Human Capital: Fortes Group’s investment in DMJ Recruitment Ltd
Armstrong is pleased to have provided buy-side Commercial Due Diligence (CDD) for Fortes Group to support its investment in DMJ Recruitment (DMJ). DMJ plans to scale its core legal and company secretarial recruitment business while expanding into adjacent professional services, such as technology, accountancy, and finance. Fortes Group is backed by Omni Partners, the mid-market private equity house, and specialises in creating market-leading recruitment companies.
Founded in 2007 by David Press and Marc Tobias, DMJ is one of the largest London-based independent staffing businesses placing legal professionals and company secretaries in private practice and in-house roles. Operating from offices in London and Dubai, DMJ has a portfolio of blue-chip clients including Aviva, Barclays, PwC, Santander, Vodafone, and Tesco, together with an impressive list of UK and US law firms. It was shortlisted for Recruitment Agency of the Year in the 2022 Recruiter Awards.
Armstrong interviewed a range of DMJ’s clients and market experts to understand its client proposition and position in the wider competitive environment, which supported its deep knowledge and excellent delivery. Armstrong built a bottom-up market size for each of DMJ’s key legal in-house, private practice, and company secretarial markets, and used our extensive previous experience in these markets to analyse the key drivers of DMJ’s business plan, and tie them back to market dynamics. Our report also included key recommendations to inform DMJ’s future growth plan.
Charles Gallagher-Powell, Partner at Omni Partners, said: “We were very pleased with Armstrong’s support on this transaction. They used their experience in the recruitment sector to help us understand what makes DMJ different and added to our confidence that DMJ is an exceptional business with real growth potential, and that it is a great platform for Fortes’ professional services offering.”
Rupert Cookson, Senior Consultant at Armstrong, said: “DMJ is a great business, combining deep sector expertise with excellent client delivery. Clients highlighted long-term relationships with DMJ as a trusted partner and advisor. We look forward to seeing DMJ continue its success in partnership with the Fortes & Omni teams.”
For more information or to find out Armstrong’s views on opportunities in the recruitment and the broader human capital management sector, please contact:
Rupert Cookson, Senior Consultant
rcookson@armstrong-ts.com
+44 7983 110 150
Matt McNally, Director & Head of Human Capital Management
mmcnally@armstrong-ts.com
+44 7894 736 523
Travel: Sell-side support for Inside Travel Group Ltd
Armstrong is pleased to have provided sell-side support for Inside Travel Group Ltd (‘Inside Travel’) prior to investment from Blandford Capital LLP (‘Blandford’).
Founded in 2000 and headquartered in Bristol, Inside Travel specialises in its own unique brand of cultural adventure tourism across Asia with destinations including Vietnam, Cambodia, Laos, Thailand, Malaysia, Borneo, South Korea and Japan. Best known for its multi award-winning InsideJapan brand, Inside Travel will be utilising the investment to strengthen the Japan offering and grow sister brand InsideAsia in its core markets of the UK, USA and Australia.
Armstrong provided sell-side support. This included a detailed review of the company’s operations, alongside in-depth interviews with customers (trade agents and individuals), market participants and competitors. Armstrong also explored market trends and drivers such as the impact of the pandemic and growth opportunities in a post-COVID environment. This represents one of the first travel related private equity led transactions since the pandemic began and helps demonstrate not only the strength of the Inside Travel brand but also a growing appetite for investment in this space.
Inside Travel co-founder Alastair Donnelly said, “Armstrong’s work helped potential investors to understand the opportunity we were presenting by providing clarity as to the company’s position in the market at what has been a particularly complex and challenging time for the travel industry…the work also has the potential to offer longer term value by identifying key market opportunities and areas for the business to focus on as we move into this exciting new phase for the business”.
To find out Armstrong’s views on opportunities in the sector, please contact;
Jack Hibbs, Head of Travel and Consumer
Email JackPeter Cookson, Managing Partner
Email PeterBusiness Services: Growth Capital Partners (GCP) investment in Plenitude Consulting
Armstrong is pleased to have provided buy-side Commercial Due Diligence (CDD) for Growth Capital Partners (GCP) in its investment in Plenitude Consulting (Plenitude).
Plenitude specialises in financial crime risk and compliance consulting services & technology for financial institutions, digital asset firms, and professional services businesses in the UK, the EU, and Asia. Plenitude was recently appointed to the Financial Conduct Authority’s (FCA) Skilled Person Panel for Financial Crime, reinforcing its strong market reputation and reflecting its deep subject matter expertise.
GCP’s investment into Plenitude will support its build out of capabilities and capacity, including KYC managed services and Digital Assets advisory, further developing its RegTech products and accelerating international expansion plans.
We carried out a deep dive into the UK financial crime consulting market (looking at size, dynamics, trends), including looking at adjacent regulatory compliance opportunities and an overview of the international market in key regions. Our FS specialists undertook in-depth interviews with Plenitude’s clients (including banks and insurance firms) and market experts to understand its market position and differentiation and the ongoing opportunity in the UK’s complex and changing FS regulatory landscape. We also quantified Plenitude’s ability to scale and add new services through adding talent in a competitive jobs market.
Richard Shaw, Partner at GCP said, “Armstrong helped us to deepen our understanding both of Plenitude’s business and the scale of its opportunity in a complex market. Solomon and Rupert also provided valuable insight to inform and develop our growth strategy and we thank them for their support .”
Solomon Ishack, Senior Consultant at Armstrong said, “Plenitude is a great business combining deep financial crime expertise with excellent client delivery. It is a trusted partner to many financial institutions and has a great opportunity to grow further in its existing markets, expand internationally and add more services and technology.”
To find out Armstrong’s view on opportunities in financial services, please contact;
Solomon Ishack, Senior Consultant
sishack@armstrong-ts.com
07943 036633
Rupert Cookson, Senior Consultant
rcookson@armstrong-ts.com
07983 110150
Human Capital: BGF’s investment in Harnham
Armstrong is pleased to have provided commercial due diligence (CDD) for BGF in support of its investment in Harnham, a leading Data & Analytics (D&A) recruitment specialist.
Founded in 2006 by Simon Clarke (Executive Chairman) and David Farmer (CEO), Harnham is a leader in the D&A recruitment market and places candidates in roles for companies ranging from startups to blue chip businesses. With over 150 consultants globally, Harnham’s core D&A recruitment specialisms span across Data Science, Marketing & Insight, Risk Analytics, Data & Technology and Digital Analytics.
In 2021, Harnham launched Rockborne, a new business line operating an Attract-Train-Deploy (ATD) model focused on training and deploying STEM graduates on long term D&A employment placements. Through bespoke training programmes, Rockborne’s academy equips junior candidates with the technical, business, and soft skills required to excel in their future D&A careers.
We conducted in-depth interviews with both clients and market experts to get a comprehensive view of the firm’s operations. Our work also included benchmarking key internal KPIs, and an in-depth analysis of both the D&A recruitment and ATD markets.
Rahul Satsangi at BGF said “Solomon and the wider Armstrong team delivered an insightful and comprehensive commercial report supporting our investment into Harnham. They carried out an in-depth market and client referencing programme leveraging their experience in the sector to provide clear commercial insights to support our investment hypothesis and Harnham’s growth plans. We thank the Armstrong team for all the work they put into the report and look forward to working with them again in the future.”
Please contact the team to discuss Armstrong’s views on opportunities in recruitment:
Solomon Ishack, Senior Consultant
sishack@arrmstrong-ts.com
+447943036633
Tech: Bedford Consulting investment from Keensight Capital
Armstrong is pleased to have provided sellside commercial due diligence (CDD) support for Bedford Consulting, the leading EMEA implementation partner of Anaplan’s Enterprise Performance Management (EPM) software, as it takes investment by Keensight Capital, the technology-focused, pan-European growth buyout private equity firm.
Bedford Consulting is an Anaplan Gold Partner and has been its EMEA partner of the year for the past seven consecutive years. Anaplan is a pioneering developer of SaaS-based connected planning and analysis (“xP&A”) software which has transformed the way in which enterprises monitor, plan and drive business performance. Bedford Consulting has offices in London, Düsseldorf and Stockholm, and employs approximately 80 deep-domain technical Anaplan experts who support more than 250 large and mid-market customers across the automotive, banking & insurance, consumer goods, technology, transportation and utilities sectors.
Keensight’s partnership will support Bedford’s founders in their ambitious growth strategy to support Anaplan’s journey to increase its penetration in the xP&A market, to expand across Europe, and to extend its service offering to its clients.
Armstrong sellside CDD work included an assessment of market demand for Anaplan and the wider EPM SaaS and consulting market, a detailed review of the competitive landscape for both EPM and for Anaplan implementation partners, and a detailed assessment of Bedford’s growth opportunity.
Neil Doyle, Chairman of Bedford Consulting, said; “We enjoyed working with the Armstrong team. They got an understanding of our business and market position quickly. The CDD report was comprehensive and high quality, they helped investors understand the Anaplan market and our growth opportunity within it.”
Simon Hemsley, Partner at Armstrong said; “Congratulations to Neil and Cathal and the team at Bedford, and thanks to the other advisors involved – it was a real team effort. Bedford is a great business and has a fantastic opportunity to grow because of its high-quality client service, its deep expertise in xP&A, and collaborative relationship with Anaplan. We look forward to seeing the business continue to grow in partnership with Keensight.”
If you’re interested in discussing Armstrong’s views on opportunities in the technology or business services sectors, please contact one of the team;
Mike Callow, Partner
mcallow@armstrong-ts.com
+44 7894 594 500
Rupert Cookson, Senior Consultant
rcookson@arrmstrong-ts.com
+44 7983 110150
Charlie Mundy, Consultant
cmundy@armstrong-ts.com
+44 7853 430630
Simon Hemsley, Partner and Head of Business Services
shemsley@armstrong-ts.com
+44 7957 340534
Industrials: MML’s investment in Vyta, a leading IT recycling company
Armstrong is pleased to have provided commercial due diligence (CDD) for MML Ireland in support of its investment in Vyta, a leading company in the IT recycling industry, with a strong focus on customer service, sustainability, and security.
Established in 2001, Vyta specialises in the secure and responsible disposal of IT equipment, covering collection, data security and wiping, re-commerce, and disposal, all in an environmentally responsible manner. Vyta is the only provider based in Northern Ireland to hold both the ADISA and R2 accreditations, and is one of the largest IT asset disposal companies across the island of Ireland. MML’s investment will support Vyta’s growth strategy in the UK and Europe. Vyta’s first acquisition is FGD, an Essex-based IT disposal company.
As part of the CDD process, Armstrong carried out in-depth interviews with a range of Vyta’s and FGD’s customers, as well as market experts and competitors to give MML a rounded view of Vyta’s market position in the ITAD (IT asset disposal) sector, and its opportunity for growth. Armstrong also assessed market demand and the competitive landscape and worked with MML’s deal team and the FDD team on analysing management’s business plan cases and internal KPIs.
Chris Walsh at MML said; “Matt, Simon, Rupert, and the whole Armstrong team provided a comprehensive and high-quality report supporting our investment into Vyta. The report was insightful and helpful for MML and the management team, with insights and recommendations that will help to shape the strategy to scale the business. We look forward to working together again in the future.”
Simon Hemsley, Partner at Armstrong, said; “The ITAD market in the UK & Europe is a good opportunity for a buy-and-build strategy, as it is fast-growing but fragmented by service line & country. Vyta has a strong management team which has grown the business significantly in recent years and is well-positioned both as a consolidator and for organic growth.”
For further details on this project and Armstrong’s views on opportunities in the business services and industrials sectors, please contact;
Simon Hemsley, Partner
shemsley@armstrong-ts.com
+44 7957 340534
Matt McNally, Director
mmcnally@armstrong-ts.com
+44 7894 736523
Rupert Cookson, Senior Consultant
rcookson@arrmstrong-ts.com
+44 7983 110150
Tech: Melior Equity Partners’ investment in Salmon Software
Armstrong is pleased to have provided commercial due diligence (CDD) for Melior Equity Partners in support of its investment in Salmon Software, a fast-growing financial services software business that provides customers with a world-class treasury management system (TMS).
Customers use Salmon Software’s innovative, specialist software to efficiently manage their treasury function, including risk management, payments, cash management & forecasting, dealing, and regulatory reporting. Customers receive automated, integrated treasury management functionality, with built-in workflows and real-time business insights.
Founded by CEO John Byrne, Salmon Software has offices in Ireland and the Czech Republic, and a roster of international customers. The company’s TMS has evolved into one of the world’s most sophisticated treasury management products, reflecting the global financial industry’s technological innovation and increasingly complex nature.
The investment from Melior will support the future growth of Salmon Software, enabling further development of the core TMS product and expanded customer support.
Armstrong provided focused buy-side CDD, building on our team’s strategy and industry experience in the financial services and technology sectors. Armstrong assessed Salmon Software’s opportunity to expand in its core market by conducting an in-depth customer referencing programme, backed up by conversations with Armstrong’s network of market experts, and integrated into our deep analysis of a complex market and competitive landscape.
Esmond Greene, Managing Director at Melior Equity Partners, said:
“Simon, Ifan, and the Armstrong team provided Melior with a high-quality and comprehensive CDD report which evaluated our investment hypotheses on Salmon Software and the wider TMS market. We chose to work with Armstrong on this deal because of their financial services and technology sector knowledge and their ability to produce clear, useful conclusions for us and the management team.”
Simon Hemsley, Director at Armstrong Transaction Services, said;
“We look forward to seeing Salmon Software grow in partnership with Melior. The TMS market should continue its robust growth over the coming years, and Salmon Software is well-placed to take advantage.”
For further details on this project and Armstrong’s views on opportunities in the technology and financial services sectors, please contact;
Solomon Ishack, Senior Consultant
sishack@armstrong-ts.com
+44 7943 036 633
Simon Hemsley, Partner
shemsley@armstrong-ts.com
+44 7957 340534
Mike Callow, Partner
mcallow@armstrong-ts.com
+44 7894 594 500
Tech: LDC’s investment into Aspire Technology Solutions
Armstrong is pleased to have provided sell side CDD support for LDC’s significant minority investment into Aspire Technology Solutions, in a transaction which values the business at £85m.
Aspire is one of the fastest growing IT managed service and cyber security providers in the UK and was launched 15 years ago by CEO, Chris Fraser. The company now has multiple offices in locations including Gateshead, London and Stockton-on-Tees, and employs more than 200 people.
Aspire is currently delivering plans to create more than 150 North East jobs across its recently opened HQ, based on the site of the former iconic Baja Beach Club at Gateshead Quays, and a new base at Fusion Hive, a business and innovation centre based on Stockton’s Northshore.
With a large network of UK customers, Aspire delivers leading technology solutions across a range of applications including cloud, connectivity, voice, technical support, and cyber security. Its full fibre network provides bandwidth speeds of up to 100 gigabits per second – some of the fastest connectivity speeds available in the UK.
The business has scaled rapidly with revenue rising to £30m in the last 12 months of trading, growing more than 48% over the past three years.
LDC’s partnership will support Aspire’s management team, led by Chris Fraser, to pursue organic growth and acquisition opportunities. The management team is aiming to broaden the business’ suite of services and expand further into markets across the UK.
Armstrong provided full scope sell side due diligence, including a specific value creation module to help LDC and management define Aspire’s growth strategy, focused on geographical and service development.
Chris Fraser, Aspire CEO, said “We enjoyed working with Armstrong and the team throughout the process due to their thorough and constructive approach.”
Mike Callow, Director at Armstrong Transaction Services said “Aspire is a great business, and we look forward to seeing it go from strength to strength. Congratulations to Chris and the team at Aspire as well as the other advisors involved, it was a great team effort.”
To find out Armstrong’s views on opportunities in the technology sector, please contact:
Mike Callow
+44 7894 594 500
mcallow@armstrong-ts.com
Magnus Hedberg
+44 7988 121 458
mhedberg@armstrong-ts.com
Ifan Dafydd
+44 7792 158 738
Idafydd@armstrong-ts.com
Human Capital: Graphite Capital’s acquisition of Opus Talent
Armstrong is pleased to have provided full CDD support for Graphite Capital’s acquisition of Opus Talent Solutions, a global recruitment business, backing a management buy-out from the company’s founder.
Opus is based in Bristol, has more than 1,000 clients in over 50 countries, and specialises in the technology and renewable energy markets. Armstrong analysed the market and competitive dynamics in Opus target sectors and geographies (UK, USA, Australia), to understand the firm’s growth potential in its end markets, and the opportunity for its technology developer offering.
We conducted in-depth interviews with clients, candidates, and consultants to get a 360-degree view of the firm’s operations. Our work also included analysis of key internal KPIs, and development of base, upside, and downside business plan cases.
Rachael Baker at Graphite Capital said “We are pleased to have completed our investment in Opus Talent Solutions with the support of Matt and the Armstrong team. They provided comprehensive and insightful commercial report, which was key to supporting our investment hypothesis. The report will also be a useful framework for thinking about how we can support the company’s ambitious growth plans.”
Matt McNally at Armstrong Transaction Services said “Opus is a great business, and we look forward to seeing it go from strength to strength under Graphite’s ownership.”
We think there are still plenty of opportunities in the recruitment sector, as business continues to rebound from the pandemic – see our thoughts on PE investment in our Recruitment – Heating up again for Private Equity article.
Please contact the team to discuss Armstrong’s views on opportunities in recruitment in more detail;
Matt McNally
+44 7894 736 523
mmcnally@armstrong-ts.com