We are committed to helping as many people as possible to maximise their full potential. This passion and pioneering attitude has meant that we've built a very successful business, which over the years has constantly evolved and changed. We've grown significantly and moved into new markets, we've designed new innovative services, interventions and products and we are now well on the way to transforming our business as we aim to become an integrated and single end-to-end provider of social needs interventions, following the acquisition of three Community Rehabilitation Companies.
We want to make a significant social difference and this commitment means we will always consider investment opportunities that support our vision and values and which allow us to accelerate our growth plans and continue to succeed.
In addition to our objective of continuing to make a social difference, the management team has exciting plans for the ongoing development of Working Links. In order to achieve our goals for the business, a new ownership is required. We are therefore pleased to let you know that early today Aurelius became the new, sole owner of Working Links.
Aurelius is an investor with a long-term horizon and is experienced at enabling firms to enhance their performance and success through the provision of operational and financial support. It has worked with more than 70 companies across numerous countries, industries and sectors and is fully committed to supporting our plans going forward.
While our ownership has changed, our founding values and purpose endure and we remain committed to helping as many people as possible to maximise their full potential. Our change in ownership will only strengthen our capacity to deliver better services for the people we work with, and provide value for money for our government partners both here and internationally too.
This is a significant and exciting time in Working Links' history and our executive team is really looking forward to working with Aurelius as we continue to implement our business transformation plans, grow our organisation by preparing for the upcoming tenders on the horizon and, most importantly, continue to change lives and create futures.
If you have any questions around this announcement please speak to your director or email me or or any member of the executive team.
Phil Andrew, Chief Executive.
Munich/London, 29 June 2016 – The AURELIUS Group (ISIN DE000A0JK2A8) has acquired Working Links, a leading provider of welfare and rehabilitation services with operations in the UK, the Republic of Ireland, and the Middle East. In the 2015 financial year, Working Links recorded revenues of around €160m. The acquisition was made for an undisclosed sum.
Working Links delivers employability consulting and rehabilitation services across three markets: The aim of the employability services is to improve living conditions through employment, training, and personal skills development. The rehabilitation services aim to reduce reoffending and thus protect the public. The international specialist services include employability consulting services for domestic workers in Saudi Arabia and Kuwait, and also delivery of Job Path, the Irish Government’s flagship programme to support bringing long-term unemployed people back to work in six regions of the Republic of Ireland. This contract with the Irish Department for Social Protection (DSP) is delivered by Working Links in a 50-50 joint venture with FRS Recruitment Services, the Irish national recruitment agency with 35 years of experience in providing career advice.
Since its founding in 2000, Working Links has delivered on more than 200 government contracts and programmes, helping over 350,000 people to return to employment and social inclusion.
Phil Andrew, Chief Executive of Working Links: “Today marks an exciting new chapter in the history of Working Links. The long-term investment from AURELIUS will enable the organisation to accelerate its growth and transformation plans and to continue to provide best-in-class services for socially excluded people.”
“The timing of this investment may seem surprising to some audiences directly following the UK’s decision to leave the European Union. However, AURELIUS has always sought investment in complex situations, including turbulent macroeconomic backdrops which often create interesting investment opportunities that fit with our investment model”, said Dr. Dirk Markus, CEO of AURELIUS. “We do not expect detrimental consequences for Working Links due to Great Britain’s upcoming exit from the EU, nor do we expect consequences from Brexit to negatively affect the AURELIUS Group.”
From Aurelius website:
"AURELIUS focuses on the acquisition of companies with development potential through operational engagement. With respect to the acquisition of subsidiaries, AURELIUS strives to identify, analyze, develop and exploit all available opportunities in the market.
With a strong capital base, international contacts and a large team of specialists in financial and corporate management we will bring your company back on the road to success."
This from Aurelius UK website:
"We are a pan-European investment group focused on creating value through the operational improvement of companies with development potential. Established in 2004, we are publicly listed in Germany and we operate from offices in Germany and the UK.
We have a track record of successful investment in more than 50 companies in numerous geographies, industries and sectors. Aurelius improves the operational performance of companies by providing management capabilities and financial resources for investing in products, sales and R&D. Aurelius has liquid cash resources for investment of over £200m."
This from WL own website seems to suggest UK Gov have also been bought out? That was never in the plan for CRCs was it?
"Working Links is pleased to announce that it has been acquired by Aurelius, a specialist investor with a long-term commitment to our future.
The deal will enable Working Links to accelerate our growth and transformation plan, and move to the next level of development in a rapidly evolving marketplace.
While our ownership has changed, our founding values and purpose endure and we remain committed to helping as many people as possible to maximise their full potential, and move from social exclusion to inclusion. Our change in ownership will only strengthen our capacity to deliver better services for the people we work with, and value for money for our government partners in the UK as well as internationally.
We thank our previous shareholders, UK Government Investments, Capgemini, Manpower and Mission Australia, for the pivotal role they have played in our success to date. Here in the UK alone we have delivered lasting employment for over 300,000 people. This is a legacy we are proud of and we look forward to building upon this foundation of success with Aurelius support."
"Aurelius is a private equity firm that acquires, restructures and eventually sells companies. This is not a company that is in it for the long-term. There is a democratic deficit when public services are traded like any other commodity."