Member Article

BDO advises on sale of industrial recruitment specialist

Accountancy and business advisory firm BDO LLP has advised on the sale of leading industrial recruitment specialist, Taskmaster Resources Limited, trading as TaskMaster.

The company was acquired by the private equity arm of IPE Group, IPE Ventures, for an undisclosed sum. The deal was part-funded by Investec Private Capital, alongside an invoice discounting facility provided by Investec Capital Solutions.

As part of the transaction, Taskmaster managing director, Andrew Skorupka, will remain as both managing director and a shareholder. The recruitment company will continue to build its brand and run independently. Post-acquisition growth capital funding has also been committed to facilitate further growth in Taskmaster.

BDO’s corporate finance and tax teams advised the directors and shareholders of Taskmaster. The North West team was led by James Fieldhouse, Managing Director, Mergers & Acquisitions, alongside Eleanor Fearne and Jack Berry.

Fieldhouse said: “Deal volumes in the UK recruitment sector in 2022 continued at the same rate as seen in the previous year – the highest level of sector deal activity in a decade – and, despite recessionary pressures and a challenging economic environment, we’re currently seeing little signs of this slowing as we start the new year.

“This transaction demonstrates the ongoing appeal of well-established and highly regarded businesses that have stood the test of time, but continue to innovate in an ever-changing sector. What’s more, as the jobs market becomes increasingly more competitive, many business owners will be keen to either seek investment and grow, or alternatively de-risk, on the back of a positive trading performance.”

Taskmaster joins Omega Personnel, Technical Support Services Personnel and EMR Search and Selection within the IPE recruitment platform.

Skorupka commented: “We are delighted to have joined the IPE Group. IPE’s vision and values perfectly align with our own and we look forward to working alongside IPE management to continue Taskmaster’s growth journey.”

IPE Ventures is a Mayfair based boutique private equity firm, providing specialist investment funding to the staffing and payroll sectors.

Adam Fletcher, Group CEO of IPE Ventures, said: “We are extremely excited to welcome the Taskmaster team onboard. The business is an established labour provider with a fantastic reputation for customer service and has great potential for further expansion. Taskmaster’s heritage is based upon compliance and customer service, perfectly aligning with our recruitment platform values.”

The buy side team was led by Adam Fletcher and Mark Keegan (FD of IPE), supported by Optima Corporate Finance, Ensors (due diligence) and Fladgate (legals). Sell side professional advisors were BDO.

This was posted in Bdaily's Members' News section by Ian Jones .