Double acquisition expands recruitment group’s portfolio
Chester-based Bluestones Investment Group has acquired a New Zealand recruitment business and its sister company in London, for an undisclosed sum.
Bluestones, a £113m turnover business, has added Home Recruitment and Australasian Recruitment Company (ARC) to its portfolio.
Established in 2014, Bluestones invests in recruiters, recruitment companies, and staffing service organisations to help them scale, as well as providing a range of support services such as payroll and marketing.
It currently has a portfolio of more than 20 businesses across the UK in professional services, healthcare, education, technical & engineering, generalist, and support sectors.
ARC was founded in 2003 by Jeremy Nicholls and Samantha Webster to help place candidates, often from Australia and New Zealand, as well as local talent, into positions across all sectors of industry, including Google and Net-A-Porter.
Home Recruitment was subsequently established in New Zealand in 2015 by Samantha and Minta Holton, who is also a shareholder in the business.
Home specialises in helping talent returning to the country from working overseas secure permanent positions or seek new opportunities in New Zealand.
As part of the acquisition, Jeremy and Samantha will exit the businesses in the first quarter of 2024, with Bluestones Investment Group working closely with the remaining senior leadership team to support their next phase of strategic growth.
RSM Yorkshire’s deal team provided buy-side advice on the deal, led by corporate finance partner Steve Hubbard, with support from corporate finance associate director Jonny Bywater and associate Joe Holt. Translink provided buy-side financial due diligence, with legal advice from Irwin Mitchell.
Steve Hubbard said: “This transaction has brought together two closely aligned businesses, each with a strong reputation in the recruitment market. This acquisition will enable the businesses to combine their resource, skills and expertise while realising their strategic ambitions globally.”
Trish Stratford, divisional CEO at Bluestones Investment Group, said: “Australasian Recruitment Company and Home Recruitment are ideal additions to our portfolio with strong synergies both in terms of sectors supported and the drive and ambition of the management teams.
“These acquisitions also provide the opportunity for Bluestones to enter a new territory, expanding our footprint internationally in a dynamic and growing market.
“Our resources and experience will benefit clients and candidates in New Zealand and help to further scale Home Recruitment’s operations alongside activities in the UK-based business.”