Twenty20 Capital – a Human Capital Investment business – has made a significant investment into Cordant Group, as it looks to expand its presence across the recruitment sector.
The company, founded by Tristan Ramus and Ian Munro in 2017, completed the investment into Cordant Group, on 28th February, which will see 45,000+ jobs protected. As part of the investment, Twenty20 Capital will become the majority shareholder, and a new investment board and chairman will be appointed.
Tristan Ramus, a Founding Partner of Twenty20 Capital, commented: “This is a significant milestone for Twenty20 Capital and Cordant Group as we embark on refinancing and recapitalising the shareholder base and executive board a new and revised business process allowing the group to continue its service delivery to its UK and European customers. Through This investment, we aim to re-ignite the ongoing potential and future growth of the Cordant Group in the UK, Europe and overseas will allow Cordant Group to re-ignite its future growth as a leader in workforce supply and management.
“We are committed to securing continuity of service to all of their customers and protecting the careers of 45,000+ workers and employees – we expect it to be an exciting future for Cordant Group who have implemented a degree of restructuring to enable the investment to be introduced, but the operational boards will remain largely the same, as will the business’ commitment to be a socially responsible business.”
Chris Kenneally, CEO of Cordant Group, said: “We are pleased to welcome investment from the team at Twenty20 Capital and look forward to strengthening our valuable ongoing relationships with our employees, clients, and suppliers, and to the communities, we operate in. This investment means the business can move forward at an ambitious rate and thrive in the current landscape.”
The deal is set to realise Twenty20’s combined revenues of investments to c.£1.3 billion and position them as majority shareholders of Cordant Group and one of the largest privately-owned recruitment businesses in the UK.
Tristan and Ian felt that Cordant was a natural fit for their investment model, as the Twenty20 Capital team have had successful track records of investing in, restructuring and supporting human capital businesses through future growth and success. Recent notable transactions via their HCRG group of businesses was Affinity Workforce Solutions (Education) and Allied Healthcare (Social Care).
Advisors to the transaction were Hemmingway’s Solicitors and Duff & Phelps.