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BREAL DEALS. REAL ACHIEVEMENT.

Company: Serocor Group

Line Size: Undisclosed

Description: BREAL Zeta supports MBO and growth capital of Serocor, the £100m+ STEM recruitment group

Specialist asset-based lender, BREAL Zeta has structured and delivered a flexible funding facility to support the successful Management Buy Out of Serocor, the award-winning resource management and contract recruitment group.

The transaction enables the new management team, comprising David Wilson, Leon Howgill and Shaun Pope, to take control of the group and set a fresh strategic direction for the business. The deal was introduced to BREAL Zeta by PKF Francis Clark, who advised the management team on the buy out.

Headquartered in Portsmouth, Hampshire, Serocor is an established, market leading £100m+ turnover group, which operates on a global basis within highly skilled, niche high-growth sectors such as technology, defence, engineering, automotive and IT. The group is focused on attracting, retaining and growing STEM (Science, Technology, Engineering, and Mathematics) talent in partnership with its clients. In addition to the UK, the group has established operations in the US (ARM Inc) and Germany (Orson Gmbh).

Commenting on the deal, Dave Wilson, COO, Serocor Group, said:

“This is a fantastic opportunity for the new management team to embark on an exciting new business journey, focusing on providing opportunities for all in the Group.” He continued: “We will always be appreciative of the agility and understanding that the team at BREAL Zeta has shown in delivering this transaction. The facility will enable us to accelerate our growth plans and increase our global footprint in support of our defence clients, particularly in the U.S. While conducting an MBO in the midst of a world pandemic presented a whole new set of challenges, we enjoyed working with BREAL Zeta’s team immensely. Throughout the process, their focus was not only on the deal itself but also how to take the business forward once completed.”

Paul Stout, Partner, PKF Francis Clark, said:

“In working with us to shape the deal, BREAL Zeta was able to demonstrate both strength of backing and flexibility, increasing the available headroom with an additional cash flow lend to provide the level of funding required. They were able to get up the curve quickly and outline the funding structure within a week of our initial conversations. Their team was pragmatic, accessible and easy to deal with, always looking to find solutions.”

Robert Wakeford, Managing Director, UK Sales at BREAL Zeta, commented:

“We are delighted to support the management team of Serocor Group. We wish Dave, Leon, Shaun and the rest of the Serocor team every success as they put their plans into action and we look forward to supporting the Group on this important and exciting new stage of its journey.”

Jonathan McLaren, Regional Business Development Director at BREAL Zeta added:

“It has been a real pleasure working with the MBO team and PKF on this transaction. This deal emphasises the importance of listening closely to the requirements of all stakeholders to structure a solution at pace from the initial introduction to meet the required timeframes, as well as to deliver a facility that will support the Group’s future growth ambitions.”

Financial and tax advice to the management team was provided by PKF Francis Clark. Moore Barlow advised the management team on the MBO. The principal sellers were represented by Geldards, and Crowell & Moring acted for BREAL Zeta.