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RSM Tenon Corporate Finance advises Capita on Acquisition of Healthcare

RSM Tenon Corporate Finance advises Capita on Acquisition of Healthcare
Recruitment Firm, Team24.
RSM Tenon Corporate Finance has advised The Capita Group Plc ('Capita') on the acquisition on 31 May of specialist healthcare recruitment firm Team24 Limited ('Team24') for a consideration, on a cash free debt free basis, of GBP24 million, plus up to a further GBP2 million depending on Team24's profit performance in the year to 31 March 2012. Team24 provides nurses and
doctors at short notice for a wide range of temporary placements across the NHS and the private sector.
RSM Tenon directors Jonathan Wade and Peter Vandervelde led the financial due diligence for Capita, supported by associate director Paul Kearney.
The acquisition adds depth and breadth of expertise both to Capita's recruitment business and to the range of services it provides to the NHS and wider healthcare market.
Headquartered in Surrey, Team24 employs 80 staff and has around 4,000 doctors and nurses registered for placement. Clients include the NHS, prisons, doctors' surgeries and private practices. It also operates under a number of framework agreements, including the London Regional Nursing Framework (LRANF).
Team24 made a pro forma operating profit for its financial year to 31 March 2011 of GBP4.2 million on turnover of GBP32.7 million.
Jonathan Wade, who leads RSM Tenon's recruitment sector team in London, said "Despite being highly active in M&A for a long period, this is Capita's first acquisition in the recruitment space for a number of years and represents a further sign of renewed confidence and activity in the sector that we are seeing generally.
This would not have been possible without both the teamwork in operating alongside Capita's own excellent commercial and diligence team and our hands on director-led approach to due diligence which enables us be flexible, move quickly, and to grip the issues relevant to value throughout an intense but hugely rewarding process."
Emma Flin, Associate Director of Acquisitions who led the transaction for Capita, said: "Thanks for all the hard work and inspiration on the recent deals we've done together. The RSM Tenon approach of using highly experienced people to give valuable opinions and relevant solutions all within a testing timetable - worked extremely well on the Team24 deal and was much appreciated"


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