Bain Capital takes majority stake in House of HR

BELGIUM Professional Services / HR & Capital / Temp Work / Staffing EV €1–10bn

Context

Bain Capital Private Equity acquired a 55% majority stake in House of HR from the French private equity firm Naxicap Partners. This transaction concludes a decade-long value creation cycle during which the group’s revenue exploded from €330 million to €2.2 billion through a series of tactical international acquisitions. The strategic rationale for the deal is rooted in the target’s hybrid positioning—combining traditional staffing with engineering consultancy and digital recruitment platforms. Despite the challenging macroeconomic environment following the geopolitical shifts in early 2022, the deal was successfully structured through a significant debt package, highlighting the high resilience of the group’s cash-flow profile. The partnership is designed to accelerate the group's "phygital" transformation and solidify its dominance in specialized European markets. This secondary LBO reflects the maturity of the Belgian champion, transitioning from a regional player to a globally recognized HR powerhouse with the financial backing required to maintain its high-speed acquisition pace and technical innovation.

The acquisition of House of HR is part of the growth strategy of Bain Capital, which already has several external growth operations under its belt, notably Inetum in 2022.

House of HR, which reported an EBITDA margin of [members only] in 2021, is valued in this transaction at an EV/EBITDA multiple of 10x–18x.

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Target

House of HR is a leading European provider of specialized HR solutions and talent engineering services. The group operates under a unique decentralized model, managing a portfolio of distinct brands—such as Accent, Redmore, and Vialegis—that cater to specific professional niches including IT, legal, and engineering. A pioneer in the digitalization of recruitment, the company has developed proprietary platforms like CTRL-F (IT-focused) and Gighouse (freelance matchmaking). Its business model focuses on high-growth, high-margin specialized segments rather than generalist labor, providing both temporary staffing and permanent placement. Strategically, the group leverages its extensive network of 700 offices across Europe to combine local proximity with advanced digital tools, serving 57,000 workers monthly and positioning itself as a "Tech-enabled" leader in the European human capital market.

Ent. Value

€1–10bn

Equity Value

[members only]

Multiples

EV / Revenue

1x–3x

EV / EBITDA

10x–18x

EV / EBIT

[members only]

Historical Financials (EUR)

Year

Rev

EBITDA

EBIT

2021

2020

Other operations with Bain Capital

Other operations with Bain Capital
Date	Acquirer	Target	Country	Sector
08/2023	BAIN CAPITAL	ESTIA HEALTH	AUSTRALIA	Nursing Homes
07/2022	BC PARTNERS / BAIN CAPITAL	FEDRIGONI GROUP	ITALY	Labels & Adhesives
01/2022	BAIN CAPITAL	INETUM	FRANCE	Consulting & Integration
09/2021	BAIN CAPITAL	GAIL’S (BREAD HOLDINGS)	UNITED KINGDOM	Restaurants / Chains
05/2021	BAIN CAPITAL	VALEO FOODS GROUP	IRELAND	Food Products
02/2020	BAIN CAPITAL	ENGINEERING INGEGNERIA INFORMATICA	ITALY	Consulting & Integration
12/2017	BAIN CAPITAL	FEDRIGONI GROUP	ITALY	Labels & Adhesives
04/2017	BAIN CAPITAL / CINVEN	STADA	GERMANY	Generics / Labs
09/2015	BAIN CAPITAL	AUTODISTRIBUTION / PARTS HOLDING EUROPE	FRANCE	Retail & Services
05/2014	BAIN CAPITAL	RETAIL ZOO	AUSTRALIA	Restaurants / Chains

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REFERENCES

Valuation range: EV €1–10bn

Revenue range: €1–10bn

EBITDA range: €250–500M

EV/Revenue range: 1x - 3x

EV/EBITDA range: 10x - 18x

Note: This page provides detailed data on a private equity M&A transaction. Detailed and exact financial metrics for the acquisition of House of HR by Bain Capital are reserved for mynth community members. Register for free to unlock full data.

Authors: This transaction was contributed by a verified mynth contributor and cross-checked against available transaction documents and official company communications.

FAQ

What transaction does this page cover?

This page covers the acquisition of a majority stake in House of HR, a Belgian company specialised in HR & Capital, by Bain Capital in 2022, structured as a leveraged buyout (LBO).

How was the acquisition of House of HR by Bain Capital valued, and what multiples were paid?

mynth displays the transaction’s enterprise value within the €1–10bn band, its EV/EBITDA multiple within the 10x - 18x range, and its EV/revenue multiple within the 1x - 3x range. Exact figures are available to members.

What were House of HR’s revenue and EBITDA at the time of the deal?

At the time of the transaction, House of HR generated annual revenue estimated in the €1–10bn range and EBITDA in the €250–500M bracket (FY 2021). Detailed financial figures are available to members.

What sources support the information on this transaction?

Transaction data and operational intelligence were compiled from independent financial press reporting by specialized M&A publications.

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