Siamo Group, a UK-based provider of temporary workers, announced that it has undergone a management buyout (MBO) with private equity firm Key Capital Partners having sold its stake in Siamo Group to the management team in a deal backed by Clydesdale Bank.

Financial terms of the deal were not disclosed.

Siamo, founded in 1984 and headquartered in Birmingham, provides temporary and permanent recruitment services combined with integrated apprenticeship accredited training, HR, payroll and IT services. It operates in sectors including retail logistics, e-commerce fulfilments and manufacturing.

Key Capital Partners had previously backed Siamo managing director Tony Bucciero as part of an MBO in 2007.

Siamo has been transformed during the period of KCP’s involvement. We are now a market leader in our chosen sectors and well positioned to continue our rapid growth.

"KCP has been a consistent and supportive investor, providing valuable advice and enabling us to invest in the systems and people to deliver the first class service which our customers deserve,” Bucciero said.

KCP managing partner Owen Trotter also commented, "Over the last 11 years, Tony and the team at Siamo have done an excellent job, creating a market leader in personnel services from very small beginnings. Working with them and supporting their growth has been very satisfying and we wish them every success in the future."