SD Worx Holding enters growth market for flexible work by taking over temp agency VIO Interim from investment fund Down2Earth. VIO Interim’s management and its 138 employees working at more than 30 Belgian branches will remain on board. VIO Interim has achieved the fastest growth in the Belgian interim industry and will continue to operate as a fully independent subsidiary under SD Worx Holding, which is planning significant further growth for the temp agency through internationalisation, diversification and other methods.
The labour market is becoming increasingly flexible. The number of people no longer permanently employed by companies is growing considerably: there is an increasing amount of self-employed people without any paid personnel and the number of employees with temp contracts are on the rise. The take-over by SD Worx Holding is a response to the ever more flexible labour market and strengthens its leading position as an HR player.
Fastest growth on the Belgian temp market
VIO Interim has about 1,250 clients, primarily consisting of SMEs and large companies. The agency employs a total of 3,500 temps. They are mainly manual workers in production and logistics and office workers in sales and services. Marianne Kindt and Steven Holvoet established the company in 2009. They soon developed it and achieved the quickest growth on the temp market. The founders and employees will remain on board. After the take-over, the founders will continue to invest in the company as minority shareholders. VIO Interim will be closing 2017 with a turnover of 100 million euros and an operating result (EBITDA) of more than 11 million euros.
“After spending so many years in the temp industry, it was time to put in practice my own approach. I wanted to work for a value-driven organisation not dominated by objectives or figures, even though they are important. That is why Steven Holvoet and I founded VIO Interim. Our focus on people’s happiness is what makes us unique. It almost automatically results in great figures: satisfied employees mean satisfied temps and satisfied temps ultimately lead to satisfied clients. I am very pleased that we can continue our story under the wing of SD Worx Holding,” states VIO Interim Head of Happiness Marianne Kindt.
“SD Worx Group will continue to focus on its core operations: payroll and HR on a local and international level. Now that VIO Interim is joining the group, we will be entering a market we believe has huge potential still,” adds FilipDierckx, Chair of the Board of Directors of SD Worx Holding.
“We want to expand the new flexible labour division to take it to the same level and scope as SD Worx Group’s payroll operations. It is quite an ambitious objective, which we can achieve with possible take-overs in the temp industry outside Belgium. Another option is to expand into new services, such as secondments and payroll in the temp industry. We extend a warm welcome to all VIO Interim employees and we are convinced we have a wonderful future to look forward to together.”
Like SD Worx Group, VIO Interim will be part of SD Worx Holding. Each of the two entities will have its own CEO reporting to a separate Board of Directors. The take-over price will not be disclosed.