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RSM Tenon advise on 2 recruitment deals completing on the same day

RSM Tenon advise on 2 recruitment deals completing on the same day

In October 2012, RSM Tenon completed a notable recruitment sector double of two completions on the same day – advising on the sale of Select Appointments Limited to Staffline Group plc and performing financial due diligence on Capita plc’s acquisition of healthcare staffing business Medicare First Limited. Both deal values are undisclosed.

Select Appointments, including the Parkhouse, Select and Select Hospitality brands, is a long-established specialist staffing services business providing office and administration staff nationwide. The business will continue to operate through a network of franchisees.  Established in 1980, the business had achieved a national coverage of 31 franchise offices to become a leading brand for national staffing services.

RSM Tenon had previously performed financial due diligence for Select on its acquisition of Parkhouse in the late 1990s.

Steve Brown led the deal for RSM Tenon advising the vendors.

Capita’s acquisition of Medicare First is the second acquisition by its workplace services team headed by Dawn Marriott-Sims of a healthcare staffing business in 18 months, further to the acquisition of Team 24 in May 2011. Medicare First is an established social work and allied healthcare recruitment consultancy that provides locum qualified social workers and contracts, successfully, with over 150 public and private organisations nationwide. Medicare was founded in 2004 by Andrew Yetzes, who also runs the IT and oil & gas staffing business ARK International, and had grown significantly to be the largest supplier of social workers in London and the Home Counties.

Jonathan Wade, Peter Vandervelde and Alex Milne led the financial due diligence for RSM Tenon and Jonathan commented: “ We’re delighted to have supported Capita once again as they continue to develop their offering in the healthcare recruitment sector. This acquisition has strong synergies with Capita’s existing social care locum business which already has a strong complementary presence in the North of England and the Midlands.”

Emma Flin, Associate Director of Acquisitions at Capita said “RSM Tenon work shoulder to shoulder with our wider team to grip the commercial and financial issues. When you’re up against a testing timetable, it really makes a difference when you can count on their senior people to respond quickly and report back meaningfully. RSM Tenon’s technical support and persistence on the key deal points was critical in helping us get the deal over the line”

The acquisition further adds to RSM Tenon’s experience in the recruitment healthcare market having previously advised Capita on their Team 24 acquisition and Castlerock Recruitment Group on their investment by Yorkshire Fund Managers in the past 18 months.

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