GCP invests in Shorterm Group

The transaction marks an exit for Chamonix Private Equity, which had acquired the business from 3i in 2006.

Following the deal, Shorterm will look to expand into new sectors and invest in its training division.

Capital for the transaction was drawn from GCP’s fourth fund, which the firm is currently in the process of raising. The GP, led by managing partner Bill Crossan, closed the predecessor vehicle above target on £160m in the spring of 2011. That fund aimed to invest £10-50m of equity per deal in buyouts and development capital opportunities in the UK.

The GP has closed two transactions in 2016 to date, with the buyout of Arrow Business Communications in September and a growth capital financing of John Henry Group a few months previously.

Previous funding
3i invested £9m to support a management buyout of Shorterm in March 1999. Seven years later, Chamonix acquired the company for an undisclosed sum in a secondary buyout.

Company
Founded in 1972 and headquartered in Yiewsley, Middlesex, Shorterm is an engineering recruitment and training company, with a particular focus on the aviation, automotive, power and rail sectors. The company has 12 offices across the UK and generated a turnover of £102m in 2015, according to publicly available documents, with operating profit before interest and tax of £2.8m.

People
Growth Capital Partners – Garrett Curran (managing partner); Giles Whitman (investment director); Ravi Monteiro, Jim Sellars (investment managers).
Shorterm Group – Steve Gallucci (CEO).

Advisers
Equity – Osborne Clarke, Alisdair Livingstone, Hugh Jones, Chris Yeo (legal); Fairgrove Partners, Paddy Woods Ballard, Leo Bradshaw (commercial due diligence); RSM, Rebecca Guerin, James Killing, Jonathan Wade (financial due diligence); Grant Thornton, Simon Woodcock, Dan Rosinke, Patrick O’Brien (corporate finance).
Vendor – Livingstone Partners, Patrick Groarke, Karen Dawaf Harron, James Local (corporate finance); Dickson Minto, Rebecca Ward, Robbie Hay (legal).
Management – Jamieson Corporate Finance, Tom Burton, Fred Stonell (corporate finance); Shoosmiths, Amit Nayyar, Jason Hill (legal).

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• Topics
• Buyouts
• UK / Ireland
• Support services
• United Kingdom
• Growth Capital Partners (aka Close Growth Capital)