TPG Growth acquires FRG from Livingbridge

The value of the deal is undisclosed but a source with knowledge of the situation told unquote" it gives the business an enterprise value just short of £200m.

Under its new owners, FRG will begin targeting new segments within cloud technology, launch new brands and look to increase its headcount from 700 to 2,000. It is also understood the company will look to capitalise on TPG's presence in Silicon Valley and expand its footprint in the US.

Upon completion of the deal, co-founder and deputy chairperson Sean Wadsworth will take up a non-executive position on the board.

Since Livingbridge's initial investment, FRG has launched two brands: Churchill Frank, a big data focused firm, and Washington Frank, which specialises in recruitment for emerging cloud-based companies. It has also increased its headcount from 170 to 700.

HSBC provided a debt package to support TPG's acquisition.

Previous funding
In July 2013, Livingbridge acquired a 35% stake in FRG (at the time known as Nigel Frank International) alongside HSBC Bank in a £22m investment.

Company
London-headquartered FRG is a recruitment company focusing on the enterprise software segment. The company operates under four brand names: Nigel Frank, Mason Frank, Churchill Frank and Washington Frank.

People
TPG Growth – Ransom Langford (partner); Shamik Patel (principal).
Livingbridge – Xavier Woodward (investment director).
FRG – James Lloyd-Townshend (CEO); Nigel O'Donoghue (co-founder. CFO); Sean Wadsworth (co-founder).

Advisers
Equity – Kirkland & Ellis International, Gavin Gordon, Valerie Goldstein, Rick Madden, Christopher Shield, Ian Ferreira, Emma Flett (legal).
Company – Travers Smith (legal); Ward Hadaway (legal); Rothschild (corporate finance).

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