Gresham exit out of the Blue
HCL plc has acquired Blue Group International in a deal worth £12m.
The deal provides an exit for Gresham Private Equity, which has made a return of over two and a half times its original investment.
Gresham say that, since it invested in the company in 2001, the Blue Group has become one of the fastest growing recruitment companies in the UK.
It specialises in the placement and management of social workers and care professionals within the public, private and voluntary care sectors.
Blue now provide over two-thirds of all the local authorities in the UK, making them one of the market leaders.
John Zafar, chief executive of Blue Group International, said: “Since making their investment, Gresham and the management team at Blue Group have forged a very strong and successful partnership, which has been a key contributory factor in developing the business into the market leader that it is today.
“This partnership has also been the foundation of the process of creating and realising shareholder value.”
Ken Lawrence, managing director at Gresham, said: “Since our initial investment in 2001, we have worked closely with the team to restructure and develop the business into a market leader.
“We believe the strategic fit with HCL to be excellent and we wish them every success for the future.”
The deal is a part of a busy period of exits for Gresham who recently sold the Individual Restaurant Company and IT services provider 2e2.
© Crimson Business Ltd. 2006