Clearwater International has advised Staffgroup, on their acquisition by top 10 UK recruitment giant Cordant Group, the parent company of Cordant Recruitment.
Founded in 2003 Staffgroup specialises in recruitment in technology, finance, engineering and energy. It has offices in eight countries in Europe and the USA. The company, under joint Managing Directors Mark Znowski and Paul Flynn, has enjoyed exponential growth; last year the business increased turnover by 40%, to over EUR70 million.
Cordant Recruitment is split into four divisions, one of which is Professional Staffing. The division focuses on recruiting professionally qualified employees, ranging from High-Level Executives to technical experts across the full project lifecycle. Staffgroup will become part of Cordant Recruitment’s Professional Staffing division, maintaining its brand and Mark and Paul will join the Professional Staffing executive board.
The deal will bring major strategic benefits to both companies. It will enable Cordant to establish a mainstream presence for recruitment in the IT industry and also give its existing brands, in areas such as procurement engineering, banking and finance and executive search, a gateway to new international markets through Staffgroup’s office locations.
Clearwater International advised Staffgroup on the deal. The team was lead by Partner Marcus Archer, Associate Director Natasha Price and Associate Stephen Nemeth. This is the second business that Clearwater has advised on their acquisition by Cordant. Deloitte Corporate Finance, led by Partner Katie-Folwell Davies, advised Cordant.
Paul Flynn, Managing Director, Staffgroup commented “Staffgroup will benefit from the financial backing and clout of Cordant Group, giving it significant new investment and resources to accelerate its growth plans.” Mark Znowski, Managing Director, Staffgroup added “Both companies have committed to increasing their headcount significantly as part of the deal. “
Marcus Archer, Partner and head of Business Services, Clearwater International said: “Becoming part of the Cordant Group will enable the Staffgroup team to accelerate their expansion plans. The acquisition gives Cordant a strategic foothold in the IT and energy sectors and demonstrates that there is a clear appetite from UK corporates to acquire good quality businesses with strong management teams in the UK market.”
