DEAL ANNOUNCEMENT: BERKLEY

Capital Step funds the management buy-out of Berkley Recruitment, an Irish-based specialist Consulting and Recruitment business.

Capital Step has successfully financed the management buy-out of Berkley Recruitment Limited, a specialist recruiter in the Irish Pharma and IT sectors. Berkley provides services for a list of long-standing, blue chip clients from across Ireland, with a strong reputation for being a high-end provider of top talent.

As part of the transaction, Berkley’s existing management have partnered with an experienced buy-in team, who have a proven track record in Consulting Services – a key strategic area of growth for the Company.

Capital Step’s Revenue-based solution represents an attractive equity alternative for such MBO/MBI transactions due to its non-dilution and non-control features. Management teams avoid having to give up ownership or strategic control, providing maximum incentive to create long-term equity value.

This alignment of interests with owner-managers is a core pillar of Capital Step’s investment thesis.

Jonathan Schneider of Capital Step commented:

“We liked the Berkley leadership and opportunity from day one and are thrilled to be backing an experienced management team who have a clear growth strategy as well as a proven track record in this space. The Irish Tech and Pharma sectors continue to provide significant opportunities and Berkley is well positioned to service this market with their product offering. With our non-dilutive permanent capital solution, the Berkley management team will enjoy 100% of the value they create going forward.”

Paddy O’Connell, Berkley’s CEO, added:

“We are very excited about this new development stage for Berkley. The MBO/MBI was successfully supported by Capital Step and our management team looks forward to further support from Capital step in the future as we implement our Roadmap for Growth.”

June 2017, London, UK.

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