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UK — Profits double at private equity backed recruitment firm

25 September 2009

Air Energi, the Manchester-based recruitment firm where Zeus Private Equity has a stake, doubled pre-tax profits to 4.2 million Pounds last year.

Newly filed accounts for the year to 31 December 2008, also show that turnover rose 35% to 113.7 million Pounds.


Directors of the company, which supplies skilled staff to major oil and gas industry players such as Shell and ExxonMobil, said 'activity within the sector continues to be strong'. They predict continued growth in 2009.

Zeus invested 10 million Pounds to back a buyout led by executive chairman Ian Langley and chief executive Duncan Gregson.

The deal, completed in August, valued the company at 30 million Pounds and provided an exit for two founding directors who started the company as Marchfield Engineering Resources in 1979.

Zeus managing partner Gary Tipper and partner Ed Fazakerley joined the Air Energi board.

Air Energi employs 120 people directly and supplies about 1,000 contract staff.

 

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