TowerBrook picks up Blackstone's ICS

TowerBrook will support ICS's growth by investing in its technology and expanding into new international markets.

The private equity firm was introduced to the company by Canaccord Genuity.

The deal sees TowerBrook appoint Paul Pindar, former CEO of Capita, as the company's new chairman of the board.

Previous investment
Inflexion Private Equity backed ICS's buyout in August 2008, in a deal supported by F&C Private Equity Trust. RBS provided debt facilities, according to unquote" data.

Blackstone acquired the company in June 2010 in a secondary buyout, understood to be worth £130m. In November 2010, Blackstone supported ICS's acquisition of Pulse Staffing from HgCapital, in a transaction worth an estimated £75m.

Company
London-based ICS provides staffing, complex care services and administrative outsourcing for healthcare companies. It has a database of 20,000 on-call temporary healthcare professionals worldwide, helping hospitals and GP surgeries find key workers with specialist skills at short notice.

The company was founded in 1983 and originally focused on the Bristol area.

People
Paul Pindar is ICS's new chairman and Richard MacMillan is its CEO. Gordon Holmes is managing director at TowerBrook. Robert Reid is senior managing director at Blackstone.

Advisers
Equity - Cannacord Genuity (Corporate finance).

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• Topics
• UK / Ireland
• Support services
• Buyouts
• Towerbrook Capital Partners
• Blackstone Group
• Inflexion Private Equity
• HgCapital