West London’s leading law firm IBB Solicitors has advised Richard Lawrance, CEO and founding shareholder of Twyford-based Resourcing Solutions (RSL) and Alysoun Stewart (an investor in RSL) on their initial disposal of 70% of the issued share capital of RSL to Matchtech Group (Holdings), a wholly-owned subsidiary of Gattaca plc.
RSL, which was founded in 1996, provides specialist permanent, contract and temporary recruitment services supplying construction and engineering disciplines to projects in the rail, power transmission and built environment sectors.
Under the terms of the agreement, Matchtech will initially acquire 70% of RSL's issued share capital for £6.9 million, with the remaining 30% subject to a put and call options. The maximum total consideration payable is £15m.
Richard Lawrance will continue as CEO of RSL following the acquisition.
This acquisition enables RSL to build a strategic partnership with Gattaca to help accelerate the growth of RSL.
The IBB Team advising the shareholders of RSL was led by Adam Dowdney, partner in the corporate and commercial department, and included Bharti Moore, corporate and commercial solicitor, Richard Devall, employment partner, and Jeff Elphee, real estate partner.
Matchtech was advised by Shoosmiths LLP.
Commenting on the deal, Dowdney, said: “I have known Richard and RSL for some time and we were delighted to assist him and Alysoun on the sale of their majority stake to Matchtech, which we are sure will result in further growth for RSL. The deal was not without its complexities; however we worked extremely hard with the RSL management team to complete the deal against a tight timetable. This deal provided further evidence of our M&A expertise and we wish Richard and Alysoun and everyone at RSL and Matchtech every success in the future.”
Lawrance commented: “RSL achieved its 20th Anniversary in November 2016 and I am both proud of our track record and excited by the expanded horizons that will open up for the company as part of Gattaca plc. Selling the business that I had started all those years ago was a completely new and alien process for me and I am hugely grateful to Adam Dowdney and all his team at IBB for their support and advice at every stage. It made what could have been a very difficult and stressful period as straightforward as any such exercise possibly could have been.”
Alysoun Stewart commented: “The strategic partnership between RSL and Matchtech is a great move for the company at this stage of its growth. Richard and I both very much appreciated the fact that Adam and his team were with us at every step of the way on this transaction and were always able to respond quickly to the very tight timetable we were working to.”