Investing in people with passion

2

Human Capital Investment Group is passionate about investing in the UK recruitment industry

Section

1 Human Capital Investment Group overview 4

2 The investor of choice in recruitment 8

3 How do we do it? 20

4 Case studies 34

Page

We are recruitment sector specialists with over 200 years combined management experience of successfully developing specialist recruitment businesses.

• Weidentifyambitiousowner-managersofhigh-potentialrecruitmentcompanies

• Wesupportrapidandsustainablegrowthbyprovidingexpertise,peer-to-peerlearning and investment capital

• Wetargetandacquirebusinessesthatmeetourstrictinvestmentcriteria

Allsupportedbyourawardwinningsharedservicessolution,allowingcompaniestohittheground running.

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44

Human Capital Investment Group overview

1

Human Capital Investment Group is a leading specialist investor in the UK recruitment sector

5 sectorsOur Group today covers 5 market sectors

6 EstablishedBrandsThere are currently 6 brands within HCIG + several dynamic startups Solid Platform

We are primed for our next stage of growth

18% GrowthEBITDA CAGR

2008 - 2013

Strong CultureA Ruthlessly Focused, Entrepreneurial Corporate

46% 21% 25%

Built Environment Public Sector and Not-for-profit

Health and Social Care

Engineering

9%

Human Capital Investment Group (by revenue)

6

3 Startups

Professional Services

5

6

Welcome to HCIG - The Entrepreneurial Corporate

At HCIG we believe that talent, with ownership and accountability for their own business – be that a desk, a division or a company, is the real growth driver. We believe that quality management enables, facilitates and then gets out of the way.

Our CEOs are just that; they run their own company within our Group structure. Different value propositions, different brands, different operating models… but all supported by the same award winning back office and infrastructure. We want the focus of our businesses to be placing people, not being distracted with administration.

Recruitment at its heart is about people and relationships and whichever way you look at it, this should always be the core driver. At HCIG we support our businesses to develop their teams professionally, providing a platform of shared support services, bespoke Learning and Development, the opportunity to share experiences with other recruitment leaders and Group wide sales events all contribute to our employee value proposition.

Recruitment is the heart and soul of what we do, and our passion is to continue to grow our Group by partnering with the best individuals and companies who share HCIG’s focus on speciality sectors. There has not been a more exciting time to start a recruitment business for over 15 years, but there is no need to do it all yourself – your journey starts here.

Tim Cook

Group CEO

7

The investor of choice in recruitment

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9

Best of Both

Glo

bal S

ingl

e Bran

d Recruitment Boutique Speciality Providers

The best of both

Global Generalist Recruitment

Speciality expertise can potentially get lost within a single brand

Risk of impersonal relationships with speciality talent and smaller firms requiring more expertise

Key internal talent can get lost within bureaucracy

X

X

X

Boutique Speciality Providers

More vulnerable to localised market shocks

Limited capital and ability to provide meaningful back-office support functions

Potentially difficult to attract top-talent; limited brand recognition

X

X

X

HCIG is a scalable platform with speciality focus

National footprint and scalable tech-enabled platform

Economies of scale drive higher margins

Superior brand recognition within our markets

Expertise to fill difficult openings

Strong market presence within niche focus area

Entrepreneurial talent can ‘shine’ and maximise their potential and impact

11

11

Nurturing high-profile companies and high-potential start ups into sustainable growth firms is what we do.“

Over seven years continuous investment in high-growth recruitment businesses

Executive Recruitment Services

2007 2008 2009 2010 2011

RGMS

2012 2013 2014

12

Deep and focused experience across a multi-brand, multi-sector portfolio

We have experience in nurturing both high-profile agencies and high-potential start-ups into sustainable growth firms.“

HCIG operates in five core sectors and true value from a customer perspective comes from being ruthlessly focussed. You are unlikely to meet a hiring manager that wouldn’t rather speak to an expert nor a candidate who doesn’t want to discuss their options with a specialist. To that end, all our consultants whatever the business are encouraged to be ruthlessly focused – do less – better.

Built Environment

Engineering

Health and Social

Public Sector and Not-For-Profit

Professional and Financial Services

Resou

rcing

Gro

up

Attenti

Caritas

Eden B

rown

Proac

tive

Synerg

y Gro

up

ewi

Alphate

c

Butler

Rose

FRG

Retinu

e

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✓

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Apollo

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sing

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Financial Performance

• Since 2008, the market has performed at a 0% CAGR, whilst HCIG achieved 18% EBITDA growth between 2008 and 2013

• In the heart of the recession, between 2008-2011, the market fell by a total of 35%. In the same period, HCIG revenues grew 74%

The secret to HCIG’s financial success:

• Our innovative and entrepreneurial approach in a largely traditional industry

• Attracting top quartile people

• Investing in talented professionals looking to start their own recruitment business

• We have been ruthlessly focused on specialist sectors

• We have encouraged our team to focus on sales growth, whilst simultaneously improving our award winning back office

• Increased sales efficiencies over the past five years

We have delivered consistent year-on-year growth against a weak market and now we are taking advantage of the strengthening outlook. “

£6.7m £9.6m

£11.6m

2015 E2014 2013

£27.8m £35.1m

£44.1m

2015 E20142013

£150.8m £193.4m£233.8m

2015 E20142013

CAGR 31.3%

CAGR 26%

CAGR 24.5%

EBITDA

Gross Profit

Turnover

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Human Capital Investment Group outperforms the Competition

HCIG’s unique model means they have outperformed industry leaders of all sizes across a range of sectors.“

1.0%

- 0.5%

Rev

enue

CA

GR

200

8-20

13

2013 EBITDA Margin

5.0%

10.0%

15.0%

20.0%

25.0%

2.0% 3.0% 4.0% 5.0% 6.0% 7.0% 8.0%

Human Capital Investment Group’s performance exceeds the key players in the rest of the market in generating revenues and delivering profits, this is a demonstration of the success of the three growth engines.

30.0%

15

Human Capital Investment Group facilitates consistent organic growth in each of its recruitment investments

2011 2012 2013

Total Total Total

80%

66 68 72

32

35

26

2515

£90m £139m £162m

Group revenue growth by brand, 2011 – 2013 £m

All of our core businesses continue to grow organically. “

917

23

7

3

Resourcing Group

Synergy

Eden Brown

Caritas

Proactive

16

Growth Potential

HCIG’s platform is conducive to opportunistic, organic and inorganic growth in the form of new acquisitions and start-ups with the best recruitment talent.“

Market growth

Margin enhancement

Increasing market share

Geographical expansion of existing brands

Start-ups in new and existing sectors

Acquisitions in new sectors

Acquisitions in new geographies

• The market is as strong as it has been for over a decade and is forecast to continue to grow

• Leveraging the HCIG platform of back office functions to provide full best in class services

• Our shared services centre ensures we can minimise costs through economies of scale

• Using our long lasting customer relationships and ruthless focus we are able to win even more

business from existing clients and forge new relationships, increasing our market share and penetrating further.

• Exploiting our national footprint to ensure that new businesses can grow quickly across the UK

• Increased our volume of business nationally -a core component of growth

• We are actively engaged in discussions with potential acquisitions in new specialist sectors

• The Group is poised to enter international markets after establishing itself as one of the leading platforms in the UK

• Many of our brands have the capability to create start-ups themselves

• AlphaTec and Butler Rose are examples of our most recent startups

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Growth Pipeline

We have already formed a road map of our immediate growth activity across all three of our growth engines.“

• Our Centurion programme aims to increase the number of desks in the business by 100 every 18 months

• We are continuing to map our competitor market to attract the best talent in the industry

• We have a very strong talent retention proposition

• We encourage all of our brands to grow organically by attracting the best talent in the industry

We back talented individuals and teams to start their own boutique specialist businesses with the following attributes:

• Highly specialist and focused sectors

• Structural growth markets

• Professional, technical or skilled

• We consistently source and categorise acquisition targets

• These targets have already been subjected to our stringent criteria, following from our ruthless focus on key markets

• We have already begun having conversations with selected companies

Organic growth

Organic growth with new startups

Inorganic Growth

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Organic Growth – Talent Retention

We understand that individuals perform at their best when they feel valued within the business and are adequately rewarded for their performance and ideas. To ensure we attract the best people to achieve this growth, HCIG has a strong focus on talent attraction and retention.

Acknowledging achievement HCIG believes it is important to acknowledge achievements both at a company and an individual level. We regularly send out email updates to the Group to highlight company achievements and each month recognise billings achievements with certificates displayed on the ‘wall of fame’.

Career reviews & promotion criteriaEvery person in HCIG understands where they are in their career pathway and what they need to do to take the next step in their career. Each business publishes it’s promotion criteria for both those who wish to pursue management or account management careers, and those who prefer to develop their career in pure sales.

Management and Leadership DevelopmentThough our own dedicated L&D resource we provide on-going support for our managers and leaders to help them get the most out of their teams. The philosophy of “enable, facilitate, then get out of the way” pervades all of our learning and development ensuring that managers and leaders are improving both quality and performance, without blocking the entrepreneurship of our consultants.

 

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Headcount

Our total Group headcount shows strong upward growth over the past three years. This growth has been achieved through the direct attraction and retention of talented individuals to the existing recruitment businesses in our Group, the setting up of start-ups as well as the acquisition of established recruitment businesses.

HCIG Headcount January 2011 - March 2014

HCIG is fast becoming the ‘place to be’ for specialist recruiters. “

550

500

450

400

350

300

250

200

Sep 12

Dec 12

Mar 13

Jun 1

3Sep

13

Dec 13

Mar 14

Jun 1

4

Sep 14

Dec 11

Mar 12

Jun 1

2

Dec 14

How do we do it?

3

The most experienced recruitment

team in the UK

It’s all about having the best people

Human Capital Investment Group don’t just provide capital. We provide an invaluable support network to assist all our investments to grow rapidly. “

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Tim Cook, Group CEO

Tim Cook joined HCIG as CEO in February 2013. Tim leads the boards of each company to deliver exemplary service to customers and deliver on our high profit growth targets - building and creating value for shareholders. He works to identify opportunities for further investment within the existing operations, start-ups and acquisitions. Tim has 26 years’ recruitment experience most recently as Global Head of Digital and Business Innovation at Hays, responsible for digital activities in 32 countries.

Adam Herron, Group COO

As Chief Operating Officer for HCIG Adam’s primary responsibilities are leadership of the Group, management of the CEOs and delivery of the Group budget. Adam joined Eden Brown in 1997 as a recruitment consultant and quickly progressed to Director level. In 2004 Adam started Matrix SCM to run staffing contracts for public sector clients, taking its sales from zero to over £100M pa. Returning to recruitment as COO for Human Capital Investment Group in 2008, Adam has played a key role in the growth of the Group driving and project managing all acquisitions and new start-ups.

Geoff Lloyd, Non-Executive Chairman of HCIG

Geoff Lloyd joined HCIG as Chairman in October 2014. Geoff is a petrochemical engineer who founded NES Global Talent specialising in oil and gas, power and infrastructure. Between 1998 and 2012 NES completed four private equity transactions at ever- increasing values, the most recent being the sale to AEA Technology for £234m. During 2010 Geoff was asked to join the Huntress Group as a Non Exec Director. Huntress is a business support, IT, accounting and finance recruitment specialist.

Premier management team with over 150 years combined recruitment experience

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Michael Sterling, Group CFO

Michael Sterling has primary responsibility for the arrangement and maintenance of Group finance, and control of the Treasury function. In 2011 he established HCIG Operations, the Group “shared services” division, which provides centralised Finance and Operations to the Group companies. Michael qualified as a Chartered Accountant in South Africa, and served articles with Arthur Andersen. After moving to the UK he gained financial experience with an IT start-up, successfully concluding a disposal of the business to a major competitor, before joining Eden Brown in 1996. He was promoted to Group Financial Director in 2007, following the acquisition of Eden Brown by Human Capital Investment Group.

Tim Styles, Group CIO

Tim Styles joined HCIG as Chief Information Officer in January 2014. He is responsible for establishing the company’s technical vision and leading all aspects of the company’s technology development. By anticipating and reacting to major technology changes he plays an integral role in the company’s strategic direction, development and future growth. Tim brings a wealth of experience of recruitment and managed service contracts to the business, having been CIO at CSG (now part of Impellam) which included the Blue Arrow and Medacs brands. He was subsequently Chief Technology Officer at Comensura and then Matrix SCM.

Heather Salway, Group HR Director

Heather leads the Human Resources team at HCIG. Heather has over 25 year’s experience working within HR, as well as Learning and Development, 15 working with recruitment businesses both large and small, established and start ups. Her strength is the ability to ensure our People Strategy facilitates and enables our people to be the best they can be and to realise their potential. Prior to joining HCIG, Heather was Head of Personnel and Training for a large, successful private sector retailer. She is a Fellow of the Chartered Institute of Personnel and Development.

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Adam Aziz, Group Head of Accounting Services

Adam is responsible for management accounts, treasury and purchase ledger for the Group. Adam joined HCIG in 2012 after establishing a career at TMF Group, a Global firm of business administration outsourcers, who he joined shortly after qualifying as a Chartered Certified accountant in 2007. He was promoted to Group financial controller in 2010 supporting TMF through four business acquisitions in two years including Legal and Accountancy firms.

Yves Bizimana, Group Head of Financial Operations

Yves is responsible for debt, payroll and billing activities at Human Capital Investment Group. He has extensive experience working with both the back and front end of the business, locally and internationally. He has developed an exceptional appreciation of internal business dynamics as well as customer needs. As a qualified CIMA professional, Yves approaches business problems with a very commercial view to ensure both efficiency and value in the solutions delivered.

David Denyer, Group Credit Director

As Credit Manager David is responsible for ensuring the company is paid on time by clients who we have provided recruitment services to. Managing, motivating and leading the Credit Control Team of 16 staff to ensure that daily, weekly and monthly collection targets are met. Liaison with the business to escalate accounts of concern and advise on recommended courses of action to be taken for resolution of such issues. David’s previous experience is with Hays for over 20 years in Credit Management in UK & Ireland, Australia & New Zealand and Hong Kong & Singapore across the Construction, Finance, Banking, IT, Oil and Gas & Mining sectors.

Best-in-class professional

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Tenille Woodford, Group Marketing Manager

Tenille is responsible for the marketing strategy and implementation across the Group, she works closely with all the businesses to ensure they receive the expertise and support required to successfully build their brands, and attract clients and top candidates. Tenille has over 8 years’ experience working within Marketing as well as Sales and Advertising. Moving to the UK three years ago Tenille gained experience with a leading entertainment company before moving into the recruitment sector working with a leading Health & Social Care provider.

Caroline Hooper, Group Graduate Academy Leader

In June 2013 Caroline joined Human Capital Investment Group to create an innovative graduate recruitment scheme that would attract, equip and retain the recruitment leaders of tomorrow. The scheme was designed as a key element in HCIG’s ambitious plans to grow the business by 100 productive consultants every 12-18 months. Caroline has built up a depth of experience as a highly successful recruiter, she was a top biller at Badenoch & Clark before progressing to Graduate Manager, responsible for running the company’s public sector Graduate Scheme. Caroline joined out-sourced recruitment body PPS Works in June 2012, where she took on the role of internal recruiter successfully filling hard to fill roles.

Paul Wheeler, Group Learning and Development Director

Paul is responsible for Learning and Development activities across HCIG, and also looks after Group Audit and Compliance function. Paul started work in the recruitment industry in 1997 and has worked in both permanent and temporary markets in the public and private sectors. Since 2007 he has been involved in Learning and Development, designing and delivering bespoke recruitment related training. Paul works closely with the leadership teams to ensure the training he delivers is both targeted and relevant, with the right amount of follow up to ensure long term changes in behaviour and performance.

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Resourcing Group, Jason Bowler, CEO

Jason was appointed CEO of Resourcing Group in 2010 after progressing through the ranks during his 10 year career at Hays Construction & Property. After beginning with Hays as a trainee consultant, Jason worked his way up to management, where he was promoted to Regional Business Manager for the Thames Valley. In his final role at Hays as Business Director for the South of England, he won reputable awards for outstanding achievement. As CEO, Jason is continuing his award-winning performances with Resourcing Group, with the company now the fastest growing business in HCIG.

Jason is also the CEO of RGMS.

Eden Brown, Iain Dennis, CEO

Iain joined Eden Brown in January 2014 with 23 years’ experience in the recruitment industry behind him. Iain spent 21 years with Hays Montrose (Construction & Property) where he began his career as a trainee and progressed to Operations Director for the Western Region. Iain built the Western Region from nothing to a peak of 200 consultants across 12 offices in locations from Stoke to Truro and Swindon to Cardiff, covering market sectors including Construction, Building Services, Architecture & Interiors, FM & Maintenance and Trades & Labour. Iain went on to very successfully run his own specialist construction recruitment practice before joining Eden Brown.

Synergy Group, Philip Poole, CEO

As a recruitment business leader with over 17 years’ strategic experience of running multi-discipline, multi-site recruitment teams, Phil played an integral role in turning the business around from making monthly losses to posting a seven figure profit in 2012.

After four years as a team manager at Eden Brown, Phil was a director at Synergy Group for two years until being promoted to CEO in 2011. Phil has played a large part in winning many high profile PSL’s and Master Vendor contracts, which have increased Synergy’s profile significantly, cementing Synergy’s name as one of the leading recruiters within their niche markets in both the public and private sectors.

Philip is also the CEO of Apollo Nursing.

Exceptional Leadership

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ewi, Mathew West, CEO

Mat co-founded international recruitment consultancy ewi in January 2012.

Mat began his career with BBT as a consultant in April 2004, having spent the previous five years working in advertising for trade magazines and national press including the Daily Mirror. He created BBT’s UK Global Division. BBT then merged with Hill McGlynn in September 2009 to create Randstad CPE. Several promotions later he was placed in charge of the public sector, consulting engineering and international divisions.

Proactive, Matt Johnson, CEO

Matt joined Proactive in 2005 as a Recruitment Consultant, and was appointed as Operations Director in 2010. He took sole responsibility for running the business in 2013 before being appointed CEO in 2014. Under his leadership, the business grew rapidly with new offices opening in London, Birmingham and Bristol. Between 2013 and 2014 Proactive increased profits by over 100% and attracted a large number of experienced staff from competing businesses across the UK.

In 2014, Matt launched AlphaTec Consulting as a start-up between its management team and Proactive – a Milton Keynes based business specialising in technology and electronics recruitment.

Caritas Recruitment, Debbie Smith, CEO

Beginning her recruitment career with Bluecare in 2001, Debbie quickly progressed through the ranks – appointed to Managing Director in 2008. Under her leadership, the company posted turnover results in excess of £40m with a GP of approximately £10m.

At the helm of Caritas, Debbie has replicated this success with the business now one of the leading social care recruitment providers for the temp/contract and permanent qualified and unqualified social work and care markets.

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Attenti, David Fielding MBE, Managing Partner

After a successful career as a HR Director, David is now one the UK’s leading head hunters, working with a wide variety of private, public and top 100 Charities over the past ten years. He has earned a reputation as a leading authority in executive recruitment and also acts as advisor to ACEVO (Association of Chief Executives of Voluntary Organisations) and provides regular counsel on high profile Ministerial Public Appointments.

Financial Resourcing Group, Peter Dunphy, CEO

Peter has worked in recruitment for over 20 years and established his own award winning financial services recruitment business, Darwin Rhodes/Dryden Human Capital, in late 1996. He built the business, organically and through acquisitions to be the largest insurance, actuarial and employee benefits recruitment firm globally with operations in Europe, North America, the Middle East, Asia, and Australia. He sold his stake in the business in private equity deals in April 2008 and in May 2011. He joined Human Capital Investment Group in 2014 to establish the Financial Resourcing Group across financial services sectors.

Butler Rose, Simon Wicks, CEO

Simon started Butler Rose as a start-up with HCIG in 2014.

Simon has an in-depth knowledge of the accountancy and finance recruitment market, combined with a track record of strategically growing successful teams whilst delivering first-class service to a range of client organisations. He spent six years with Hays Accountancy & Finance where he grew the Swindon team before moving into a regional role heading up Hays’ qualified finance division. In 2003 he moved to Reed establishing Reed Finance in the Southwest and South Wales. A series of promotions saw him grow the brand across the South, East, Midlands and London. In 2012 Simon took on the role of Board Director at Sheridan Maine where he successfully established a brand new accountancy and finance business for them in the Southwest.

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Retinue, Rachel McKenzie, Managing Director

A results orientated, motivated and energetic individual with strong leadership and management skills, Rachel has over 10 years experience in leading UK MSP and RPO companies; designing, implementing and delivering complex recruitment solutions to large organisations.

With direct experience of creating a better market position through strong talent acquisition strategies and committed employee engagement programs, Rachel is committed to driving value for clients through the creation of outsourced recruitment programs that meet both the strategic and tactical needs of both private and public sector clients. Rachel is a qualified lawyer.

AlphaTec Consulting, Aaron Keep, CEO

Aaron founded AlphaTec as a start-up with HCIG in March 2014.

Aaron has an expert knowledge of the technology and electronics markets.

He spent 13 years at Redline Group (Technology recruiter) where he was accountable for building, running and developing vertical specialist markets. An expert in permanent recruitment solutions for technical customers, trained and licenced in personality profiling.

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We’re expert in scaling businesses: This is a key driver of value creation

We help you achieve rapid organic growth driven by operational improvement. We facilitate acquisition-led, inorganic growth by identifying and executing value-enhancing transactions with you.

Track Record Future Growth

Leadership and Delivery

We have achieved• Impressive performance under

adverse market conditions

• Consistent growth since inception

• Created one of the largest private recruitment assets in the UK

Critical Success Factors• 3 growth engines, which cover

organic growth, startups and acquisitions

• Attracting the brightest and best in the industry, across all levels of seniority

• Incentivising our management and employees to create value

We will deliver• Build on our solid platform

by replicating and scaling our proven model

How will we do this? • Inorganic growth driven

by a ruthless focus on acquisition targets that meet our stringent criteria

• Organic and start-up growth

• Attract and retain the best talent (Centurion Programme)

We can deliver• Highly skilled Management

Team with a proven history of scaling up businesses

• Our Management are highly incentivised to deliver enhanced growth

• Opportunities to work with industry leading business leaders

“

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Investing in our people

At Human Capital Investment Group (HCIG) people are the heart of the company – it is the actions of each and every member of staff that shape its fortunes. That is why people development is a central part of business strategy.

Individualised approach We take a unique approach to development and focus on delivering development solutions that are focused on the individual needs of the different consultants, managers and companies – it is this approach to creating tailored solutions that ensures training is 100% relevant to all who participate. Every business has a unique set of business challenges and needs, so we understand that a one size fits all approach doesn’t work.

Access for all The majority of our training is implemented by our dedicated learning and development team and we work to the philosophy that no one should have to travel from their office to attend a training session; this ensures that everyone has access regardless of location.

Development at every stage Significant investment has been made in the development of new resources and programmes to ensure that sessions are focused on not just remedying poor performance but encouraging everyone, at every stage of their career from our graduates to our top biller to become the best they can.

Initiatives include: • HCIG new employee induction sessions

• Systems training

• Best practice recruitment - we empower our consultants to be the best in the market.

• Facilitation and away days

• Coaching and mentoring - matching employees with a mentor who is best placed to offer support & advice

• Online flexible learning - allowing staff to learn at their own pace

• Apprenticeship programmes

• Graduate Recruitment Academy

• Career reviews - helping employees identify and take the next step on their career pathway

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Leadership

Human Capital Investment Group’s recruitment businesses are run by a group of highly motivated leaders. Between them they have extensive experience in leading both start ups and mature organisations, large and small. Choosing to launch your business whilst surrounded by this level of talent gives you a unique advantage. Our CEOs meet together formally once a month in a board setting, sharing information and progress updates about their business, celebrating success and discussing difficulties. This is a great opportunity to listen to and learn from an exceptional group of people and in time you will make a significant contribution to these meetings.

Mentoring In a less formal way our senior management will often mentor each other. Both supporting each other and offering practical guidance for dealing with particular challenges.

An example includes Matt Johnson, who progressed to become CEO of Proactive Technical Recruitment. Debbie Smith CEO of Caritas worked with Matt to identify and address areas of focus.

“Shortly after being promoted to Director of Proactive Technical Recruitment, it was arranged for Debbie Smith to assist me in my development and transitional period into the new role.

Debbie was the perfect mentor. Despite having no material interest in the performance of Proactive, she gave me a significant amount of her personal time whenever I felt it needed. Her personality, character and management style gave me a platform to aspire to, and I continue to admire her ability to this day.”

Matt Johnson – CEO, Proactive Technical Recruitment

With access to such a diverse group of leaders there’s unlikely to be a challenge that at least one of them hasn’t encountered before, and you’ll find them always eager to share their experience and knowledge with practical solutions or just a listening ear if that’s what you need.

Case studies

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Resourcing Group - Acquisitions Success Story

• Resourcing Group was established in 2000 and was acquired by HCIG in 2008

• Management sought an investment partner as growth plateaued due to:

- Almost 100% exposure to a declining public sector

- Exposure to a few very large clients

- Majority of sales from just a few consultants

• Between 2009 and 2013, RG revenues grew organically at 207% in a declining market

• Human Capital Investment Group strengthened the management team, managing to attract Jason Bowler from Hays

• RG created a more fit-for-purpose and professional culture enabling them to hire 30 new billers in one year

Revenue, 2009-2014 EBITDA, 2009-2014

+133%

2009 2013

Value-add

Acquire

2010 2011 2012

£1.5m

£1.1m£1.0m£0.9m£0.9m

2009 20132010 2011 2012

£25.6m

£15.9m£15.5m£15.5m£11.7m

+207%

2014 2014

£36.0m £2.1m

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“I get advice and support when I need it, in the areas I need it

HCIG gave us a deep understanding about the importance of attracting the best talent, and marketing to do so. Now it is part of our culture. We think about it, we talk about it

We are now one of the fastest growing recruitment companies in the UK. HCIG instilled a mentality that it is possible to grow in any circumstances. We grew 80%, selling to the public sector, in the midst of widely publicised public sector spending cuts”

Jason Bowler, CEO

Key milestones and achievements

Value to management

“

• Turnover has tripled in the last 4 years, smashing the £35m mark

• Headcount of sales staff has increased by 219% in the last 12 months

• Continued growth in new start-up offices, with Brighton and Southampton offices opening

• 3 star Accreditation - Best Companies

• Sunday Times ‘Best Small Companies to Work For 2014’

• Jason Bowler ‘Business Leader of the Year’ at the IRP Awards 2013

• Awarded ‘Small Recruitment Agency of the Year’ at the Recruiter Awards for Excellence 2013

• Recruiter HOT 100 2014 - For the third year in a row Resourcing Group was ranked within the Top 40 recruitment businesses in the country. They were also ranked number 7 in the Top 10 Public Sector recruiters

• IRP Awards 2014 - Francesca Piccolo, Maintenance Director, won both ‘Temporary Consultant of the Year’ and ‘Recruiter of the Year’ Awards

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Synergy Group - A true reversal of fortunes

• Established in 1997 with a public sector focus

• Experienced financial difficulties in 2010/11

• Business acquired by Human Capital Investment Group in May 2011 to:

- Reduce overheads and improve back office efficiencies

- Reinvigorate the Business Development approach

- Establish financial stability to help rebuild the business

Acquire

Value-add

• Using the HCIG shared services platform non fee earning staff numbers were reduced from 23 to only 2.

2011 20142012 2013

£9m £17m£23m

£34m£27m

Revenue, 2011-2014 EBITDA, 2011-2014

2011 20142012 2013

£0m

£0.5m

£1.4m£1.1m

+323% +180%

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It has been truly inspiring to be surrounded by the calibre of both the CEO peers and the investment Team at HCIG. Exposure to some carefully chosen shared learning forums has been instrumental in developing my knowledge and skills as a CEO.

The results speak for themselves. In just two years I have been able to transform my business from one fighting for survival, to one of the fastest growing companies in the UK.

Philip Poole, CEO

Value to management

“

Key milestones and achievements

• Over £800,000 of costs were removed from the business in year one and Synergy became profitable.

• Each year, the conversion from GP to profit has increased substantially, from 15% in 2011, to a forecast of 31% in

2014

• 60% headcount growth in the last 18 months from 38 to 61

• Achieved 75th place in the Recruiter HOT 100 2014

• Established a Nursing division in January 2013 - which had grown to a 14 person team in by January 2015

• 2014 a year of outstanding growth:

- Turnover increased from £27m to £34m

- Permanent revenue increased 235% from £257k to £863k

- Total GP increased 34% from £2.26m to £3.04m

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ewi - A start-up without borders

Create

Value-add

• ewi was established by Mathew West and Carl Chinnappen as a start-up with HCIG in January 2012

• The business was created to take advantage of the growing emerging markets across the Middle East, Africa and Asia regions

• Mathew West brought 10 years’ technical engineering experience across the international and UK markets

2013

0500k

20142013

760k

£1.4m

2014

Revenue, 2013-2014 EBITDA, 2013-2014

+84.2%

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Value to management

“

Key milestones and achievements

• Broke even in its first year of trading

• ewi has grown its headcount to 28 since its establishment in 2012

• Opened a new office in Southampton in 2014

• The business had a record month of £300K in September 2014

• GP has increased to £1.4m in 2013/2014

• Revenues are forecast to increase by 100 % this year

Being part of HCIG has allowed us to focus on sales - we would never have broken even in our first year without the access to the shared resources that HCIG provide which have ensured that all our staff can concentrate on generating revenues for the business.Mathew West , CEO

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Caritas - A sector leading startup

• Caritas was established in 2009 by Debbie Smith backed by Human Capital Investment Group.

• The business was founded based on a belief that there was a gap in the market for a social care recruiter with the

passion and quality of smaller outfits, but created with the infrastructure for rapid growth.

• Debbie brought with her significant market expertise with over eight years’ social work recruitment experience

including leading a business with annual revenues in excess of £50 million.

Create

Value-add

£7.8m

£22.8m

2010 2013

£9.1m

£17.2m

2011 2012

£33m

2014

Revenue, 2010-2014 EBITDA, 2010-2014

£0.5m

£1.3m

2010 2013

£1.0m £1.1m

2011 2012

£1.7m

2014

+323% +240%

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Being part of HCIG offers an efficient and flexible support system that covers every aspect of a recruitment business, along with the chance to work with some of the best leaders in recruitment today. We have been able to achieve unprecedented success in just five years – something that we would never have been able to do on our own.Debbie Smith, CEO, Caritas

“

• Growth to over 40 heads across two offices, London and Birmingham

• GP has increased from £3.6m in 2012/2013 to £5m in 2013/2014

• EBIT has increased from £1.24m in 2012/13 to £1.74m in 2013/2014

• Currently supply to 150 Local Authorities

• 66% increase in the number of locum support hours supplied over the last 12 months

• Leading Social Care recruiter in the Recruiter HOT 100 2014 - 32nd

• Top 5 on the Recruiter HOT 10 Public Sector recruiters list 2014

• CEO, Debbie Smith is currently the chair of APSCo Social Work Group

• Caritas became the first Social Work recruitment company to pass Compliance+, a quality benchmark for social work

recruitment companies

• Awarded ‘Best Small Company to Work For’ at the Recruiter Awards 2013

Key Milestones and Achievements

Value to Management

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