£23.5m facility secures RCapital’s takeover deal for Chester’s Gap Personnel

Chester-based recruitment agency, Gap Personnel, has been acquired by Rcapital in a corporate carve-out, backed by a £23.5m facility from Secure Trust Bank Commercial Finance.

Established in 1997, GAP Personnel specialises in the industrial, professional, technical, and healthcare sectors, with annual revenues of approximately £200m.

Rcapital has now acquired BeNEXT, the parent company of Gap Personnel, from Open Up Group Inc.

Gap Personnel was purchased by Japanese-based Open Up Group in 2020, but, due to a strategic decision, was deemed no longer core by Open Up Group Inc.

To fund the acquisition and refinance existing debt, Rcapital secured a £23.5m facility. The funding will also support Gap Personnel’s continued growth, supporting it as it invests in its IT infrastructure, which will drive greater efficiencies within the business.

The acquisition marks Rcapital’s fifth corporate carve-out in the past 24 months.

Mark Roberts, Gap Personnel managing director, said: “This acquisition marks an exciting new chapter for Gap Personnel.

“With this support, we are set to accelerate our growth plans and enhance our service offering by investing in new technology. I’m excited to continue delivering industry-leading services to the recruitment sector under the Rcapital portfolio.”

Lewis Burnham, investment director at Rcapital, said: “We have a strong focus on corporate carve out transactions, helping businesses unlock untapped potential.

“This acquisition will help Gap Personnel grow and thrive with the support of a hands-on investor.”

He added: “The funding from STB will help us provide the business with the flexibility and resources it needs to expand its market leading recruitment services.”

Dominic Castle, regional managing director at Secure Trust Bank Commercial Finance, said: “It has been great working with Lewis and the Rcapital team to support the acquisition of Gap Personnel.

“We pride ourselves on building long term trusted relationships with private equity, working as a partner to help them unlock value. By collaborating closely, we’ve created a tailored facility that provides the business with the headroom it needs to continue its expansion strategy. I look forward to seeing the next stage of the journey.”