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New Shareholder for EDWORK

The EDWORK employment agency, subsidiary of the Fulda-based engineering company EDAG, has a new shareholder: 7(S) Personal.

EDWORK can look back on an extremely successful period of rapid growth. The market quickly responded to the company's promise to provide a high quality, fully integrated personnel service. EDWORK today has almost 1,500 employees in 33 branch offices and 9 customer centres (on-site offices) throughout Germany, and achieved a total turnover in excess of € 40 million last year.

In keeping with the adjustments made to the strategic concept of EDAG, the previous majority shareholder, the shareholders of EDAG and Elmar Hoff GmbH & Co. KG reached a joint decision to separate EDWORK from the EDAG Group.

EDAG CEO Jörg Ohlsen: "The decision was not an easy one to make; after all, since the founding of EDWORK five years ago, the path we have travelled together has led to enormous success. In the end, it was the strategic decision to intensify EDAG's position as a provider of engineering services for the mobility industry that finally tipped the scales in favour of the sale of EDWORK."

As Elmar Hoff confirms: "Throughout these five years, we had an ideal partner in EDAG. At the same time, however, we respected the adjustments in EDAG's strategy, and therefore wasted no time in joining ranks with EDAG to work out a solution that would secure the future of EDWORK."

The takeover of EDWORK - the personnel service provider founded in 2007 in cooperation with Elmar Hoff GmbH & Co. KG - by 7(S) Personal GmbH is to take effect retroactively as per 1st January, 2012. 7(S) Personal is the holding company of a group of companies which have been working in the field of personnel management for more than 30 years. Apart from supplying temporary staff, the group also offers staff recruitment and other HR services in the fields of industry and technology, aviation, information technology (IT), engineering, office and finance, medical, and catering. The Stuttgart-based company has more than 180 branch offices in Germany and neighbouring European countries. With more than 7,000 employees, the company's annual turnover in 2011 amounted to € 275 million.

"Through the acquisition of EDWORK, we gain more than just additional sales volume and the extension of our branch network. We are particularly pleased to welcome the experienced and highly qualified staff who will be joining us. Elmar Hoff and his management team have together built up an innovative and all-round employment agency in a very short time.
Most of all, the acquisition of EDWORK means an increase in 7(S) Personal's managerial and executive capacity, which we can apply to intensify the future development and success of the Group," said a very happy Dr. Christian Speidel, acting partner & CEO of the 7(S) Group.

"It goes without saying that EDAG will continue to work with EDWORK in the future, in order to be sure of a quick and flexible supply of qualified staff for our project work. To this end, we have entered into an extensive cooperation agreement, for the next five years to begin with. We will also continue to supply our complete, flexible personnel service requirements with EDWORK as a successful, tried and tested partner, within the framework of a master vendor function," confirmed Jörg Ohlsen.

For EDWORK, too, the new shareholder 7(S) Personal, provides an excellent basis from which to continue with its successful track record. EDWORK will continue to be run as an independent, specialised brand within the 7(S) Group. EDWORK Managing Director and CEO, Elmar Hoff, will also be taking on additional responsibilities in 7(S) Personal GmbH, and is to be appointed Managing Director and COO there. Together with his management team, he will continue to shape the future development of EDWORK.

"In 7(S) Personal, we have found the best possible partner for the future. Every member of staff will have an excellent opportunity to further their personal development. One thing I am particularly pleased about is the fact that my EDWORK director colleagues Ralph Burkhardt and Thomas Stratmann are also to take on operative responsibility in 7(S) Personal," commented Elmar Hoff.

The acquisition of EDWORK takes the 7(S) Group up to position eight in the list of personnel service providers in Germany.