PE firm backs GatenbySanderson MBO
RECRUITMENT firm GatenbySanderson has completed a management buy-out (MBO) with backing from private equity firm Primary Capital.
The MBO, for an undisclosed sum from founder Graham Goodwin, will see joint managing partners, Mark Turner and Martin Tucker, continue to lead the business, supported by the existing board members.
GatenbySanderson, launched in 2002, employs a team of more than 90 people based in Birmingham, Leeds and London.
Martin Tucker said: “As a market-leading business that has grown significantly in the last few years, we are delighted to complete this deal and have the opportunity to realise further expansion, be that greater sector depth, broader public services coverage or rolling out new products as part of our technology-led innovation.
“We are incredibly fortunate, across the business, in having a very talented team with a heartfelt desire to grow faster and further. This deal puts that ambition directly into our own hands and we intend to make the most of it. Finding new talent is our first priority.”
The deal was led and structured by Alistair Armstrong and Oliver Melliss at Primary, who both join the GatenbySanderson board as non-executive directors.
Armstrong said: “GatenbySanderson is an excellent example of a truly differentiated executive resourcing firm. The business’s relentless focus on quality, its strong team-driven culture and impressive proprietary technology produce consistently outstanding results for its clients.
“Management have identified some compelling areas for further investment and innovation and we very much look forward to working with them to help the business achieve its ambitious growth plans.”
A team from Deloitte, led by Katie Folwell-Davies, advised Primary Capital on the acquisition; Ian Marwood of Sentio Partners and James Fawcett of Gordons advised management; and senior debt and banking facilities for the transaction were provided by Yorkshire Bank, which was represented by Mike Selina, Charlie Barker and Ian Marshall.
Clearwater International also advised on the deal.
