MBO AT Executives Online
MBO AT Executives Online
Executives Online, the fast track headhunting company says that its senior management team has completed a Management Buy Out (MBO) of the company, acquiring a 56% interest from the majority shareholder and founder, Norrie Johnston, his wife Mary Johnston, former chairman Ron Brender and others, thanks to a funding package from NatWest.
The MBO team which comprises: Anne Beitel, Managing Director James OBrien, Franchise Director Derek Ward, Director of Executives Online North Andrew Nicholas, Director of Executives Online Midlands Jonathan Corner, Regional Director and Head of Permanent Recruitment and Rosalind Web, Financial Controller was also supported by Buckingham Corporate Finance who provided advice and assistance.
Gordon Warren, Senior Commercial Manager at NatWest adds: We are committed to helping small businesses and to assist Executives Online with this transaction has been very satisfying. By working closely with the business we were able to fully grasp its aspirations and tailor a suite of finance solutions, including a leverage finance package supporting the MBO from the banks specialist Structured Debt and Solutions (SDS) team, which will help to take the business to the next level. Executives Online benefits from an extremely experienced management team which has the ambition and ability to expand in this growing market. We look forward to working with the business moving forward.
Anne Beitel explains: This is an important milestone in the development of our business and the new structure will allow us to operate more effectively in the future. We have an extremely energetic and passionate team which is eager to take the business forward and their willingness to invest is testament to that. Market trends towards flexible employment and resourcing structures such as interim management, an increasing need for global talent, and companies seeking more cost-effective recruitment services provide us with huge growth opportunities which the team will work hard to secure. We are grateful to NatWest, which has worked closely with the management team to understand our business objectives and has tailored funding packages according to our needs.
Norrie Johnston is currently the Executive Chairman and will continue in this role for at least a further two years working full time in the business as its lead interim recruitment consultant. His original vision in establishing Executives Online as a provider of fast track executive recruitment services, using innovative online methods for client and candidate acquisition, is one which the whole team embrace and look forward to carrying into the future.
Beitel continues: Despite the uncertain economic climate 2008 has been a great year for us. The need for interim managers keeps on rising, especially for assignments involving turnaround, change management and business transformation. Our global talent pool of over 50,000 candidates is helping to address the needs of many organisations across a variety of different sectors.