MBO announced at Yorkshire recruitment firm

YORKSHIRE 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 Leeds, London and Birmingham. 

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. 

Alistair 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”.

Mark Turner added: “We have a very clear plan of our future direction and we will remain committed to public services. Above all, we will stay focused on what we do best, which is identifying and delivering top talent where it’s needed most.”

A team from Deloitte, led by Katie Folwell-Davies, advised Primary Capital on the acquisition; Andy Miller and 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. A team at Clearwater International, comprising of partner Marcus Archer, associate Natasha Price and Mark Maunsell, advised the shareholders of GatenbySanderson.

Deloitte’s Folwell-Davies said: “GatenbySanderson represents an excellent platform for Primary in the professional recruitment sector. GatenbySanderson has a leading brand and a dominant position in a growing market with the right combination of scale, quality and a dynamic management team.”