Directors Bank Secondary Buy-out
August 2006
Directorbank, the UK’s leading provider of directors to private equity backed buy-outs, has completed a £4.3 million secondary buy-out of its own in a deal which involved Livingstone as adviser to the vendors.The deal, which was backed by Nova Capital Management (‘Nova’), follows on from Nova’s recent acquisition of Springboard Plc, which invested in Directorbank back in 1999.
Directorbank now has offices in London and Leeds and is retained by over 50 private equity houses, including leading international firms such as KKR, Warburg Pincus, Candover and Permira. The company provides online access to the CVs of around 2,500 Chairmen, CEO’s and Finance Directors, all of whom are immediately available. Directorbank has developed a unique position as an instant source of top managers who are able to advise on target companies and sectors and join them once a deal is concluded.
Elizabeth Jackson, who has led the deal, moves into the role of Chief Executive. Jonathan Hick, who founded the business in 1998, remains as a director and shareholder of the company committed to the next stage of growth. Sarah Grünewald, who has built up Directorbank’s fast-growing public company non-executive director division over the last few years, steps down from the Board but remains a consultant to the company.
Elizabeth Jackson said: “It’s been another fantastic year of growth in sales and profitability at Directorbank and this restructuring provides a strong platform for growth over the next three years. We have developed a much-respected brand, moving in the highest echelons of British boardrooms. Our challenge is to build further on this and Nova’s backing will give us the momentum to do so.”
Tim Lyle, the Livingstone partner who worked on the transaction with deal leader Tom Phipps, commented “Directorbank has been an important catalyst in many private equity deals, providing senior executives at short notice where there was a serious gap in a management team. We were delighted to be able to work with all of the shareholders to ensure the continuing success of this exciting business.”
Simon Smith, a director of Nova, said: “When we bought Springboard, Directorbank was clearly one of the jewels in their portfolio. The company has strong market awareness and an excellent reputation, but it is still a relatively unexploited brand. We see potential for growth across all areas of operation, particularly in the quoted company market, greater exposure with venture capitalists and the further development of the London office.”
Tim Lyle, Partner,
Tel: 020 7484 4710
Email: tlyle@livingstonepartners.co.uk
Tom Phipps, Deal Leader
Tel: 020 7484 4717
Email: tphipps@livingstonepartners.co.uk
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