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Recruitment firms Uniflex and Poolia have signed a preliminary agreement for Uniflex to purchase 100% of Poolia subsidiary Utvecklingshuset (Development House) on the 1 December 2013. The acquisition will be subject to the approval of at least 90% of the shareholders of both Uniflex and Poolia.
This announcement comes despite a persistent tightness in the Swedish staffing market, with both Poolia and Uniflex reporting fallen revenue in their latest financial statements. Poolia revenues fell by -20.7% during Q2 2013, while Uniflex reported a -11.1% drop in net sales during the same period.
Development House works with individuals, companies, and trade unions supporting occupational transitions. The company offers services in outplacement, organisational development, and vocational rehabilitation. The rehabilitation services are aimed at employees who are fully or partially on sick leave. Development House supports the employee and employer by providing rehabilitation services or re-training opportunities.
Jan Bengtsson, CEO of Uniflex, commented: “We have looked into the transition market for a long time and believe that now is a good opportunity for us to establish ourselves here. We have so far cautiously felt our way in this market, but we believe that we need a separate and reputable company for success.”
“We will instate Malin Norbäck as the CEO for Development House, who is currently an HR Manager at Uniflex Sweden and has been working at the company since its inception 11 years ago. Malin has solid experience in HR and extensive experience in worker transition,” Mr Bengtsson concluded.
Poolia CEO Dag Sundstrӧm added: “Poolia during the past quarter has undertaken extensive restructuring efforts at Development House, but we believe that the business is better suited to a company working in that area than Poolia, which is focused on outsourcing and the recruitment of qualified professionals.”
Financial details of the acquisition were not released, but according to the current management of Development House, the company expects to achieve an annual turnover of SEK 19 million (€2.2 million) in 2014.