Key takes stake in EarthStream
Key has invested £2 million for a minority stake in specialist recruitment firm EarthStream, which supplies specialist staff to the global energy & resources sectors.
The investment from Key has come at a perfect time in the company’s growth trajectory. We have had an exciting couple of years of fast growth since foundation and the investment and support from Key will help ensure our rapid expansion continues. It will be used to accelerate our growth plans and help our expansion into Japan and US. Key know the recruitment industry inside and out and I look forward to working with both Philip and Mike as we develop the business further.
The investment by Key will be used to support and grow EarthStream’s capability and headcount in its existing markets. It will also help fund new office launches in 2013 in Yokohama Japan and Houston US as the business aims to take advantage of the boom for specialists in unconventional natural gas.
The company, headquartered in London, has a physical presence in 10 countries across Europe, Asia, Africa and North America and has placed candidates in over 50 countries since inception in July 2010. It supplies specialist workers in the oil & gas, mining & resources, renewable energy and power & transmission sectors. In 2012 the company generated turnover of over £20 million and the business currently employs over 130 people.
Paul has an impeccable track record and is a leader in the recruitment industry. We look forward to working with the EarthStream team as they continue to scale the business globally.
EarthStream was founded by serial recruitment entrepreneur Paul Beeke and this is the third private equity-backed company that he has managed. He previously launched, developed and sold two other specialist recruitment firms, the most recent being James Harvard International Group, which was sold to Hays PLC in 2007. The Chairman of the business is Ian Nash. Ian has previously held the post of CFO at Michael Page plc and Robert Walters plc.
The transaction is Key’s third in the recruitment sector following investments in blue-collar labour recruitment company Templine and healthcare industry recruiter Nurse Plus.
As part of the deal Key investment partner Mike Fell and director Philip Duquenoy will join the board at EarthStream.