The senior management of financial recruitment specialists Sheridan Maine have concluded a buy out deal with current owners Options Employment Group, which will see the senior management team owning 40% of the company on an earn out arrangement within four years, with the first option of purchasing the remainder. The deal incorporates SML Accountancy, Sheridan Maineís sister company. It is planned that all staff will be offered the opportunity to participate in share ownership.
Sheridan Maine Search and Selection have a strong reputation for recruiting qualified and senior financial staff within permanent, temporary and interim appointments across Southern England. SML Accountancy, which was launched last year, specialise in part-qualified and junior financial recruitment across temporary and permanent positions.
The deal was headed up by David Heron, Managing Director and David Jones, Operations Director. The arrangement was structured with the support of corporate finance specialist Peter Petyt and tax expert Derek Murphy both of the London Office of top 20 national accountancy firm UHY Hacker Young and Anthony Lee, corporate partner with City solicitors KSB Law.
The senior management team were recruited four years ago by Options Employment Group, a diverse recruitment business to grow the business virtually from a start-up position with the mutual intention of an MBO at the right stage. After only four years, Sheridan Maine and SML Accountancy are turning over annually 3.5 million with a forecasted turnover of 5 million next year.
The senior management is confident they can complete the deal earlier than the projected timescales. David Heron comments, ìThe market is growing and our strategy is strong ñ we have made significant investments in improving our infrastructure and internal training and recruited a number of key staff within the industry. Once we have attained 40% of the business we will have the option of acquiring the remaining 60% and expect to self-fund the purchase.î
The deal is particularly suitable to the recruitment industry, according to Heron. ìWe know that clients and candidates enjoy the guaranteed personal service that comes with owner managed recruitment consultancies.î
Financial recruitment specialists complete MBO deal
Sheridan Maine have concluded a buy out deal with current owners Options Employment Group
