Staffing 360 Solutions Ltd. (NASDAQ: STAF) divested its UK business, selling it to private equity firm IPE Ventures.
“This acquisition aligns with our longstanding pursuit of a buy-and-build investment platform in the IT/engineering sector,” Adam Fletcher, group CEO of IPE Ventures, said in a press release. “These brands are widely recognized and respected within the industry, complemented by an exceptional management team.”
The acquired portfolio includes recruitment consultancy CBSbutler, with sister companies The JM Longbridge Group; Clement May; and Butler, Bridge & May. Plans call for Rob Harper, managing director of CBSbutler, to continue managing the companies.
The deal closed Feb. 12.
“We’re very happy the UK business has landed in a good place with a good partner, and we will concentrate on the growth of our US business,” Staffing 360 Chairman and CEO Brendan Flood said in an interview with SIA.
Flood said leadership and staff at the UK business are “phenomenal,” but the business made a loss last year because of difficult market conditions in the UK. Flood also noted the UK business had no shared customers with the US operations.
“I think it’s positive news for our UK business to have new owner that has the time to help it to grow,” Flood said.
The UK operations’ headquarters will remain in Redhill, England.