PRESS RELEASE - FEBRUARY 2017
Recruitment Management Group undergoes Enterprise Ventures-backed MBO
A Cheshire-based recruitment business has been acquired by a senior manager in a buyout backed by debt funding from Enterprise Ventures, part of Mercia Technologies.
Recruitment Management Group (RMG) specialises in search and selection for the healthcare, chemicals and renewables sectors. Giles Hampson, who joined the Preston Brook-based company as a graduate ten years ago, has now taken full control of the business after purchasing the shares of founder Andrew Evans who will stay on as a non-executive director.
The buyout was funded in part by deferred consideration with Enterprise Ventures being the sole external finance provider. The backing comes from Enterprise Ventures SME Loans.
Hampson, who is now Managing Director of the company, said: "This deal allows RMG to remain in independent ownership and continue the great work carried out by Andrew since our inception in the mid-90s, whilst also providing continuity and stability for our staff and client base.
"The increased appetite for investment and growth in the specialist sectors of healthcare and chemicals in which we work makes me very confident of a long and successful future for RMG."
Enterprise Ventures SME Loans was launched in June 2015 and provides loan capital to established and growing small- and medium-sized enterprises nationally, but with a particular focus on the North West, Yorkshire and Humberside. At launch, the fund received £40m of investment from Greater Manchester Pension Fund and Santander UK.
Chris Pestell, investment director at Enterprise Ventures, said: "RMG has built an enviable reputation and a loyal customer base in its key sectors, and is in a strong position to capitalise on future opportunities, including the continued growth in healthcare and renewables.
"During his ten years with the business, Giles has demonstrated exceptional management and leadership skills and is ideally placed to help drive it forward."