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France — Synergie buys Olympia's Portuguese operations

16 June 2010
Staffing group Synergie (SDG:PAR) has announced the acquisition of the Portuguese operations of Olympia Flexgroup AG, which filed for insolvency at the beginning of this year.

Olympia TT Portugal last year had revenues of 5 million Euro. The acquisition is expected to take Synergie's total revenues in Portugal to 20 million Euro in 2010.

Olympia TT Portugal specialises in the provision of temporary staffing for the services sector and call centres.

The acquisition was financed internally and is expected to take Synergie's revenues in the Iberian Peninsula (Spain and Portugal) to 90 million Euro in 2010.

According to Synergie's management, temporary employment in Portugal "was up by +42% in the first four months of 2010."

Earlier this year Synergie bought the Spanish operations of Olympia Flexgroup.

Olympia's Italian operations were sold to Uno Holding of Italy. Otto Workforce of the Netherlands bought Olympia Flexgroup's German and Polish operations. Olympia's German operations (Olympia Deutschland GmbH) are now looking for 50 franchisees to open new offices all across Germany.



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