LDC has supported the management buyout of recruitment companies Pertemps and AIM-listed Network Group Holdings.
Pertemps was founded by the Watts family in the 1960s, with Tim Watts installed as chief executive since the 1970s. The company provides outsourced labour, human resource and training services in the industrial, engineering and logistic sectors across the UK.
The deal continues the transference of ownership to employees initiated by Tim Watts. As a result of the deal, staff will own a 40 per cent stake in the combined group, which will have a turnover of £425m (€511.5m). The consolidated group will unite marketing and back-office operations, and will be rebranded Pertemps Network Group.
Network comprises a group of specialist recruitment businesses specialising in the IT, financial and healthcare industries.