PE investor takes majority stake in £51m turnover tech group
Private equity firm Erisbeg has made a significant majority investment into Leeds-based Fruition IT and Fruition Consulting – partner brands in the IT recruitment and Technology consultancy sectors.
The investment is designed to accelerate the international and local expansion strategies of both businesses.
The dual brands work together to deliver a technology consulting and talent service to large enterprises, SMEs and start-ups.
Averaging 500 placements a year across both permanent and contract positions, Fruition sources and places talent in some of the biggest tech giants, FTSE 100 organisations, as well as award-winning start-ups. Clients include ASDA, Flutter Entertainment plc and TransUnion.
The businesses were founded and launched in 2008 by Sarah Pawson. She will remain managing director and heavily involved in both businesses.
The Fruition group achieved organic turnover of £51.4m in 2022.
By securing PE backing, the businesses will be able to deliver their services to an even larger global footprint.
Fruition IT and Fruition Consulting have plans to grow their internal team by 60% over the next 12 months, recruiting an additional 20 specialists.
As part of the investment, Fruition will join forces with one of Erisbeg’s acquisitions – Irish technology recruitment company, Eolas.
Pawson said: “I am happy with the investment and look forward to our growing partnership with both Erisbeg and Eolas.
“The injection of capital will accelerate our growth and enable the Fruition brands to reach their full potential at a new pace, while creating opportunities not just for management, but for all the team here at Fruition as well as future hires.”
Thomas Davy, co-founding partner at Erisbeg, added: “After my first meeting with Sarah, I left inspired at the prospect of a partnership.
“What Sarah and the Fruition team has built across the Fruition brands and the growth they have enjoyed is truly impressive.
“Fruition will be a great addition to Erisbeg’s portfolio and a real asset to our IT recruitment brand, Eolas.”
Advisors on this transaction included Clearwater, Deloitte Ireland, EY Ireland, Gordons LLP, Pinsent Masons, RSM and BHP.
