Private equity provider Advent International is investing £25 million in IT recruitment company Alexander Mann Group to finance its acquisition of other companies in the UK and Europe and to open new offices globally.
Although Advent has investments in general recruitment firms, this is its first foray into the IT staffing market. Advent had been looking for investment opportunities in the UK recruitment sector and selected an IT firm because it believes this to be a high growth sector, in spite of reports that the market is in the middle of a slump.
Advent Investment Manager Chris Stacey agreed that earlier this year the recruitment sector overall experienced a downturn but expects the market to pick up soon.
"We carried out due diligence talking to end users and the indication was very much that projects had been delayed [due to Y2K compliance] but that there were lots of things waiting to go ahead and it's likely that projects to be carried out next year will be put in place at the of this year," he said.
AMG's most successful part of its business is its Outsourcing Solutions division, which sells outsourced and insourced managed solutions to clients.
At the extreme end of the scale AMG would outsource an entire human resource function. It aims to work with up to 50 technology employers over the next few years to convert them to the outsourcing solutions model.
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