Search Consultancy announces successful management buy out and refinancing
Search Consultancy, one of the UK’s largest recruitment firms with 13 offices nationwide, is pleased to announce that CEO Grahame Caswell has successfully completed a Management Buy Out of the business whilst securing new investment from H2 Equity Partners.
Search was established in Glasgow in 1987. The nationwide company now employs more than 650 people and has an annual turnover of approximately £180 million. Each year Search assists thousands of job seekers in finding temporary and permanent work across a range of industry sectors.
Debbie Caswell, Managing Director of Search’s England business since 2007, has been promoted to Chief Operating Officer and will join Stuart Dick, Finance Director, on the board with Grahame.
Grahame, who led the original acquisition of the business in 2000, is aiming to build on Search’s strong market position and to deepen and expand the range of services and specialisms it provides to its 3,300+ client base. The ambitious growth plan focuses on a combination of increasing the number of consultants, further improving the already wide UK coverage, and making selected bolt-on acquisitions.
Commenting on his plans following the MBO, Grahame said: “We intend to use this new investment to accelerate our growth strategy, both from within our existing network of offices across the UK, and also by making targeted investments in new locations in order to better serve our customer base. It will also be important for us to stay at the forefront of advances in technology and skills that will benefit our candidates and clients.”
In order to maximise the potential for growth, Search has completed the realignment of its business into distinct UK vertical market channels: Construction, General and Commercial Staffing, Medical & Care, Professional Services and Technical and Engineering Services. Search has appointed five UK Managing Directors, reporting to Debbie Caswell, to lead the business in each of those vertical channels.
Debbie said: “Alignment of the business along national vertical lines will provide the ideal platform for our outstanding team to drive the business forward on a UK-wide basis. Our deep sector expertise is core to our delivery of outstanding recruitment services to clients and candidates, and the strength of the Search brand gives us an already powerful market presence on which to build.”
Patrick Kalverboer of H2 Equity Partners commented on the acquisition. “H2 has built an exceptional track record of acquiring, stabilising, strengthening and growing fundamentally attractive businesses and we saw Search Consultancy as an extremely attractive proposition. We are delighted to have completed the deal, and look forward to working with Grahame and his team to further develop and scale up the business in line with their ambitions.”