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The Adecco Group

presented by October France



24 months


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Villeurbanne, France



Business services

Presentation of the company

Created in 1964, the Adecco group is active in the human resources sector. The group, led by Alain Dehaze, employs 34,000 people and is based in Villeurbanne.

The Adecco Group, the world leader in human resources solutions, is present on 5 continents in 60 countries and territories.

The Group is on the list of the 500 largest companies in the world (Forbes).

In France, the Adecco Group and its 9,000 permanent employees are building the jobs of tomorrow. In a world that is changing every day, the Group relies on digital technology and the latest technologies to support the transformation of skills. Today, The Adecco Group has 9 expert brands that cover all forms of employment and flexibility: temporary work, fixed-term contracts, permanent contracts, temporary permanent contracts, training and work-study programmes. The Group creates and supports numerous initiatives to bring companies and candidates together and thus develop human capital:

  • The Grande Ecole de l’Alternance and the Digital Academy create the skills of tomorrow
  • Humando Pluriels and Humando Insertion bring people who are furthest from employment closer to it
  • Aloha and all digital services bring candidates and companies closer together

Moody’s has assigned a Baa1 rating to the Adecco Group since 2015.

Project Description

The group wishes to borrow €100,000 over 24 months as part of the Grow Together operation. For the Adecco group, this is a communication project that will be carried out as part of the transaction.

Thanks to the Grow Together operation, 11 major groups will lead the way in diversifying sources of financing for SMEs by borrowing on a lending platform.

Large groups are used to borrowing outside the banking system and diversifying their sources of funding. They have simple and easy access to credit.

In October 2014, a new regulation opening a breach in the banking monopoly allowed SMEs to borrow directly from individuals and institutions, in addition to their banks. Small and medium-sized companies can now do as big as large ones.

AccorHotels, The Adecco Group, Allianz France, Arkéa, Edenred, ENGIE, Iliad, JC Decaux, SUEZ, Unibail-Rodamco-Westfield and Webhelp are joining the transaction and showing their VSE/SME ecosystem that they can now finance themselves differently, thanks to lending platforms.

These 11 major sponsors, each borrowing €100,000 from October, give their VSE/SME partners the right to borrow up to €1,000,000 each, without any administrative costs.

This project, which is part of the Grow Together operation, is only available to individual investors on the platform. Unlike all the other projects presented on the platform, October’s institutional investors and management cannot lend on the projects of this campaign.

Analyst’s Opinion

The borrower is the French division of the ADECCO group, ADECCO France.

The analysis was carried out on the basis of the ADECCO Group’s consolidated financial statements.

With a turnover of €23 660 000 000 in 2017 and an experienced team, the group has an excellent track record combined with a double-digit operating margin.

The growth in revenue is mainly due to the growth of the Permanent Placement and Interim Agency divisions in France.

The group has an excellent repayment capacity with a forecast Fixed Charge Cover Ratio* (FCCR) of 2.86 and an excellent financial structure, with a forecast Net Debt/EBITDA ratio of 0.6 and a forecast Net Debt/Equity of 19%.

The analysis of the project leads to a credit rating of A+ and an annual rate of 2.5%.

*The multiple of CCRF at 2.86 means that the company has a safety margin of 186% in relation to its ability to repay its credit maturities.

The expert opinion is given for information purposes on the basis of the information provided by the project leader and information from our databases (Scores & Decisions, Corporate Banking File). This opinion is only an element of reflection in the decision making of a lender to participate in the financing of a project.

Strong points:

  • Good historical performance based on a diversified customer base
  • Excellent repayment capacity with a expected CCRF of 2.86.
  • Excellent Track-record with recognized leadership in the human resources sector

Points of caution:

  • Sector in the midst of a digital revolution