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NIB Capital Private Equity will acquire Getronics Human Resources Solutions from GetronicsAmsterdam, 22 April 2003.NIB Capital Private Equity and Getronics N.V. have agreed in principle on the acquisition of Getronics HR Solutions B.V. (GHRS), the largest payroll service provider in the Netherlands for around EUR 315 million. The transaction is expected to close around 1 June 2003. This secures the high quality standard of GHRS' current service to its clients. The current management team will continue to lead the company. The transaction will have no impact on employment at GHRS. After completion of the transaction, the company will trade under its former name RAET. The former RAET organisation has been part of Getronics N.V. since 1996. Since then the organisation has been expanded, partly as a result of acquisitions of a number of payroll processors, and is now the absolute market leader in payroll services in the Netherlands. The strategy of the company going forward is focused on enhancing its leading market position by continuing to invest in its services, payroll systems and HR applications. The company will broaden its service package, known as PeoplePlace, by in sourcing its customers' salary administration. Theo Willemsen, CEO of GHRS, is very pleased with the transaction: "We are grateful that this transaction creates clarity about the future of GHRS for our clients, employees and other stakeholders. In NIB Capital Private Equity we have a partner, which is financially strong and with a great network. This secures the successful growth strategy for 'RAET' and guarantees the continuity of the high level quality service to our clients." Alexander van Wassenaer, Partner Buyouts of NIB Capital Private Equity, adds: "In terms of size and activity, this transaction fits perfectly in our buyout portfolio. We invest in niche market leaders with a clear strategy and entrepreneurial management with a good track record, which we certainly found at GHRS. As future shareholder we will support management in the continued development of the company."
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