DC Advisory advises Open Up Group on the divestment of Gap Personnel to Rcapital
Background
- Gap Personnel is a market-leading temporary recruitment agency, providing temporary, permanent, and specialist recruitment solutions to businesses across the UK and has revenues of approximately £200 million
- Open Up Group Inc. is a listed Japanese corporation focused on providing engineers with temporary staffing solutions. Open Up Group has a workforce of over 24,000 engineers and revenues of approximately JP¥170 billion
- Due to changes in strategic direction, Open Up Group has shifted its focus away from short-term contract-based manufacturing staffing and decided to divest Gap Personnel
Process
- DC Advisory was appointed as exclusive financial advisor by Open Up Group to provide sell-side advice on the divestment of BeNEXT UK Holdings Limited, the parent company of Gap Personnel
- DC Advisory Business & Tech-Enabled Services and Asia Access teams, led by Peter Augar, Amish Bakhai, Tosh Kojima and Keiichiro Izawa, were engaged by the Open Up Group in June 2024
- The team worked closely with the management team and Open Up Group to manage the sale process, including bidder identification and interactions, valuation support, marketing materials preparation, project management and negotiations
- DC Advisory leveraged its strong understanding of the Human Capital sector and Japanese business practices to achieve a successful outcome
Outcome
- Following a competitive process, the transaction was signed in February 2025
- Gap Personnel successfully partnered with Rcapital, a private equity firm specializing in complex, cross-border carve-outs
- Following their investment, Rcapital will work alongside the existing management team, led by the Managing Director Mark Roberts, to continue to execute Gap Personnel’s growth strategy
- This transaction is expected to close in March 2025 and is subject to customary closing conditions
- This transaction showcases DC Advisory’s expertise in cross-border deals, particularly its ability to deliver successful outcomes for Japanese corporations while leveraging its strong capabilities in the Human Capital sector
“DC Advisory provided exceptional expertise and flawless execution, helping us secure the ideal new partner for Gap Personnel. In a dynamic market, DC Advisory identified and engaged a diverse range of buyers, designed a highly adaptable process, and leveraged their unique integration of human capital sector specialism and the Asia Access team to drive a successful outcome. We deeply appreciate their professionalism, deep industry insight, and unwavering dedication."
“It was a pleasure to work with Peter, Kei, Amish and Tosh and their outstanding team at DC Advisory. They supported us through every aspect of a complex transaction, deftly handling the stakeholders and bridging the cultural and language divides. Most importantly, DC have secured an incredibly aligned and experienced partner for Gap Personnel in Rcapital. Key to this was truly understanding Gap’s unique positioning and future potential. The DC Advisory team has been, to a person, incredibly hard working and completely first-class.”
“It was a pleasure to have advised Open Up Group and Gap Personnel on this transaction. The outcome reflects our client proposition very well: we combine our strong human capital sector experience with cross-border transaction knowledge and expertise.”
“It has been a privilege to support Open Up Group in this pivotal transaction, which will play a crucial role in its strategic growth. By leveraging DC Advisory and Daiwa's global network, our uniquely integrated team of sector specialists and our Asia Access team, we were able to successfully advise an important Japanese client on their divestment of a significant European business."
- Business & Tech-Enabled Services
- Asia Access
- M&A Advisory
Disclaimer
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