SPS Group has attracted significant new investment from UK-based Pricoa Private Capital, part of Prudential Financial Inc.
In addition to supporting SPS’s exciting growth plans, the investment also provides an exit for existing private equity investor, LDC.
SPS (Specialist People Services) is a recruitment business providing critical labour solutions to the logistics market in the UK and internationally. The group encompasses the operating brands Driver Hire Nationwide, Driver Hire Australia, Driver Risk Management and ISS Labour. Annual turnover of the SPS Group is GBP170 million.
LDC first backed the management team, led by CEO Chris Chidley, in 2011 and has since supported an acquisitive and international growth strategy. The transaction marks the end of a successful partnership which provides a money multiple return of 2.9x for LDC.
In addition to facilitating the exit of LDC, Pricoa’s investment will support the organic growth plans of the Group in the UK and Australia, and provide the ability to consider strategic acquisitions including international expansion.
