Two forces are reshaping the Dutch flex market at once. Large clients buy their flexible workers through Managed Service Providers, which shifts power away from agencies. And the market is consolidating through M&A, driven by private equity and ambitious trade buyers. For an owner, both lead to the same question: where does my business stand, and what is it worth?
MSPs set the terms.
An MSP manages a client's flexible workforce and decides which agencies may supply it. For the agency that usually means a place on a preferred supplier list, sharp framework contracts, pressure on rates and long payment terms. A large agency can absorb that. A small one negotiates with little leverage.
It shows up in the valuation too. A buyer counts revenue through an MSP or broker as less your own: the relationship sits with the intermediary. Heavy MSP dependence therefore tends to lower the multiple, while clients you serve directly raise it. Long payment terms also tie up working capital, which comes off the price through the equity bridge.
Consolidation is accelerating.
Our Flex M&A Barometer (in Dutch) counts every known acquisition, merger and stake in the Dutch flex industry, each with a source. By late September 2026 it had counted 60 deals for the year, more than half with a private equity fund behind the buyer. Some patterns stand out:
- Buy-and-build. Funds buy a platform company and add smaller agencies. Every extra euro of revenue runs on the same back office, systems and compliance, and a larger group sells at a higher valuation per euro of profit. Scale pays twice.
- Not everything is a full sale. About a quarter of the 2026 deals were a stake, an investment, a merger or an asset purchase.
- The largest players are choosing. Randstad sold its IT and tech consultancy to LTIMindtree for €160 million, while smaller and foreign parties bought IT firms in the same months.
- Foreign money. In 2026 buyers from Germany, India, Denmark and the United States acquired in the Netherlands, mostly in IT secondment and HR software.
Why scale is winning.
Compliance takes the same effort for an agency with 40 workers as for a group with 4,000. From 1 January 2027 the Wtta adds a €100,000 deposit per lending entity: a budget line for a large group, a big share of free cash flow for a small agency. CAO increases and equivalent pay rise faster than many clients accept in their rates, and software for planning, hours and invoicing costs more per worker the fewer workers you have. Meanwhile ABU figures show temp hours fell 5% in 2025 while revenue stayed level.
Three routes for owners.
- Stay independent, but choose sharply. Small agencies that win almost always have a niche: a specialism, region or target group where relationships outweigh purchasing power. Be honest about the buffer you need for the deposit, systems and years of compliance cost.
- Join forces. Merge with a peer or join a group: shared back office, software and compliance, while keeping part of your brand and control. Agree valuation, roles and exit upfront.
- Sell, fully or partly. Buyers are actively looking for agencies with healthy margins and a stable client base. Sell from strength, not necessity. A partial sale lets you take money off the table and keep growing with a partner.
Where to start.
With facts rather than gut feeling. A business valuation shows where your profit comes from, how dependent you are on your largest clients or MSPs, and what a buyer would pay today. The free value check gives a first range in two minutes, and the Wtta check (in Dutch) shows what you still need to arrange. Who is buying in your segment is in the Flex M&A Radar. Considering a sale? Read selling your staffing agency. Looking to buy in the Netherlands? See acquiring a Dutch staffing company.