Investor exits after MBO at £100m-turnover recruitment group
The management team of fast-growing recruitment firm Siamo Group has bought out its private equity partner, Key Capital Partners (KCP), after a decade-long partnership.
The Birmingham-based group has been backed by Clydesdale Bank as it prepares for its next phase of growth.
KCP invested £4.3m in 2007 when the Birmingham-based recruitment business, then known as Templine, had annual revenues of £16m.
The business, which supplies blue-collar labour including warehouse staff, forklift truck operatives, and drivers, doubled its revenues by 2011 and doubled again by 2015.
Its most recent financial results, for 2017, showed revenues of nearly £90m, with its 2018 results expected to break through the £100m barrier.
“Siamo has been transformed during the period of KCP’s involvement,” said managing director Tony Bucciero. “We are now a market leader in our chosen sectors and well positioned to continue our rapid growth.”
The business now operates from 50 locations across the UK in sectors including retail logistics, ecommerce fulfilments and manufacturing. It has around 150 staff and has 5,000 temporary staff working at customers’ premises.
Owen Trotter, managing partner of Key Capital Partners
Advisers on the deal were Ward Hadaway, Dains, and Freeth, Cartright and Orbis. The terms of the deal have not been disclosed.
