Successful Smart Deal for HR specialist Select
Continue to grow his business without sacrificing autonomy. With a Smart Deal, entrepreneur Bart Gonnissen, founder of HR specialist Select, reaches his goal. The management team participates in the capital, together with external private investors. With this smart agreement, Select strengthens its growing power, necessary to achieve the ambitious business plans of the coming years.
Select is an HR total-service-provider with headquarters in Antwerp. The company provides recruitment and selection of employees and also offers project sourcing, training and consultancy. Under the leadership of founder and CEO Bart Gonnissen, the group grew in recent years by an average of 20% per year through a combination of organic growth and acquisitions. Various investments took place in supporting structures and systems. In 2018, Select will realize a turnover of € 65,000,000. The company has 400 employees in five countries.
Anchor management team
Gonnissen remains the largest individual shareholder and CEO. The full management committee, consisting of eight heads, will represent 25% of the capital. This core team will be responsible for the realization of the ambitious business plan for the coming years. The deal also brings 46 private investors selected by SDM Valorum in the company. They support both financially and strategically from their respective networks.
Bart Gonnissen: “With this Smart Deal I achieve two objectives. The agreement embeds the commitment of the management team to the company. This core team is supporting the ambitious growing plan and has indicated that it wishes to further develop its shareholding. Through the contribution of the private investors, we support these growing plans both financially and strategically, while maintaining the independence and individuality of our company. “
Smart solution for company manager who wants to take further action
A Smart Deal is a smart form of an owner buy-out in which the business owner secures part of his capital and continues to do business. He sells the shares of his company to a new holding company to be established. A part of these proceeds will be used to buy a minority share in this newco. In the new company, he continues to work as a CEO and he receives compensation for this. This set-up also offers the possibility to have key figures such as the management and / or children of the manager take part. Finally, SDM-Valorum brings together a group of private investors who support the company financially and strategically. For further financing, the holding company focuses on the banking world and derives, through a conventional loan, an amount that is relatively limited, in order to avoid making the growing plans powerless..
A business plan is drawn up with a realistic growth prognosis, reporting is done on a regular basis to the management and the shareholders. After five years, the shareholders decide how to proceed. As a minority shareholder, the original owner can sell the shares that have meanwhile increased sharply to a third party, the management or one of the participants.
Sustainable support for the entrepreneur
An owner buy-out is an intensive period for the entrepreneur. The SDM-Valorum team provides professional support and relieves the entrepreneurial family completely, up to and including contract work and bank financing. SDM-Valorum is still only working on results, based on the ‘NO CURE NO PAY’ principle.