Recent work | July 5, 2019

Roschier advised in the merger of two of Finland’s leading personnel services companies

NoHo Partners Plc has signed a share purchase agreement with VMP Plc on the sale of the share capital of NoHo Partners’ subsidiary Smile Henkilöstöpalvelut Oyj to VMP in exchange for newly issued shares in VMP. Roschier represented VMP in the transaction.

The combination of two of Finland’s leading personnel services companies will create a major player with a stronger market position. The combined VMP and Smile will become an affiliate of NoHo Partners and NoHo Partners will become the largest shareholder, while Smile will become a subsidiary of VMP. Other main shareholders in VMP will continue to be Sentica and Meissa-Capital.

The transaction will be executed as a share exchange, in which Smile’s shareholders will receive 0.8087 new shares in VMP as share consideration for each share in Smile owned by them, corresponding to a debt-free purchase price of approximately EUR 82 million.

The deal is expected to close in late August.

VMP is a Finnish HR services company with a comprehensive offering of staffing, recruiting and organizational development, and self-employment services. Smile offers personnel services nationwide for the following industries: hotel, restaurant and catering, events and promotions, healthcare as well as manufacturing, construction and logistics. NoHo Partners is a Finnish restaurant group behind over 200 restaurants, bars, pubs, nightclubs and entertainment centers.

Roschier’s core advisory team in the transaction comprised Tero Jormanainen, Laura Huomo, Pinja Lindholm, Oskar Toivonen, Ami Paanajärvi and Niina Hänninen.