We have advised on two healthcare recruitment deals; the sale of UK specialist healthcare recruiter, RIG Healthcare Group, and the ICG Group founders share buy-out of group businesses ICG Medical and Arrows Group Global.
RIG Healthcare Group, the trading name of RIG Locums Limited and RIG Medical Recruit Limited, has sold its shareholding to Cpl Resources plc, Ireland’s leading employment services group. RIG supplies qualified medical professionals to the UK’s National Health Services (NHS) with particular focus on specialist locums, radiography, occupational therapy, pharmacy and physiotherapy.
We advised on all aspects of the deal and the team, led by Corporate partner Steven Raize, comprised solicitor Zum Mohammed, trainee solicitor Anna MacDonald, (Corporate), partner Chris Thompson (Employment) and partner James Gopsill (Tax).
CEO of Recruitment Investment Group Ltd, Bryan Lloyd said: “We are pleased that such a formidable company as Cpl has acquired RIG Medical and RIG Locums. Without doubt they will provide the management team to achieve their vision for the future. The Gateley team worked with great endeavour and professionalism to deliver this transaction within a tight deadline.”
This follows the recent share buy-out transaction of ICG Medical and Arrows Group Global, which we also advised on. This allowed the Founders Adrian Treacy and James Parsons to focus their individual energies on ICG Medical and Arrows Group Global respectively.
In 2005 Arrows started a healthcare division which grew exponentially. The healthcare division was rebranded as ICG Medical and now has several successful brands operating throughout the UK, India and Australia with further plans for international growth. Both groups have over 400 staff across the globe with sales in excess of £100m. From June 2017 Adrian Treacy became the sole shareholder of ICG Medical and James Parsons became the sole shareholder of Arrows Group Global.
The deal was led by Corporate partner Steven Raize, comprised partner Chris Fanner, associate Jonathan Biggs, and solicitor Poppy Harrison (Banking & Finance), senior associate Mark Metcalf and solicitor Lisa Faragher (Corporate) advised them throughout the process.
Adrian and James said: “Both companies are set to continue this growth and we are excited about being able to focus on our chosen sectors and work with our brilliant staff to drive on the next phase. Gateley Plc worked tirelessly to ensure the legal process ran smoothly and we are extremely pleased with the support they provided.”
Corporate partner Steven Raize said: “It has been a difficult time recently for the medical recruitment sector (as a result of the introduction of price caps and tax changes) and these two deals in quick succession show there is a renewed appetite for doing deals in the sector”.