Former Dragons’ Den star James Caan’s private equity firm Hamilton Bradshaw has invested in Bristol-based specialist recruitment consultancy Timothy James Consulting (TJC) in a move that will enable it to double its staff and increase turnover by more than 75% in just two years.
The deal, put together by Bristol corporate finance advisers Baker Tilly and Bristol law firm Ashfords, will also enable TJC director Peter Bennett to exit the business he co-founded in 2003.
Since its launch the firm’s rapid expansion has put it in the Sunday Times Fast Track 100 ranking of high-growth businesses. Today it turns over £17m and has offices in London and Manchester as well as its Bristol headquarters.
Hamilton Bradshaw’s investment, details of which have not been disclosed, will fund further expansion at TJC, enabling chief executive and founding shareholder Chris O’Connell to achieve his ambitious growth plans which will double its 60-strong staff and increase turnover to a projected £30m-plus.
The consultancy focuses on senior level and executive appointments primarily in IT, digital media, project programme and change management.
Commenting on the investment, James Caan, chairman of Hamilton Bradshaw, said: “This is a very exciting business for HB to invest in. TJC has an excellent management team with an outstanding reputation in its sector. We have been looking for a technology specialist for quite some time and I am delighted that TJC was the business we finally selected.”
Chris O’Connell added: “This is a very exciting time for TJC. We met with several potential partners to work alongside us on our future expansion. What stood out about Hamilton Bradshaw was the fact that it doesn’t just bring capital, it also brings incredible talent with some of the best people in the industry who will support the business to achieve its ambition to become the number one in its field.”
The new-look board will be chaired by Tristan Ramus of Hamilton Bradshaw who will develop the company’s strategy on mergers and acquisitions, joint venturing, board development and long term exit strategy. Adam Fletcher, HB investment director, will also be joining the board bringing expertise in key hiring, development of the national and international footprint and key client positioning. Deepak Jalan, HB chief investment Officer, will be strengthening the team with his skills in finance, tax and structuring to help expand the business.
Throughout the transaction Baker Tilly’s Bristol office was able to drive the process forward and maintain momentum while maintaining a clear focus on Chris’s requirements and the key issues that would impact TJC. A deal structure was agreed that met all these needs and ensures that TJC is in the best possible position for the future.
Baker Tilly corporate finance partner Nick Harber, who led the advisory team, said: “TJC is an outstanding business with strong client relationships and a great management team. It is now perfectly positioned to achieve its ambitious growth plans.”
Andrew Betteridge, corporate partner at Ashfords, added: “We were able to use our extensive knowledge and experience of acting for private equity funds and on private equity transactions to ensure that Chris was provided with the best possible outcome.”
The deal is one of a number of transactions Baker Tilly is currently working on. Corporate finance associate director Paul Lamacraft said: “We are talking to a number of private vendors about their exit strategies and are seeing increasing levels of interest from trade buyers in both the UK and overseas. The recruitment sector, in particular, is a sector where we have completed many deals and expect to see further consolidation of the market.”
