SPS secures new investment partner to support growth plans
SPS Group has attracted significant new investment from UK-based Pricoa Private Capital, part of Prudential Financial Inc. In addition to supporting SPS’s exciting growth plans, the investment also provides an exit for existing private equity investor, LDC.
Specialist People Services is a well-established and unique recruitment business providing critical labour solutions 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. Annual turnover of the SPS Group is £170m.
With nearly 40 years’ experience, and operating from over 100 branches, Driver Hire Nationwide is the UK’s largest specialist provider of transport and logistics recruitment services with around 4,500 temps working for the group each day as drivers, warehouse workers and in management roles. Driver Hire Australia provides similar services from 8 offices across Australia.
Driver Risk Management provides a range of training, risk management and compliance services to help logistics operators effectively manage their people. ISS Labour is a leading supplier of safety critical workers to the rail and light rail sector.
LDC first backed the management team, led by CEO Chris Chidley, in 2011 and has since supported an acquisitive and international growth strategy. The transaction marks the end of a successful partnership which provides a money multiple return of 2.9x for LDC.
In addition to facilitating the exit of LDC, 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.