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Austria - Droege completes Trenkwalder acquisition and targets listing

17 August 2011

The acquisition of the majority shareholding of Trenkwalder International AG, the largest Austrian-owned staffing agency, by Germany-based investment house Droege Capital GmbH was completed on 12 August 2011.

The completion of the transaction depended on the positive outcome of a due diligence process, approval by the competition authority and approval by the supervisory boards.

Droege therefore now owns more than 75% of Trenkwalder International including all foreign subsidiaries in 19 countries including Eastern Europe where Trenkwalder is market leader. According to Staffing Industry Analysts’ rankings, Trenkwalder is the 8th largest staffing company operating in Europe with more than 1 billion Euro in annual revenues.

Droege is an independent consultation and investment house acting as an industrial holding with a long-term investment horizon. The company is family-owned and in 2011, had balanced capital resources of approximately 700 million Euro. Portfolio companies are actively further developed using buy-and-build strategies. Droege has set the following objectives for Trenkwalder:-
• Securing further growth
• Improving the financial and balance sheet structure
• Further expansion of the range of European personnel services with the same quality standards
• Further development as the European specialists for personnel services
• Expansion of the portfolio to include managed services and outsourcing

The Trenkwalder group will be managed as a branch in the industrial holding of the Droege International Group AG. Georg Obermeier is taking over as chair of the board of directors of Trenkwalder International AG while Trenkwalder founder, Richard Trenkwalder, who holds the Austrian honorary title of Kommerzialrat (Councillor of Commerce), will be a member of the board of directors and carry out the function of honorary president.

In the medium term, the listing of Trenkwalder on the Vienna/Frankfurt stock exchanges is intended.

Richard Trenkwalder said "Droege is a successful family-run company with extensive international experience in the services sector. This creates the pre-condition for [Trenkwalder's] fast future growth in the interesting markets of Eastern and Southern Europe."

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