Leeds-based Key Capital Partners has invested £2 million for a minority stake inspecialist recruitment firm EarthStream, which supplies specialist staff to the global energy & resources sectors.
The investment by KCP will be used to support and grow EarthStream’s capability and headcount in its existing markets. It will also help fund new office launches in 2013 in Yokohama Japan and Houston US as the business aims to take advantage of the boom for specialists in unconventional natural gas.
The company, headquartered in London, has a physical presence in 10 countries across Europe, Asia, Africa and North America and has placed candidates in over 50 countries since inception in July 2010. It supplies specialist workers in the oil & gas, mining & resources, renewable energy and power &transmission sectors. In 2012 the company generated turnover of over £20 million and the business currently employs over 130 people.
EarthStream was founded by serial recruitment entrepreneur Paul Beeke and this is the third private equity-backed company that he has managed. Hepreviously launched, developed and sold two other specialist recruitment firms, the most recent being James Harvard International Group, which was sold to Hays PLC in 2007.The Chairman of the business is Ian Nash. Ian has previously held the post of CFO at Michael Page plc and Robert Walters plc.
The transaction is KCP’s third in the recruitment sector following investments in blue-collar labour recruitment company Templine and healthcare industry recruiter Nurse Plus.
Paul Beeke, chief executive of EarthStream, said:
The investment from KCP has come at a perfect time in the company’s growth trajectory. We have had an exciting couple of years of fast growth since foundation and the investment and support from KCP will help ensure our rapid expansion continues. It will be used to accelerate our growth plans and help our expansion into Japan and US.
KCP know the recruitment industry inside and out and I look forward to working with both Philip and Mike as we develop the business further.
Philip Duquenoy, director at KCP, who originated the deal having previously worked with Paul, said:
Paul has an impeccable track record and is a leader in the recruitment industry. We look forward to working with the EarthStream team as they continue to scale the business globally.
As part of the deal KCP investment partner Mike Fell and director Philip Duquenoy will join the board at EarthStream.