Commission européenne, DG COMP MERGER REGISTRY, 1049 Bruxelles, BELGIQUE  
Europese Commissie, DG COMP MERGER REGISTRY, 1049 Brussel,   BELGIË  
 
Tel: +32 229 -91111. Fax: +32 229 -64301. E -mail: COMP -MERGER -REGISTRY@ec.europa.eu . 
  EUROPEAN COMMISSION  
Brussels, 13.2.2020  
C(2020 ) 898 final  
PUBLIC VERSION  
  
To the notifying parties  
Subject : Case M. 9704 – GILDE / PROMAN / AGILITAS  
Commission decision pursuant to Article 6(1)(b) of Council Regulation 
(EC) No 139/20041 and Article 57 of the Agreement on the European 
Economic Area2  
Dear Sir or Madam,  
1. On 20 January 2020 , the European Commission received notification of a proposed 
concentration pursuant to Article 4 of the Merger  Regulation by which                   
Gilde V Management B.V. (‘ Gilde’, The Netherlands), ultimately controlled by Gilde 
Management Holding B.V. ) and Proman Expansion (‘Proman’, France)  acquire within 
the meaning of Article 3(1)(b) and Article 3(4) of the Merger Regulat ion joint control 
over the Agilitas group (‘Agili tas Group’, Belgium) , through its holding company 
Flemish Holdco I N.V. , by way of purchase of shares .3 
2. The business activities of the undertakings concerned are:  
 for Gilde: a private equity fund that invests in medium -sized companies active 
in various sectors in Europe and in particular in the Benelux, Germany, 
Switzerland and Austria,  
 for Proman: active in the staffing sector, in the field of interim, indefinite and 
fixed duration contracts. Proman operates in Belgium, Canad a, France 
(including in the overseas departments La Reunion and Mayotte), 
Luxembourg, Monaco, Portugal, Spain, Switzerland, the United Kingdom, 
and the United States,  
 for the Agilitas Group: provision of HR solutions with a focus on temporary 
staffing in B elgium and the Netherlands.  
                                                 
1 OJ L 24, 29.1.2004, p. 1 ( the ‘Merger Regulation ’). With effect from 1 December 2009,  the Treaty on 
the Functioning of the European Union ( ‘TFEU ’) has introduced certain changes, such as the 
replacement of ‘Community ’ by ‘Union ’ and ‘common market ’ by ‘internal market ’. The terminology 
of the TFEU will be used throughout this decision.  
2  OJ L 1, 3.1.1994, p.  3 (the ‘EEA Agreement ’). 
3  Publication in the Official Journal of the European Union No C 26, 27.01.2020 , p. 2. 

2 3. After examination of the notification, the European Commission has concluded that 
the notified operation falls within the scope of the Merger  Regulation  and of 
paragraph 5 (c) of the Commission Notice on a simplified procedure fo r treatment of 
certain concentrations under Council Regulation (EC) No 139/2004 .4 
4. For the reasons set out in the Notice on a simplified procedure, the European 
Commission has decided not to oppose the notified operation and to declare it 
compatible with th e internal market and with the EEA Agreement. This decision is 
adopted in application of Article 6(1)(b) of the Merger  Regulation  and Article 57 of 
the EEA Agreement . 
For the Commission  
 
 
(Signed)  
Olivier GUERSENT  
Director -General  
 
 
                                                 
4  OJ C 366, 14.12.2013, p. 5 .