Exits – Nash Sells exits TechPartners

Nash, Sells & Partners Limited, the UK focused private equity firm, has exited its investment in TechPartners International Limited, the international human resource solutions provider that specialises in contract and permanent placements of IT professionals and managed HR solutions, in which it invested GBP1 million in August 1998. Nash, Sells & Partners was the sole venture capital investor in TechPartners, which was sold to Harvey Nash Group for GBP15 million (EURO24 million) plus a deferred consideration of GBP34 million. The private equity group has received GBP2.9 million from Harvey Nash Group and stands to receive a further GBP2.7 million from the deferred consideration.

Nash, Sells & Partners came across TechPartners International after the firm had identified IT human resource as a target investment area. At that time TechPartners was in fact not international but operating only in the UK, although it was looking to expand internationally. This it has done and now has operations in San Francisco, Denver and Melbourne, with plans to expand further into the US. It is the US presence that was of particular attraction to Harvey Nash, says Nash, Sells.

Harvey Nash Group, which is also a provider of recruitment and temporary human resource services, has been particularly acquisitive in recent years. In early 1998 the group acquired UK-based Interim Management in Information Technology, a provider of management consulting services, for GBP5 million and Belgium-based European Experts, provider of IT contract services for $10.6 million (EURO11.7 million), and Netherlands-based Inston Group a provider of recruitment and temporary services for $5.5 million. In 1999 it acquired the assets in receivership of another UK-based recruitment consultant, Varley Walker Limited.