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Team24 sale is our latest M&A job in the recruitment sector

Team24 sale is our latest M&A job in the recruitment sector
 
Earlier this week Capita Group Plc announced the acquisition of specialist healthcare recruitment firm Team24 Limited for a consideration, on a cash-free, debt-free basis, of 24 million, plus up to a further 2 million depending on Team24's profit performance in the year to 31 March 2012.
 
"We are very pleased to have assisted in successfully concluding this deal. We ran a highly competitive sales process which attracted strong interest from a host of trade and private equity bidders. Capita was prepared to pay a good price to support its ongoing strategy to become the leading recruitment business provider to the NHS and the wider healthcare market," commented Rupert Rawcliffe, Corporate Finance director at Grant Thornton UK LLP.
 
"We anticipate further investment from both trade buyers and private equity into the recruitment sector as there is clearly appetite for such deals. We are currently advising other recruitment companies on potential M&A activity and have recently helped personnel companies with their strategic plans," continued Rawcliffe.
 
Robert Stiff, Managing Director of Team 24 said: "I would like to thank the Grant Thornton team for the way they kept in touch from the first day through to completion of the sale giving me endless support and guidance throughout the transaction. It was a real pleasure to have Grant Thornton and in particular Rupert and his team with me throughout the process and I would have no hesitation in recommending Grant Thornton to anyone considering selling their business."
 
Team24 provides nurses and doctors at short notice for a wide range of temporary placements across the NHS and the private sector.
 
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 4.2 million on turnover of 32.7 million.

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