Dechert Advises Maguar Capital on Sale of HRworks to Continuation Fund

Dechert LLP advises Maguar Capital and affiliates on the sale of portfolio company HRworks Holding GmbH to a newly established continuation vehicle, Maguar Continuation Fund I, in one of the largest GP-led transactions in Germany this year. The successor fund Maguar Capital II and the management team of HRworks will invest in the Company alongside Maguar’s first continuation fund, with a total equity funding of more than €235 million. The completion of the transaction is, among others, subject to cartel approval.

Maguar Capital is a leading B2B software investor in the DACH region, focusing on small and mid-cap investments.

HRworks is a German-based HCM software provider for SMEs, offering integrated Software-as-a-Service (SaaS) solutions for business-critical HR functions such as time management, personnel management and corporate benefits.

The Munich and Luxembourg-based Dechert team was led by private equity partner Dominik Stühler (Munich) and included corporate partner Laura Rossi (Luxembourg), tax partner Olivier Gaston-Braud (Luxembourg), corporate counsel Christian Böhme and Tobias Hugo (both Munich), and corporate associates Alexa Serafin, Dr. Philipp Schöfer, Georg Littmann, Anna Ziegler (all Munich) and Rui Cheng (Luxembourg).

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Dechert is a leading global law firm with 21 offices around the world. The firm advises on matters and transactions of the greatest complexity, bringing energy, creativity and efficient management of legal issues to deliver commercial and practical advice for clients.