Key Capital Partners invests £2m in EarthStream

Carmen Reichman
22 March 2013

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Key Capital Partners (KCP) has backed UK-based specialist recruitment firm EarthStream with ТЃ2m in exchange for a minority stake.

KCP's investment will help EarthStream expand in its existing markets as well as open new offices in Yokohama, Japan, and Houston, US.

The business, which specialises in supplying staff to the global energy and resources sectors, aims to take advantage of the boom for specialists in unconventional natural gas, it said in a statement.

This was KCP's third investment in the recruitment sector following blue-collar labour recruitment company Templine in 2007 and the MBO of healthcare industry recruiter Nurse Plus in 2012.

The deal was originated by KCP director Philip Duquenoy, who knew the company's founder, Paul Beeke, from previous projects. Beeke had previously managed two other private equity-backed companies including James Harvard International Group, which Octopus backed with £2.5m in 2005 and subsequently sold to trade buyer Hays Plc for £24m (EV) in 2007.

Company
EarthStream was founded by recruitment entrepreneur Paul Beeke in London in July 2010. The company supplies specialist workers in the oil & gas, mining & resources, renewable energy and power & transmission sectors.

The business has a physical presence in 10 countries across Europe, Asia, Africa and North America and has placed candidates in more than 50 countries since inception. In 2012, EarthStream generated a turnover of £20m and it currently employs 130 people.

People
KCP investment partner Mike Fell and director Philip Duquenoy will join the board of EarthStream as part of the deal. Ian Nash is chairman of the business.