Equistone closes another UK deal
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Fircroft Engineering Services is the subject of Equistone Partners Europe's latest deal, as the investment firm looks to bolster its portfolio.
Private equity firm Equistone Partners Europe has acquired a 'significant stake' in recruitment firm Fircroft Engineering Services for £140 million.
The transaction marks the firm’s third deal this year and follows its move away from its former guise of Barclays Private Equity when the management team led a buy-out in November.
Warrington-headquartered Fircroft Engineering Services provides services to technical industries, such as oil and gas, and currently has clients including BP, Chevron and Shell.
Equistone's three UK deals during 2012 have come in the form of its stake on Fircroft, sale of Global Blue to Silver Lake Partners for £1 billion and investment in bespoke travel specialist Audley Travel.
Johnathan Johnson, chief executive of Fircroft, comments, 'We are pleased that Equistone shares our vision for the future and we are delighted to secure the investment and look forward to working with them in the coming years.'
Johnson adds that the business has recently expanded its services in both the UK and overseas, taking its annual turnover to £650 million. On the back of the recent deal, Johnson and Fircroft will continue with development and open new offices in the coming year.
Steve O'Hare, director at the Manchester office of Equistone, says, 'The management team [...] have done an excellent job in developing the business to date and position it for the next stage of growth.
'The strategy may also include future acquisitions in existing or additional sectors, geographies and services.'