SPS Group attracts Pricoa investment
THE BRADFORD-BASED SPS Group yesterday revealed it had attracted “significant” new investment from UK-based Pricoa Private Capital, part of Prudential Financial Inc.
In addition to supporting SPS’s growth plans, the investment also provides an exit for existing private equity investor, LDC. Specialist People Services is a recruitment business providing service to the logistics market in the UK and internationally.
The group encompasses the operating brands Driver Hire Nationwide, Driver Hire Australia, Driver Risk Management and ISS Labour. LDC first backed the management team, led by CEO Chris Chidley, in 2011 and has since supported an acquisitive and international growth strategy.
Pricoa’s investment will support the organic growth plans of the group in the UK and Australia, and provide the ability to consider strategic acquisitions including international expansion.
Chris Chidley, SPS group chief executive, said: “Having enjoyed great support from LDC over recent years, our new investment from Pricoa, which includes them taking a significant minority stake in SPS, positions us perfectly to deliver our ambitious plans for growth both in the UK and internationally.”
The shareholders of SPS were advised by Clearwater International and Squire Patton Boggs. Squire Patton Boggs also advised the management team of SPS, with corporate finance advice provided by Sentio Partners, led by Ian Marwood and Andy Miller.
Pricoa were advised by Akin Gump Strauss Hauer & Feld LLP with due diligence provided by KPMG, CIL and Global Counsel.