Clearwater International has advised Staffgroup on its acquisition by top 10 UK recruitment giant Cordant Group plc (parent company of Cordant Recruitment).
Founded in 2003, Staffgroup specialises in recruitment for the technology, finance, engineering and energy sectors. It has offices in eight countries in Europe and the USA. The company, under joint Managing Directors Mark Znowski and Paul Flynn, has enjoyed exponential growth: last year, the business increased turnover by 40% to over €70m.
Staffgroup has a team of over 100 people working in a network of international offices in the UK, mainland Europe and the United States. Operating through its Eurostaff, Earthstaff and Enginestaff brands, the company provides tailored recruitment solutions in over 40 countries.
The deal will bring major strategic benefits to both companies. It will enable Cordant to establish a mainstream presence for recruitment in the IT industry and also give its existing brands – in areas such as procurement engineering, banking & finance and executive search – a gateway to new international markets through Staffgroup’s office locations. Staffgroup will benefit from the financial backing of Cordant Group, providing significant new investment and resources to accelerate its growth plans.
Clearwater International advised Staffgroup on the deal. The team comprised partner Marcus Archer and associate Stephen Nemeth. This is the second business that Clearwater has advised on its sale to Cordant.