Finnish HR services firm VMP Plc has acquired Henkilöstöratkaisu Extraajat (Personal Care Extraajat Oy), a company based in Helsinki that offers staffing services including temporary work and flexible employee leasing for the retail industry.

VMP financed the acquisition with a combination of a bank loan and cash assets. The fixed debt-free purchase price is approximately €7 million.

Extraajat, which specialises in serving customers and employees in the retail industry, has offices in Helsinki, Turku and Tampere. The company was founded in 2012, serves over 900 customers annually and employs approximately 5,000 people.  Revenue for the latest fiscal year 2018 was €19.8 million.

VMP stated that the acquisition strengthens VMP Group's position especially in the retail industry and balances the customer base in the staffing business area.

It follows the company’s recent acquisition of HR services company Extremely Nice Job Oy which operates under the Enjoy brand.

"I'm very pleased to welcome Extraajat to VMP Group. The acquisitions of Extraajat and Enjoy have strengthened our position in the service sector significantly. Retail and HoReCa (Hospitality, Restaurant and Café/Catering) industries are interesting as they offer stable growth potential and we also see synergy potential between the acquired companies,” Juha Pesola, CEO of VMP, said.

Jussi Siiriäinen, Managing Director of Extraajat, also commented, “We see a lot of growth potential in the retail industry and possibilities to develop new services for our customers. All this requires resources and willingness to grow. The ideas about the future of the industry were well aligned with VMP, and I strongly believe that together we can ensure the continuous success of Extraajat.”