Granville Baird Capital Partners is celebrating the IPO of its portfolio company Public Recruitment Group, a recruitment group specialized in the provision of professionally qualified staff to the education and healthcare sectors in the UK. The company has begun trading on the Alternative Investment Market with a market capitalization of £30m. Granville Baird Capital Partners will remain a significant shareholder in the business.
Granville Baird Capital Partners backed the management buy-in of the group in October 2002 with a £5.5m investment. An additional investment of £0.7m of growth capital in April 2003 enabled the company to acquire Birmingham and Midland Locums, a well-established healthcare staffing agency and one of only 29 in the country permitted to supply locum doctors to NHS Trust hospitals.
Mike Fell, managing director, Granville Baird Capital Partners, said: “The successful flotation of PRG serves to illustrate our core values of concentrating on business development and working in partnership with management teams to build value and generate strong, profitable growth. It also highlights our ongoing experience in the business services sector, particularly in staffing contracting and outsourcing. We have elected to remain a significant shareholder and look forward to being closely involved in the future growth of PRG.”