Merseyside-based Castlerock Recruitment Group (CRG) has acquired a national counterpart, Healthcare Locums (HCL), in a deal which creates one of the largest providers of health and social care professionals across the public and private sectors.
Dow Schofield Watts Transaction Services advised CRG on the deal, which will see it expand its services into India, Italy and the Philippines and achieve revenue in excess of £130m.
HCL operates its UK business from offices in London, Skipton, Leeds and Newcastle. It will continue to provide services from its current branch structure and retain its brand presence.
Ian Munro, chief executive of CRG, said: “This is a monumental acquisition for CRG and represents a transformational addition to the CRG group. It marks the beginning of another very exciting opportunity for CRG providing further scale, diversity and improved ability to cross sell our health and social care services, including access to market leading vendor managed service technology.”
CRG shareholders Ian Munro, Tristan Ramus and Jamie Webb led the acquisition, while Rob McCarthy led the DSW Transaction Services team.
Tristan Ramus, non-executive chairman of CRG, said: “Having worked with many advisors over my investment career I always set high expectations. I want advisors that can reach considered decisions that will always achieve the best long term result – and deliver this advice often in complex and highly time pressured scenarios. Rob and DSW Transaction Services stepped up on this transaction and ensured those expectations were exceeded. Rob’s ability to go-to-bat for us in all discussions with a well-advised seller contributed to a successful transaction.”
Jamie Webb, Group CFO, added: “Having previously worked with Rob from DSW Transaction Services, we knew that his hands-on approach and attention to detail would be a great asset to our deal team. A differentiator for Rob is his expertise and willingness to assist with aspects of the transaction away from the typical areas covered by financial due diligence. His input into the completion mechanism and thoughts around operational integration were pragmatic and invaluable in getting this deal across the line.”
Rob McCarthy said of the transaction: “This was our fourth transaction with CRG, and having the opportunity to support a transformational deal for CRG was especially pleasing. Working alongside CRG’s highly motivated and skilled M&A team led to a great result on a complex transaction. Having spent time in the business at HCL, it is clear there is a cultural fit between the two businesses that points to an exciting time ahead for the enlarged group.”