Templine Recruitment Ltd (United Kingdom) - Nov 2007

unquote
01 November 2007

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Key Capital Partners (KCP) has backed the management buyout of Templine Recruitment Ltd. The deal represents KCP’s first investment from its maiden fund, a £100m evergreen vehicle that closed in July 2007. KCP invested £4.3m alongside senior debt and working capital facilities provided by Yorkshire Bank Specialist and Acquisition Finance. Grant Thornton introduced the Templine opportunity to KCP. The investor takes a minority stake in the newco with management holding the balance.

Company

Templine was founded in 1984. It provides temporary labour to customers in the distribution, warehousing and industrial sectors, as well as on-site recruitment services to a number of logistics and distribution companies. KCP expects growth at Templine, particularly through expanding its on-site branch network. Headquartered in Birmingham, Templine also operates branches in Leeds, Luton, Coventry and Leicester. It generates revenues of £15m and employs 44 full-time staff.

People

Owen Trotter led the deal for KCP and joins the board as a non-executive director. KCP has appointed Stewart Rogers as the company’s new non-executive chairman. He was formerly chairman of James Harvard International Group, a former Octopus Private Equity recruitment portfolio company. Tony Bucciero is the managing director of the business. Ian Howey and Ian Mansell led the deal for Yorkshire Bank.

Advisers

Equity - BDO Stoy Hayward , Dougal Baxter, Graham Elsworth (Financial Due Diligence)Equity - Cobbetts , Adrian Cutler, Sean Fitzgerald (Legal)Management - BPE, Paul Wakefield (Legal)Management - Grant Thornton, Martyn Pilley, Simon Clewlow (Corporate Finance)

Sourced from: UK & Ireland unquote" 357 (Nov 2007)