CRG acquires Affinity Workforce Solutions
Ian Munro and Tristan Ramus of CRG have acquired Affinity Workforce, a provider of education, health and social care staffing.
This is the second acquisition undertaken this year by CRG following the recent investment in February of HCL, which achieved growth of over 125% in revenue.
The Affinity investment sees CRG shareholders Ian Munro, Tristan Ramus and Jamie Webb leading the group into the next transformational and logical step of enhanced growth. It provides the group with a solid foundation in the education sector, offering breadth, depth and scale to their existing clients and workforce.
Affinity will complement the portfolio of businesses within the group by incorporating CER, Monarch Education, Medicare First and Team24, together employing over 400 staff with £100m of revenue.
CRG comprises a perfect blend of long-term health and medical services to the public and private sector, police and UK Border Force along with a leading domiciliary care business, plus providing all medical support to the MoD.
With the acquisition of Affinity and, earlier this year, HCL, the group has created a long-term sustainable workforce supply to the public and private sector. This complementary addition to the group will stabilise their position as a diversified provider of workforce solutions.
The healthcare market has seen many challenges over the past few years and the board are embracing a coherent, structural growth plan with a strong belief that this is the right time to be striding forward with solid, strategic acquisitions and investments as well as maintaining focus on organic growth.
This deal will see the group yield revenue of over £230m with a workforce exceeding 600 employees and a contractor workforce in excess of 6,000.
Ian Munro (pictured left with Tristan Ramus), group CEO and founder, said, “The addition of Affinity to the group brings together two forerunners in their sectors and over 25 years’ combined workforce solutions delivery. The coalescence of Affinity’s experience and footprint in education, as well as the health and social care sector, presents more transformational progress for us to compete in areas we’ve been contemplating for some time and to increase the share in our core markets.”
Transactional due diligence was conducted by FRP Advisory LLP and Robert McCarthy, legal support from Chris King, Hemmingway’s Solicitors Limited and funding for the transaction was provided by Close Brothers. Andrew Metcalfe, deputy head of sales for Close Brothers, commented, “We are delighted to support CRG in this recent acquisition as the business continues to grow and develop.”