Gordons advises Fruition IT on significant majority investment by private equity firm Erisbeg
Thursday 19th October 2023
Private equity firm, Erisbeg has made a significant majority investment into Fruition IT and Fruition Consulting – leading partner brands in the IT recruitment and technology consultancy sectors. The investment will accelerate the international and local expansion strategies of both businesses.
A team from Gordons, comprising corporate partners, Jonathan Asquez and Amy Pierechod, and corporate solicitor, Matt Watson, advised Fruition IT and Fruition Consulting on the investment.
Placing the most sought after IT specialist talent, whilst consulting, supporting and building technology solutions; the dual brands have evolved and work in partnership to deliver a complete technology consulting and talent service to large enterprises, SMEs and start-ups.
Averaging 500 placements a year across both permanent and contract positions, Fruition source and place the top tech-talent in some of the biggest tech giants, FTSE 100 organisations, as well as award-winning start-ups. Clients include ASDA, Flutter Entertainment plc and TransUnion.
The Leeds based businesses were founded and launched in 2008 by Sarah Pawson – an inspirational female leader in the recruitment sector. Sarah will remain managing director and heavily involved in both businesses, leading the brands through this exciting new chapter.
The Fruition group achieved organic turnover of £51.4m in 2022, through an unwavering commitment to clients, genuine agility and accurate investment in the right people, processes, and technology. The recruitment brands’ ability to advise, source, manage and deliver the full recruitment solution has built, grown and restructured the technology teams of a diverse portfolio of customers, receiving 94.5% 5 star candidate satisfaction reviews, with the remaining 5.5% rating 4 star.
The investment will allow the businesses to deliver their services to an even larger global footprint whilst offering the scope to enter new markets. Fruition IT and Fruition Consulting have big plans to grow their internal team by 60% over the next 12 months, recruiting an additional 20 specialists. They will continue expanding their client base across the UK and US, whilst staying committed to their core values of pride, energy, and perseverance.
As part of the investment, Fruition will be joining forces with one of Erisbeg’s acquisitions; Ireland’s leading technology recruitment company, Eolas. All executives are looking forward to working collaboratively and the prospect of additional acquisitions in the future.
Sarah Pawson, founder and managing director at Fruition IT & Fruition Consulting “I am delighted with the investment and looking forward to our growing partnership with both Erisbeg and Eolas. The injection of capital will accelerate our growth and enable the Fruition brands to reach their full potential at a new pace, whilst creating opportunities not just for management, but for all the team here at Fruition as well as future hires.
“Jonathan Asquez, Amy Pierechod and Matt Watson of Gordons are the dream team of lawyers. Thank you for going above and beyond, being so patient with me and being there at the drop of a hat. I will always be indebted to you for getting me through this process.”
Thomas Davy, co-founding partner at Erisbeg: “After my first meeting with Sarah, I left inspired at the prospect of a partnership. What Sarah and the Fruition team has built across the Fruition brands and the growth they have enjoyed is truly impressive. Fruition will be a great addition to Erisbeg’s portfolio and a real asset to our IT recruitment brand, Eolas.”
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