Listed recruitment and advertising firm BNB Resources has bought Yorkshire-based search company MGMS International, winner of best executive search firm in the Recruiter Awards for Excellence 2004, for up to £7.25m.

An initial £1.375m was paid in cash on 19 November, with a further amount of £5.875m payable “upon the achievement of financial targets over the next three years”.

MGMS will sit alongside other companies in the BNB fold, including Norman Broadbent, Barkers and Garfield Robbins. The experience brought by MGMS in mid-level search is expected to complement Norman Broadbent’s expertise at the higher end of the scale.

MGMS founder and chairman Michael Sheard, who launched the search firm in 1994, will continue to run the company.

Doug Bugie, chief executive of Norman Broadbent and a main board director of BNB, said: “We will be working closely with [MGMS’] directors and team of consultants, led by Mike Sheard, to broaden our spectrum of search and selection and solutions offerings in the UK across both public and private sectors.”

Sheard added: “MGMS is proud to have been singled out on the basis of its client relationships and effective recruitment processes.

“This acquisition provides both organisations with increased flexibility, pooled expertise and security going forward.”

This is the latest in a series of acquisitions for BNB. It bought the headhunting company Apollo and independent staffing firm TCS earlier this year.