Contracts/Deals: Equistone Partners buys £140m stake in Fircroft
Fri, 22 June 2012
Private equity firm Equistone Partners Europe has paid £140m to buy a “significant stake” in recruiter Fircroft Engineering Services.
The company is not releasing details as to how large a stake this is, but current year turnover at Fircroft is expected to exceed £650m.
Equistone partner Steve O’Hare will join the Fircroft board as a non-executive director, but there will be no other senior management changes.
O’Hare says that “there remains huge growth potential for the business”, and hints that “strategy may also include future acquisitions in existing or additional sectors, geographies and services”.
Fircroft received financial advice on the deal from the Manchester office of international investment bank Altium. Addleshaw Goddard provided legal advice and Deloitte provided financial due diligence.
Equistone received financial advice on the transaction from DC Advisory Partners. DLA Piper provided legal advice. Commercial due diligence was provided by Calash and tax advice by PwC.