Equistone buys significant stake in Fircroft Engineering
Private equity firm Equistone Partners Europe has bought significant shares in Fircroft Engineering Services in a £140 million deal.
With headquarters in Warrington and offices in 25 countries across Europe, Africa, Australasia and North America, Fircroft provides technical recruitment services to specialist technical industries including oil and gas.
Fircroft Engineering Services is a family owned business whose founding father John Johnson remains on the Board of Directors as his son Johnathan drives the companies current success. With a client list including BP, Chevron and British Gas, Fircroft’s current year turnover is predicted to be over £650 million.
Equistone Partners Europe Limited are owned and managed by the former executives of Barclays Private Equity and look for businesses who they believe that with their experience and capital, have the potential to grow in value.
Johnathan Johnson, chief executive of Fircroft since 2005, said: “Fircroft is a global player that provides bespoke services to some of the world’s leading technical industries. We are pleased that Equistone shares our vision for the future and we are delighted to secure the investment and look forward to working with them in the coming years.”
Steve O’Hare, director at Equistone Partners Europe’s Manchester office will join the Fircroft board as a non-executive but there will be no other changes to the family owned business.
This was posted in Bdaily's Members' News section by Francesca Dent .