Baird sells Nigel Wright majority stake to management

Senior lender Beechbrook Capital has sold its majority holding alongside Baird, according to a statement. However, both will remain involved with the business via a minority stake.

Baird Capital first invested in the company in 2010, deploying equity via Baird Capital Partners Europe I, a EUR 204m vehicle that held a final close in 2005 and generally invests in businesses with enterprise values of less than EUR 100m, deploying equity tickets of EUR 7m-20m.

The deal valued Nigel Wright at around GBP 15m, according to Unquote Data.

The most recent MBO was first initiated in October 2020, according to a statement, and the company's management team will now own a majority stake in the business.

The deal is financed by debt from UK SME lender ThinCats.

The buyout came about following a corporate restructuring supported by Baird and Beechbrook, the company said in a statement.

Company
Founded in 1988 and headquartered in Newcastle Upon Tyne, Nigel Wright is a recruitment firm specialiing in the consumer sector. It posted revenues of GBP 18.5m in the financial year to April 2019, versus GBP 17.1m in the year to April 2020. The company posted revenues of GBP 9.6m and employed 100 staff at the time of Baird's investment in 2010.

People
Nigel Wright – Paul Wilson (chief executive); Mark Simpson, Lars Herrem, Mark Ingleso (directors).

Advisers
Management – Womble Bond Dickinson, Jamie Pass (legal); Ryecroft Glenton Corporate Finance, Nick Johnson (corporate finance); PwC, Richard Podd, Richard Schofield (tax).
Vendor (Baird Capital) – Eversheds Sutherland (legal).
Vendor (Beechbrook Capital) – Pinsent Masons (legal).

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• Topics
• UK / Ireland
• Exits
• Industrials
• Partial sale
• Baird Capital Partners Europe Ltd
• Beechbrook Capital