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TPG Growth acquires Frank Recruitment Group

TPG Growth has announced the closing of its acquisition of Frank Recruitment Group (“FRG”), a global staffing and recruiting business focused exclusively on the enterprise software market.

TPG Growth acquired a majority stake in FRG from its founders and UK-based mid-market private equity firm Livingbridge. Livingbridge states it invested in the company in 2013 to help it continue to diversify and expand globally.

James Lloyd-Townshend, CEO of FRG, commented, “We are immensely proud to partner with TPG Growth. They have a history of anticipating trends in technology and investing in some of the most innovative and transformative companies in the world.

“Their leadership and foresight in the space will be crucial as we target new segments of the cloud technology market, launch new brands, strengthen our existing ones, and grow from a 700- to 2,000-person recruitment business.”

Ransom Langford, Partner at TPG Growth, said, “In less than ten years, Frank Recruitment Group has been able to successfully establish itself in several markets and become the go-to global provider for talent in the cloud technology field.

“Its niche focus and impressive growth have given the Company unparalleled expertise and insights into the industry’s personnel needs that are unique and highly sought after.”

Co-Founder of FRG, Sean Wadsworth, who is moving into a non-executive position but will continue to serve on the board, added, “When Nigel and I launched FRG in 2007, we set out on a 10-year plan to build a global recruitment business. Today has been another milestone in that journey, and I’d like to thank all the staff who worked so hard to get us to this point.”

Xavier Woodward at Livingbridge said, “Since our investment, FRG has continued its global expansion – launching two new high-growth brands in Churchill Frank and Washington Frank as well as significantly growing revenue, profit, and headcount. We have thoroughly enjoyed helping the business develop and look forward to watching its continued progress.”

Kirkland & Ellis International LLP acted as a legal advisor to TPG Growth in the transaction and HSBC provided debt financing. Travers Smith and Ward Hadaway acted as legal advisors to FRG in the transaction and Rothschild provided sell-side advisory services.

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