ORIGINALLY APPEARED IN ON LINE RECRUITMENT (onrec.com)
Jobsite is a quality business and market leader in multi sector online posting. A proven history of revenue growth, customer focus and sustained profitability, especially through the challenging market conditions of recent years, sets it apart from its peers. As a result, approaches from trade acquirers were frequent.
CCP was first introduced to the management shareholders of Jobsite last May 2003 to assist them in responding an approach, from a serious and substantial buyer. CCP's introduction was through Manpower, a significant shareholder in Jobsite since 2000 and a CCP client for many years.
Whilst discussions progressed with the potential trade buyer, CCP explored with the shareholders of Jobsite their individual objectives and it was decided that if a full, or partial, exit was to be seriously considered, then all potential purchasers should be identified and a limited number of preferred partners contacted.
CCP undertook a global search and a short list of potential acquirers was drawn up.
Whilst the initial trade approach faded away, CCP worked closely with the management shareholders to present the company to a short list of acquirers through summarised written documentation, conference calls and in-person management presentations. The final value achieved was over �35 million to the FTSE 100 media group Daily Mail and General Trust (DMGT).
The specific challenges of the project were to match the different shareholder objectives to a number of substantial and varied UK and overseas buyers.
The exiting shareholders (Manpower and certain existing and past managers and employees) were wholly supportive of those management shareholders who were remaining and it would be this latter group who would eventually determine the right acquirer and future partner for Jobsite.
It was crucial for DMGT to know that the proven Jobsite management team were committed to the future growth and development of the business and therefore CCP assisted in structuring the deal to ensure appropriate incentives were put in place to encourage the continuing success of Jobsite within its new and exciting home.
As always, CCP worked closely with all shareholders from the start of the project through to the eventual signing of legal sale and purchase documentation. CCP's historic relationship with Manpower certainly assisted in clearing intra-shareholder issues as they arose and ensured that success was achieved for all.
Osborne Clarke advised the Company as lawyers to the deal, while Reynolds Porter Chamberlain worked for DMGT.
Roger Luscombe of CCP commented that Jobsite's challenges perfectly matched CCP's knowledge of the staffing sector (online and offline), transatlantic and European contact base, as well as in-house negotiation and structuring expertise.
CALL CCP 0207 630 2010 FOR FURTHER INFORMATION
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