10th October 2018
Orion Managed Services Limited, trading as Orion Electrotech (“Orion”, or the “Business”) is pleased to announce it has completed the sale of a majority stake in the Business to TechnoPro Holdings Inc. (“TechnoPro”) of Japan.
Deal price and terms are not disclosed.
Founded in 1996, Orion is a technical recruitment specialist focusing on the Engineering, Manufacturing, Utilities and Construction markets. The Business delivers contract and permanent recruitment services to both large blue chip and SME clients in the UK.
Orion employs 60 staff across two offices in Reading and Aylesbury. For the financial year ending 31st March 2019, the Business is expected to achieve Revenues of £31 million, Net Fee Income of £7.1 million and Normalised EBITDA of £2.6m.
Founder Chris Benham will move to a non-executive role following the deal.
The Executive Management Team Shareholder-directors Paul Ridley, John Waters and Ross Benham will continue in their current roles managing Orion.
TechnoPro is a leading provider of technology and engineering staffing services in Japan and across the Asia region where it has over 17,000 engineers on placement with clients. TechnoPro is quoted on the Tokyo Stock Exchange and has a market capitalisation of USD $2.25 billion. The acquisition represents TechnoPro’s first step into the UK / European market and Orion will be the cornerstone of TechnoPro’s future growth plans in the region over the coming years.
Orion Director Paul Ridley said, “TechnoPro is the perfect partner for Orion as we enter our next stage of growth. This deal will deliver significant opportunities for our staff, clients and candidates, importantly it will allow us to maintain our strong brand name and operational independence”.
Orion Director Ross Benham said, “TechnoPro share our core values and ethics, the synergies between the two businesses are exceptionally strong. These factors combined will allow us to accelerate growth here in the UK and also internationally over the longer-term”.
Boxington Corporate Finance provided M&A advice to the Orion Shareholders and Osborne Clarke provided legal advice. Boxington Director Mark Kingston commented, “We are delighted to have advised the Orion Shareholders on their deal. In TechnoPro we found a strategic international trade buyer that recognises the high-quality business and ambitious team that Orion has developed.”