Recruitment firm in £18.4m private equity takeover

SHEFFIELD-BASED education recruitment firm Synarbor is set for an £18.4m buyout by a Sovereign Capital Partners company.

Star Bidco which is taking over the firm, was formed on behalf of Sovereign Capital Partners.

Synarbor has offices in Huddersfield, Scunthorpe and Manchester as well as several in the South.

The firm provides primary and secondary schools with supply teachers and was previously listed on the stock exchange, de-listing from the AIM in 2008, due to its “susceptibility to market conditions.”

Law firm Eversheds is advising the firm on its acquisition.

The Eversheds’ team is being led by corporate partner Alistair Cree and senior associate Paul Keohane, with support from Elizabeth Tindall, Laura Evans, Danny Blum and Richard Sharman.

Mr Cree commented:”Advising Synarbor on their formal sale process, and the subsequent bid by Star Bidco, has been a fascinating transaction to work on.

“Eversheds’ ability to advise, alongside Synarbor’s other advisors, on the strategy and tactics behind the bid is testament to the strength of the firm’s public company offering.”

Dennis Hall, independent non-executive director of Synarbor, said:”The Eversheds team are providing first rate service on the bid and we look forward to working with them through to its conclusion.”