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Technical recruiter NES Global Talent has been sold by private equity specialist Graphite Capital to funds advised by AEA Investors LP in a £234 million deal.
NES, which places contract engineers and project managers in the oil and gas industries, was backed by Graphite in a management buyout of the business in September 2006 at an enterprise value of £70 million.
Since then, the staffing company has grown EBITDA organically every year and has been transformed from a primarily UK operator to a global provider with three quarters of its profits now generated abroad.
Graphite is experienced in investing in the business services and oil and gas sectors. In addition to NES, it has investments in Alexander Mann Solutions and has also invested in Teaching Personnel, a UK teaching staff provider.
“Graphite has supported our ambitious growth strategy over the past six years. From the outset they shared our vision for NES’s global expansion which has transformed our business and driven our growth.
“We are very excited about partnering with AEA. We believe that their deep network in the oil and gas industry coupled with their international profile and resources will be great assets as we look to accelerate the global expansion of NES over the coming years,” said Neil Tregarthen, NES chief executive.