Management buys Kinetic subsidiary
Manchester recruitment group Kinetic has sold one of its subsidiaries to its management team.
Navartis, which provides technical and management staff for the transportation, civil engineering and utility sectors, has undergone a management buyout let by managing director and founder Jim Sloan.
Navartis has a turnover of £17m and is based in Doncaster. It employs 24 staff and was established in 2008 by Sloan with support from Kinetic.
Following the sale, Kinetic retains its manufacturing, industrial staffing and nursing recruitment businesses, and its payroll management systems division Pay Partners.
It is second business Kinetic has supported from start-up to exit. The first was Kintec, which was sold to its management team in 1998.
Hurst Corporate Finance and JMW Solicitors advised Kinetic.
Nigel Barratt of Hurst added: "The deal is a great result for Jim as he looks to build on the success achieved for Navartis as part of the Kinetic group of companies.
"Kinetic is a business which has fantastic operational capability and a strong balance sheet. It is now looking to support other ventures in the recruitment market."
Hurst has advised Kinetic since 2008 when managing director Neil Smith completed a MBO of the company.