Kinetic sells Yorkshire subsidiary
MANCHESTER recruitment group Kinetic has sold its Navartis arm to a management team.
The buyout, for an undisclosed sum, was led by the Doncaster business’s founder and managing director Jim Sloan.
Navartis provides technical staff to the transportation, civil engineering and utility sectors.
Mr Sloan set it up with support from Kinetic in 2008 as Kinetic Rail. It now employs 24 staff and turns over £17m.
Kinetic managing director Neil Smith said: “Navartis is a great success story and we are delighted to have supported Jim from start-up to exit. I wish him every success in the future.”
Navartis is the second business which Kinetic has supported from start-up to exit. The first was Kintec, an oil and gas recruitment business, which was sold to its management team in 1998. Following the sale, Kinetic retains its manufacturing, industrial staffing and nursing recruitment businesses, and its payroll management systems division Pay Partners.
Kinetic was advised by Stockport accountancy firm HURST. The team included Nigel Barratt and Ian Dawson and tax specialist Liz Gallagher. Legal advice was provided by Mark Heppell and Vicky Protano of Manchester law firm JMW.
Mr Barratt said: “The deal is a great result for Jim as he looks to build on the success achieved for Navartis as part of the Kinetic group of companies.”
