European Roll-Up Market Report – January 2025

This month’s case study: HR Path

HR Path is a global professional services provider with more than 2,000 consultants, serving over 3,000 clients across 22 countries. The company specializes in Human Resource advisory and business consulting , HR systems integration and implementation, as well as operational services. Founded in 2001 in Paris, the company employs more than 2,000 FTE.

Since 2020, HR Path has acquired a total of 10 companies:

HR Path’s most recent acquisition, conducted in January 2025, was the acquisition of Talent at Work.

Founded in 2009 in Gräfelfing, Germany, Talent at Work specializes in organizational consulting, training, and coaching services. This acquisition solidifies HR Path’s position as a leader in the HR industry and expands the company’s presence in the European market.

Private Equity maintains interest in the professional services industries

HR Path exemplifies how PE firms are actively consolidating the professional services sector, capitalizing on stable revenues, high retention rates, and digital transformation opportunities.

Relevant PE-investors in this industry include:
Apax Partners, Centerbridge Partners, Cinven, Hg and Investcorp.

Why PE firms are scaling professional services:

• Fragmented market & roll-up potential: The industry’s fragmentation enables buy-and-build strategies. E.g., Hg-backed Azets has acquired multiple firms, becoming a UK top 10 accountancy firm.
• Tech & automation upside: AI-driven solutions and digital transformation can be leveraged to create value and operational efficiencies.
• Resilient & high-retention business model: Established brands and strong client loyalty ensure steady demand, even in economic downturns.