European private equity firm Baird Capital Partners Europe has sold its stake in TEAM BS Management Holding alongside minority shareholder and CEO Dirk Schmitt to Randstad Group for €71 million (£49.5 million).

European private equity firm Baird Capital Partners Europe has sold its stake in TEAM BS Management Holding alongside minority shareholder and CEO Dirk Schmitt to Randstad Group for €71 million (£49.5 million).

Germany-based TEAM BS provides temporary staffing and related HR services to clients, including international blue-chip companies. The company is expected to generate sales of €55 million (£38.3 million) in the year ending 31 December 2007, more than double the revenues in 2004 when Baird and Schmitt acquired the business.

Granville Baird Capital Partners were Baird’s advisers. Mathias Schirmer, Granville Baird partner, said: “The sale of TEAM BS to Randstad is a great success and provides an attractive return for our investors.”

The vendors were advised on legal and tax issues by Watson, Farley & Williams. Hamburg.