Directorbank, the UKís provider of directors to private equity backed buyouts, has completed a 4.3 million secondary buy-out of its own, in a deal in which corporate finance boutique Livingstone Guarantee were vendor advisers.
The deal was backed by Nova Capital Management (ëNovaí), following its recent acquisition of Springboard Plc, which invested in Directorbank in 1999.
With offices in London and Leeds, Directorbank is retained by over 50 private equity houses, including leading international firms such as KKR, Warburg Pincus, Candover and Permira. The company provides online access to the CVs of around 2,500 Chairmen, CEOs and Finance Directors, all of whom are immediately available. Directorbank has developed a unique position as an instant source of top managers who are able to advise on target companies and sectors and join them once a deal is concluded.
Elizabeth Jackson, who led the deal, moves into the role of Chief Executive. Jonathan Hick, who founded the business in 1998, remains as a director and shareholder of the company, committed to the next stage of growth. Sarah Grnewald, who has built up Directorbankís fast-growing public company non-executive director division over the last few years, steps down from the Board but remains a consultant to the company.
Elizabeth Jackson said: ìItís been another fantastic year of growth in sales and profitability at Directorbank and this restructuring provides a strong platform for growth over the next three years. We have developed a much-respected brand, moving in the highest echelons of British boardrooms. Our challenge is to build further on this and Novaís backing will give us the momentum to do so.î
Tim Lyle, the Livingstone Guarantee partner who worked on the transaction with deal leader Tom Phipps, commented ìDirectorbank has been an important catalyst in many private equity deals, providing senior executives at short notice where there was a serious gap in a management team. We were delighted to be able to work with all of the shareholders to ensure the continuing success of this exciting business.î
Simon Smith, a director of Nova, added: ìWhen we bought Springboard, Directorbank was clearly one of the jewels in their portfolio. The company has strong market awareness and an excellent reputation, but it is still a relatively unexploited brand. We see potential for growth across all areas of operation, particularly in the quoted company market, greater exposure with venture capitalists and the further development of the London office.î
Directors bank a secondary buy-out
Directorbank, the UKís provider of directors to private equity backed buyouts, has completed a 4.3 million secondary buy-out of its own