PE Investment Announcement
Erisbeg invests in specialist IT recruitment and technology consultancy businesses, Fruition IT and Fruition Consulting
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 expediate the international and local expansion strategies of both businesses.
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.”
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.”
Advisors on this transaction included Clearwater, Deloitte Ireland, EY Ireland, Gordons LLP, Pinsent Masons, RSM and BHP.
About Erisbeg: Erisbeg is a leading Irish private equity firm. It was established in 2017 by Alan Kerr and Thomas Davy, former senior executives at Blackstone and DCC, respectively. Erisbeg scales Irish SME’s with an operationally focused buy and build strategy. The firm has made over 20 significant investments since inception. Erisbeg is currently investing from its €110m Erisbeg I LP fund, supported by leading Irish and international institutional investors, including AIB plc. Erisbeg has made investments in businesses across the critical communications, healthcare, compliance, logistics and recruitment sectors.