Catalyst leads on £55m sale of Aston Carter

BIRMINGHAM-based Catalyst Corporate Finance was lead adviser on the sale of Aston Carter Group to Allegis Group Inc for a reported £55m.

Aston Carter is a UK-based global recruitment business specialising in the banking and finance sectors. It employs 300 people and has sales in excess of £180 million. Clients include Barclays Capital, Fujitsu, Morgan Stanley, Accenture and Royal Bank of Scotland. 

The business was founded by CEO Sean Zimdahl who completed a management buy-out supported by Baird Capital Partners Europe in 2007. In spite of a major downturn in the sector over the past two years in Aston Carter’s key markets, the business more than doubled its revenues by expanding internationally into continental Europe and the Far East.

Allegis Group Inc, headquartered in Baltimore, is the largest privately owned staffing business in the world and the fourth largest globally with more than 9,000 employees and sales of $6.3 billion. The Aston Carter acquisition is its largest acquisition to date and its first in Europe.

Catalyst partner Mark Humphries, who led the deal, said: “The rationale for acquiring Aston Carter was very strong. This is an excellent opportunity for Allegis to expand its international footprint across Europe and Asia. There is a strong cultural fit between the two businesses which will ensure a seamless transition for both candidates and clients.”

Catalyst advised on the original management buy-out of Aston Carter and worked with the board since 2007 to help prepare for the exit of Baird Capital Partners. 

Aston Carter chief executive Sean Zimdahl said: “The advice and support given to us by Catalyst over the years and throughout this process has been invaluable and their guidance and experience enabled us to deliver a very complex deal that met the objectives of ourselves, Allegis and Baird Capital Partners.”