potential targets. The consultancies’ deal team consisted of Roel ter Steeg, Ramon Schuitevoerder and Martijn Liem.
Earlier this month the transaction process came to a successful close. Kenhardt, a firm from Vught that provides assessment and development activities to clients mainly in the profit sector, agreed terms with Randstad – financial conditions have however not been disclosed. With the joining of forces the combined entity grows its footprint to around 70 employees, a size which propels it into the higher echelon of its market. The deal also sees Kenhardt add a range of complementary clients, in particular in the healthcare sector, including the likes of AMC Amsterdam, Philadelphia and Erasmus MC.
Kenhardt and FunktieMediair will continue to operate under their own brands.
* Vedior acquired a majority interest in FunktieMediair (70%). The deal was advised on by PhiDelphi Corporate Finance.
** With nearly 30,000 employees, generating revenues of €19.2 billion, Randstad is one of the globe’s largest staffing and HR firms. The company’s service portfolio spans temporary staffing, permanent placement of candidates, in-house services concepts and other HR solutions, such as recruitment process outsourcing, managed services programs, payroll services, and outplacement.
