Equistone grabs Fircroft stake in £140m deal

The deal is understood to have been financed solely in equity. Equistone invested from its fourth fund, which is currently being raised – the GP held a fourth close on €1bn for the vehicle in April. This is the fund's fourth investment, following on from the buyout of German automotive parts supplier Winkemann at the end of May.

The GP sourced the deal through a limited auction process.

Equistone's strategy for the business going forward may include acquisitions in existing or additional sectors, geographies and services.

Company
Established in 1970, Fircroft is a recruitment business focusing on technical industries including the oil & gas, energy and automotive sectors. Its clients include BP, Chevron, British Gas and Bentley.

Based in Warrington but with a presence in 25 countries across the world, Fircroft is expecting to post a £650m turnover for the current year, with an EBITDA in excess of £20m.

People
Steve O'hare, Paul Harper and Andrew Backen led the deal for Equistone in Manchester. Johnathan Johnson is CEO of Fircroft.

Advisers
Equity – DC Advisory Partners (M&A); DLA Piper (Legal); Calash (Commercial due diligence); PricewaterhouseCoopers (Tax).
Company – Altium (M&A); Addleshaw Goddard (Legal); Deloitte (Financial due diligence).

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