LDC supports Pertemps Network Group MBO

The joint business, which the deal values at £112m, will trade as Pertemps Network Group (PNG). Network Group was previously listed on AIM, but the new entity will be private.

LDC is believed to have invested £28m in exchange for a 22% stake in the business.

The transaction will allow the companies' founders to progressively hand over the running of the business to a joint management team. In addition PNG's employees will hold around 40% of the group's equity, with CEO Tim Watts keeping a 38% stake.

LDC's investment will support PNG's growth both in the UK and abroad. The PE house will also provide funding for a strategic acquisitions programme.

Company
Founded in the 1960s, Pertemps provides outsourced labour, human resource and training solutions to clients across the UK. It notably targets the industrial, engineering, logistics and commercial markets.

Formerly part of Pertemps, Network split from the group in 2004 to form a separate listed business. The combined entity will have a combined turnover in excess of £425m.

People
Steve Aston, Alistair Pendleton and Chris Hurley led the deal for LDC. Aston and Hurley will join PNG's board. Pertemps CEO Carmen Watson will run the combined entity.

Advisers
Equity – Eversheds (Legal); Mazars (Financial due diligence).
Management – Gateley (Legal).

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