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Portsmouth-based healthcare recruitment company, Compass Recruitment Solutions Limited (“CRS”), has announced its investment in Carrot Recruitment, with funding provided by Shawbrook to support the acquisition.
Founded in 2010, CRS is a leading recruiter for companies and investors that operate in the healthcare, life sciences and education spaces. CRS specialises in providing its clients with full-time permanent placements in middle-management and senior leadership positions.
Following over a decade of strong organic growth, CRS is gearing up for expansion by incorporating Manchester based Carrot Recruitment into its business. Carrot Recruitment was established in 2006 by pharmaceutical industry professionals to provide recruitment solutions across a range of skills functions with a particular specialism in medical communications and business intelligence. They support clients within the pharmaceutical and life sciences sectors with permanent and contract recruitment solutions, in addition to executive search.
Compass prides itself on providing a premium contingent service for industry clients with mid-tier management, scientific, professional, and specialist roles. With a similar company culture, shared values and expertise across the entire product lifecycle, Carrot was identified as an ideal acquisition and this complimentary industry expertise will enable CRS to deliver recruitment solutions across a broader range of markets and geographies, with its offices in both Europe and the US.
The deal includes a commercial loan which will be used to support the day-one funding to invest in Carrot Recruitment.
Shawbrook was chosen as a funding partner due to the team’s extensive knowledge of the healthcare sector, a key requirement for CRS. The collaboration between Shawbrook’s Corporate Lending and Healthcare Finance team was key to completing the deal.
This is the first acquisition completed by CRS, although the business plans to expand further through consolidation as part of its ambitious long-term growth plan.
Pinsent Masons acted for Shawbrook on the deal and Blake Morgan acted for CRS.
- Sam Leighton Smith, CEO of Compass Recruitment Solutions
Sam Leighton Smith, CEO of Compass Recruitment Solutions, said:
“We are delighted to welcome the Carrot team into the Compass fold and look forward to realising the benefits and value that our businesses combined can offer. We see many complimentary attributes for our client partners as well as exciting opportunities for staff as we look to continue our ambitious international growth agenda.”
“This is also the first time in our company’s history that we have sought external funding, and Shawbrook has been a fantastic partner throughout the process. Finding a lender who could demonstrate a significant level of knowledge of our sector was key for us, in addition to being able to support our growth ambitions with a bespoke package.
“We have ambitious plans for the future and look forward to working with the team at Shawbrook to support us with these goals.”
Peter Cuffy, Relationship Director, Healthcare Finance at Shawbrook said:
“We’ve had a strong relationship with the senior team at Compass for a number of years, and have long admired the organic growth they have been able to achieve. Now one of the UK’s leading brands in healthcare recruitment, the team have huge potential for further growth."
James Hogan, Director, Corporate Lending at Shawbrook added:
“This was a particularly gratifying deal as two teams at Shawbrook worked in close collaboration together using our expertise to see the deal through to completion. We’re pleased that our unique knowledge across the business could support Compass on this occasion.
“Working with Sam and the team at Compass has been an absolute pleasure and we are excited to support them as they continue to pursue their growth strategy.”
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