Australia-based technology recruitment firm Talent International announced that Sydney-based investment management firms Quintet Partners and Quintet Yorkway have increased their combined shareholding in Talent by acquiring a majority stake in the company.  

The transaction will see Quintet substantially increase its shareholding from the initial investment it made in 2018.

“Since this investment, Talent has increased its revenue from AUD 550 million to AUD 725 million (USD 424.4 million to 559.4 million) with EBITDA doubling over this period,” the group stated.

Talent Founder and Executive Chairman Richard Earl will continue to be a shareholder and key member of the Talent Board. Earl will be focusing on a number of strategic initiatives and personal passions, including maximising the significant opportunity in Talent Engage and Talent Rise. He will remain as Chairman during a transitional period before assuming thereafter a non-executive director role.

“This represents an exciting and natural evolution of the company in what continues to be an incredible journey,” Earl said. “Quintet Yorkway and Quintet Partners have bought into the culture, values and vision of Talent and I look forward to working with their team with the wealth of experience they provide to take the business to even greater heights. To this end it is essential that we continue to pursue diversification and innovation whilst always leading with the heart.”

As a result of this change, Paul Batchelor, Quintet Yorkway’s Executive Chair and Co-Founder will transition into Talent’s Non-Executive Chairman role. On the announcement Batchelor said, “We are delighted to be investing in Talent, an Australian and New Zealand market leader in the attractive technology services sector. We are particularly pleased with the strength of the management team, client focused culture and long-term diversified client base of government and blue-chip clients. Talent is well positioned for further domestic and international expansion and we look forward to working with the Founder Richard Earl and the Global CEO, Mark Nielsen and his management team, to deliver this growth.”

There will be no change to Talent’s management team and the operational structures within the business which will continue to remain an independent and Australian-owned company. Nielsen will remain Global CEO and Yaron Segal will remain Global CFO.

Talent International reported revenue for the full year 2020 of AUD 726 million (USD 524.2 million in 2020), an increase of 14% when compared to the same period last year.