MBI at HR firm
A NEW management team has bought Selima in a deal worth £2m.
Wayne Blakemore will become the new managing director of the Sheffield firm leading a team that has bought a majority stake from former MD Mark Kinnell.
The management buy-in of the human resources and payrolls services company has been backed by YFM Equity Partners.
Mr Blakemore said: “Selima offers cost-effective payroll and expenses solutions to a wide range of public and private sector organisations such as local authorities, hospitals, manufacturers and schools throughout the UK.
3We have been very impressed with the product quality, the good feedback from customers and the commitment of the staff. We look forward to working with YFM Equity Partners as we grow the business at a time when organisations need more efficient and effective solutions to manage back-office functions.”
The deal will see Mr Kinnell retain a minority stake in the business which employs 40 people.
Ian Waterfield, investment manager at YFM Equity Partners, said: “Selima has a fantastic reputation and is well established. We know the new management team well, having backed Richard Beaton and Jane Mercer twice before.
“We believe there is enormous potential for the business to expand into existing and new markets and we look forward to using both our experience and network to help the management team achieve this ambition.”
Selima provides payroll, HR and expenses services for customers including Bristol City Council, Young’s Brewery and Greater Manchester Police.
James Bullock, corporate partner at the Sheffield office of Irwin Mitchell who advised YFM, said: “This deal will provide a springboard for growth at Selima as it represents not only a fresh injection of investment, but also a great deal of market knowledge and expertise.
“Both YFM Equity Partners and the new management team have a proven track record and understanding of the IT sector and I wish the business every success in the future as it looks to explore new markets and opportunities.”
Matt Beckley at DTE provided financial due diligence. The management team at Selima was advised by Rebecca Grisewood and Kate Richards at Gateley.
