ISIS Equity Partners has floated Staffline Recruitment, a UK recruitment provider, on AIM. The IPO gave the company a share price of 80 pence per share, within the target range according to ISIS, and gave it a market value of around £16.7m.
With 44.1% of the company offered, Staffline raised £7.3m (£6.7m net), which has been used to repay the money raised to pay for the original BIMBO transaction in 2000.
An exact return figure was not revealed but, according to Mark Turner, director at ISIS, the flotation underpins a good return for clients.
ISIS invested £5.7m in the 2000 BIMBO and took a significant majority holding with the remainder held by management. ISIS now owns 35% of Staffline across three funds: ISIS II LP, Baronsmead VCT, Baronsmead VCT II.
Staffline is based in Nottingham and is a provider of recruitment and outsourced human resource services, specialising in supplying temporary and permanent blue-collar industrial workers, via both a traditional network of 21 branches and 33 on-site operations located in clients’ premises.
The shareholders were advised by Oriel Securities (sponsor and lead adviser), Wragge & Co (legal) and Grant Thornton (Financial). Ongoing debt facilities were provided by Bank of Scotland (Nottingham).
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