Gap Personnel, one of the UK’s largest independent recruitment agencies, has been acquired by Rcapital in a corporate carve-out from its Japanese owner, Open Up Group Inc.
The deal is supported by a £23.5m funding facility from Secure Trust Bank Commercial Finance (STB CF).
Based in Wrexham and with operations across the country, Gap Personnel was founded in 1997 and specialises in recruitment services across the industrial, professional, technical and healthcare sectors. It generates annual revenues of approximately £200m and has built a reputation for delivering high-quality staffing solutions to businesses throughout the UK.
The agency was previously owned by BeNEXT, part of the Tokyo-listed Open Up Group Inc., which acquired the business in 2020. However, following a change in strategic direction, the recruitment business was deemed non-core and has now been divested.
Rcapital, a London-based special situations investor focused on UK mid-market companies, stepped in to acquire the business and refinance existing debt, marking its fifth corporate carve-out in two years. The new funding package from Secure Trust Bank will not only support the transaction but also provide working capital to underpin future growth. Gap Personnel plans to invest in IT infrastructure and operational efficiency as part of its expansion strategy under the new ownership.
Mark Roberts, managing director at Gap Personnel, welcomed the change of ownership. “This acquisition marks an exciting new chapter for Gap Personnel. With this support, we are set to accelerate our growth plans and enhance our service offering by investing in new technology. I’m excited to continue delivering industry-leading services to the recruitment sector under the Rcapital portfolio.”
Rcapital’s investment director Lewis Burnham said the deal exemplifies the firm’s focus on unlocking potential through carve-out transactions. “This acquisition will help Gap Personnel grow and thrive with the support of a hands-on investor. The funding from STB will help us provide the business with the flexibility and resources it needs to expand its market-leading recruitment services.”
He added that Rcapital would continue to explore bolt-on acquisitions in the sector, noting the support received from the bank: “The hands-on support we got from the STB team was amazing and we would look to work with them again in future.”
Dominic Castle (pictured), regional managing director at Secure Trust Bank Commercial Finance, said the bank had worked closely with the investor to structure a bespoke facility.
He added: “We pride ourselves on building long-term trusted relationships with private equity, working as a partner to help them unlock value. By collaborating closely, we’ve created a tailored facility that provides the business with the headroom it needs to continue its expansion strategy.”
