Multimillion-pound deal enables Maven Capital Partners to exit Unseen Group
Unseen Group, the Manchester-based software and employability solutions provider, has received a multimillion-pound investment, including acquisition funds, it announced today (June 13).
The group, trading as GradTouch Ltd, has received a landmark investment from Pelican Capital, along with a multimillion-pound acquisition facility from ThinCats.
These funds will be used to accelerate organic growth and pursue strategic acquisitions in the early careers sector.
This infusion of capital equips Unseen with the resources to expand its operations and enhance its portfolio with cutting-edge Rec-Tech and Ed-Tech businesses. This will bolster its market offering and drive its strategic acquisition strategy.
Zac Williams, CEO of Unseen Group, said: “This is a monumental moment for Unseen, a testament to our team’s unwavering dedication and the exceptional results we’ve achieved for employers, universities, and early talent candidates globally.”
He added: “Our vision has always been bold, and Pelican Capital’s investment empowers us to swiftly put that vision into action, offering a more comprehensive and innovative suite of services to our trusted customers and partners.”
The transaction also introduces Gary Browning, former CEO of Penna plc, as the non-executive Chairman, and John Swaite, ex-CFO of Adept plc, as CFO. Richard Morrison from Pelican Capital will join the board, reflecting the strategic partnership forged through this investment.
Elliot Vickerstaff, Investment Manager at Pelican Capital, said: “We are thrilled to support Zac and his team in building on their impressive achievements. With our investment, they are poised to create a market-leading platform in the early careers sector through a well-executed strategic buy-and-build approach.”
Additionally, this deal facilitates an exit for Maven Capital Partners, which has been instrumental in supporting Unseen since 2017.
Pelican’s investment was led by Richard Morrison and Elliot Vickerstaff, with advisory services provided by K&L Gates (Legal), Altenburg Advisory (Debt), HMT (Financial and Tax), PwC (Corporate Finance), Claritas Tax (Structuring), and Alembic Strategy (Management). Debt provided by ThinCats.
In January this year Unseen completed its sixth acquisition in three years, and its largest by team size to date when it purchased Pagoda Projects for an undisclosed sum.
Pagoda Projects, based in Manchester, partners with universities in the UK and overseas to deliver part- or fully-funded internships, a service offering that diversifies and strengthened the Unseen Group’s existing ability to cater to its long list of university and employer client base.
The addition of Pagoda expanded Unseen’s overall headcount by 70% and saw revenues across the group increase to £7.5m for 2023, up 78% from £4.2m in 202
