Luxembourg investment firm bets on employee retention
Luxembourg-based investment manager Castik Capital can go ahead with its bet on a pair of UK companies that help big companies reward and motivate their employees, the European Commission said on Thursday.
The commission said that it has cleared the acquisition of Xexec and RG Engagement Group Limited by Castik and US private equity firm Abry Partners. The proposed acquisitions did not raise competition concerns because of its limited impact on the markets concerned, the commission said.
Xexec offers employees discounts and rewards through a cloud-based platform and customer loyalty programs to engage corporate clients. Reward Gateway also offers an employee engagement platform that centralises reward and recognition, discounts, communications, surveys and flexible benefits, Castik and Abry said in announcing the planned purchase in May.
Castik Capital said it is focused on acquiring ownership positions in European companies while keeping management teams as active partners.