Private equity firm Avedon Capital Partners sold a stake in Netherlands-based recruitment firm Olympia to Morgan Stanley Tactical Value Investing.

Dimitri Yocarini will remain CEO of Olympia and his ownership will increase to a majority stake. The management board remains unchanged and the supervisory board and franchisees of Olympia support the partnership, according to the company.

“I look forward to working with Morgan Stanley Tactical Value Investing on the next stage of the journey,” Yocarini said in a statement. “They will help us realise our ambition to guide employees and employers in a rapidly changing labour market.”

Olympia has more than 130 branches and puts more than 12,000 people work each day, according to the company. It operates in six segments: logistics, production, contact centres, municipal authorities, technology and administration.