Birmingham recruitment company Templine has benefited from a management buyout, backed by independent private equity fund, Key Capital Partners.
Templine Recruitment, which has branches in Leeds, Luton, Coventry and Leicester, provides temporary labour to customers in the distribution, warehousing and industrial sectors.
It also handles 'on site' recruitment services for a number of major logistics and distribution firms. Turnover is £15 million and it has 44 full-time staff.
KCP has invested £4.3 million to acquire a significant minority stake in the business, and back the management team led by managing director Tony Bucciero and newly appointed non-executive chairman, Stewart Rogers.
Partner at KCP, Owen Trotter, who will also join the board of Templine as a non-executive director, said: "Templine has a clear focus on customer service, which has resulted in impressive growth over the last few years.
"Tony and his team have a strong plan for the continued development of the business and we are looking forward to working with them."
Mr Bucciero added: "The distribution, warehousing and industrial sectors have remained particularly buoyant throughout the UK and have a strong need for dedicated recruitment services.
"We will aim to continue to build on the good reputation we have in this sector and expand on the services we offer to respond to the needs of the market."
Senior debt and working capital facilities for the deal were provided by Yorkshire Bank Specialist and Acquisition Finance, led by Ian Howey and Ian Mansell.
KCP was advised by Sean Fitzgerald and Adrian Cutler of Cobbetts and Graham Elsworth and Dougal Baxter of BDO Stoy Hayward, whilst Templine's management team was advised by Simon Clewlow and Martyn Pilley of Grant Thornton and Paul Wakefield of BPE.
Mr Clewlow, assistant director at Grant Thornton in Birmingham, said: "This transaction demonstrates that, in the mid-market, bank and private equity appetite for high quality growth businesses such as Templine remains strong, despite fears about the impact of the recent credit crunch."