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Work Service takes big write-off on sale of subsidiary Exact Systems

Polish contract, RPO, and outsourcing company Work Service announced that it has completed the sale of all shares in its subsidiary Exact Systems.

Exact Systems was sold to its founders and managers Paweł Gos and Lesław Walaszczyk. Both were previously minority shareholders of Exact Systems.

Earlier this year, Gos and Walaszczyk teamed up with independent investment company CVI and offered to buy out the entire Work Service stake in Exact Systems in a management-buyout deal. Work Service agreed to the MBO and the sale was concluded 31 October 2018.

As part of the transaction, Work Service will also sell Exact Systems’ German business (Exact Systems GmbH).

The purchase price for Work Service’s shares in the company amounts to PLN 139.7 million (€32.3 million) of which PLN 13 million (€3.0 million) will be paid within 9 months from the completion of the transaction. Including the sale of the shares of Exact Systems GmbH, total consideration received by Work Service will amount to PLN 155.2 million (€35.8 million). In addition, the new owners of Exact Systems will repay Work Service any net outstanding balance of intercompany payables.

Work Service will allocate part of the proceeds from the transaction, PLN 104 million (€24.0 million), for the repayment of part of the debt towards the consortium of banks financing Work Service.

Blackwood Capital Group advised Work Service on the sale.

Work Service first announced that it had begun the process of selling Exact Systems in 2017.

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