More than 45,000 jobs will be protected after Twenty20 Capital announced a major investment in recruitment and facilities giant Cordant Group.
Human capital investment firm Twenty20 intends for the deal to help it expand its presence across the recruitment sector.
The London company, founded by Tristan Ramus and Ian Munro in 2017, will become the majority shareholder in Cordant, and a new investment board and chairman will be appointed.
Founding Partner Ramus said: “This is a significant milestone for Twenty20 Capital and Cordant Group as we embark on a new and revised business process allowing the group to continue its service delivery to its UK and European customers.
“This investment 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-plus 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’s commitment to be a socially responsible business.”
Rasmus and Munro said they felt 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 and Allied Healthcare.
The deal is set to realise Twenty20’s combined forecasted revenues of £1.3bn and position them as majority shareholders of Cordant Group and one of the largest privately-owned recruitment businesses in the UK.
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.”
Advisors to the transaction were Hemmingway’s Solicitors and Duff & Phelps.