Commercial law firm Hill Dickinson has advised Hercules Site Services, a UK technology enabled labour supply provider for the construction industry, on its acquisition of a majority stake in Future Build Recruitment Ltd, a specialist white-collar recruitment company operating in the same sector.
The transaction is Hercules’ first acquisition and represents a significant milestone in the company’s growth. The Brighton-based company will be integrated into Hercules’ Labour Supply division.
Hercules specialises in the provision of construction sector personnel in a wide range of trades whereas Future Build focuses on the permanent recruitment of white-collar personnel for main contractors, house building, high-end residential, social housing and specialist sub-contractor sectors. With minimal overlap between clients, the acquisition will enhance Hercules’ service offering to its existing blue chip customer base, while Hercules’ current offering will provide complementary services to Future Build clients.
Acting as legal advisers to Hercules were Jonathan Morris, partner in Hill Dickinson’s Corporate Commercial team, supported by senior associates Amy Grosvenor and Sara Mullen and paralegal Martha Morrow. Assistance was also provided by David Klass (tax) and Rubena Rahman and Will Steed from the Employment team.
Commenting on the deal, Jonathan Morris said: “Hercules Site Services has built an enviable business model, harnessing tech to provide a speedy and reliable recruitment service via its app. This was the perfect time for the company to embark on its planned expansion with the acquisition of Future Build. We were pleased to guide the team through the legal landscape around this deal and congratulate them on a successful outcome and a bright future ahead.”
Under the terms of the partnership agreement, Future Build retains the right to sell the remaining 40% minority interest in the business to Hercules between the fifth and tenth anniversary of completion.
