North East recruitment company Nigel Wright Group has purchased all outstanding equity from its institutional shareholders to complete a management buyout.
The leadership team at Nigel Wright, which is headquartered in Newcastle but has offices across Europe, first initiated the MBO in October 2020, 10 years after Baird Capital bought the firm from founder Nigel Wright in a deal worth around 拢15m.
Now the group has refinanced the business and purchased the outstanding minority stake from Baird Capital and Beechbrook Capital, predominantly funded with a loan provided by ThinCats, which specialised in providing loans to mid-sized 海角视频 businesses.
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Since the MBO in October 2020, the business has seen strong growth in the 海角视频 and across Europe, and said 2021 was the most successful year in the company鈥檚 34-year history with record fee income and profit.
It said fee earner headcount also increased by 25%, with the launch of a new Interim business in Germany as well as an office in Leeds.
Paul Wilson, CEO, said: 鈥淒uring the pandemic we maintained fee earner headcount and subsequently invested significantly in the business.
鈥淎s a result, we have grown market share in all our territories and Nigel Wright has completed the most successful year in its history. I have every confidence in our future. We continue to help local, national and global brands recruit the best talent and actively help adapt and strengthen their capabilities to deal with market developments.鈥
鈥淢y thanks go to the teams at RG Corporate Finance (RGCF), Womble Bond Dickinson and ThinCats in getting this transaction completed. My thanks also go to Baird Capital and Beechbrook Capital LLP for their support over the years. We are actively implementing our growth strategy and remain excited about the opportunities this provides for our people across the Group.鈥
The management team was advised by Nick Johnson, corporate finance partner at RGCF, and Ben Butler at Womble Bond Dickinson.
Mr Johnson said: 鈥淭his transaction marks an exciting new chapter in the history of Nigel Wright Group. The business goes from strength to strength both in the 海角视频 and internationally, remaining agile and responsive to changing market demands, which is testament to the quality of the whole team.
鈥淚t is very rewarding to have advised and supported the management team on this final phase of the management buyout, leading to 100% management ownership. I have no doubt that, with ThinCats鈥 support, we will see further continued growth in its operations and strengthening of its position in key markets.鈥
Mr Butler said: 鈥淲e鈥檙e very proud to continue the long relationship between Nigel Wright and WBD and have no doubt Paul and the team will take the business onto further success.鈥
Ben Kimball, director regional business development at ThinCats, added: 鈥淚t is a pleasure to work with ambitious businesses like Nigel Wright and we are excited to support Paul and his experienced management team through their next phase of growth.
"Already operating the largest multi-disciplined recruitment business in the North, I鈥檓 delighted we are able to fund their continued expansion across the North of England and Europe.鈥
