Started as a one-stop shop for HR solution in 1992, the Singapore-headquartered human resource recruiter has over 1000 consultants engaged in market across 10 Asian cities including Singapore, Kula Lumpur, Bangkok and Hong Kong.
They have got 11 distinct recruiting brands including HRnetOne, RecruitExpress, PeopleSearch, SearchAsia, and RecruitFirst.
The investment is expected to be used as a growth capital to further advance the network of HRnetGroup in Asia.
Peter Sim, founding chairman of HRnetGroup said that they are ready for their next stage of growth, to become a dominant player in all of their chosen markets, particularly in North Asia.
“Heliconia’s investment in us marks a significant milestone as we look to benefit from their strong network, know-how and expertise in the financial markets. We are already by far the largest and most profitable recruitment firm in Singapore, and look forward to tapping into Heliconia’s network to gain dominance in all the other cities we choose to operate in,” said Sim.
Mentioned as the most profitable player in Singapore, they said they will seek to extend their dominance across its targeted Asian cities.
In 2016, the group made in excess of 8,500 permanent placements across the region into its diversified client portfolio.
HRnetGroup’s success is credited to the co-ownership business model where employees hold shares in the relevant business entities. The group believes the model helped propelled their rapid growth over 25 years. At times of different economic situation, they would use one of the two ways _ profession recruitment and flexible staffing services _ to meet the needs of businesses.
Heliconia Capital invests in small and medium sized enterprises from Singapore and has made a number of investments and acquisitions. Some of their work include taking a minority stake in Futuristic Store Fixtures, a store fixtures firm, leading an investment in One Championship, Razer, a gaming hardware product and Jumbo Group, a F&B business.
“We are very impressed with this Asian champion that Peter and his Co-Owners have built over the years. We expect recruitment firms like HRnetGroup, across professional recruitment and flexible staffing, to continue to scale up and evolve in the new digital economy and benefit from the tight labour markets in Asia’s growth cities,” said Derek Lau, CEO of Heliconia.
Heliconia Capital in February launched a $422 million new fund to help Singapore enterprises expand internationally.