TPG Growth has made its latest acquisition with global staffing firm Frank Recruitment Group (FRG). Under the agreement, TPG has acquired a majority stake in FRG from the firm’s founders and middle-market private equity shop Livingbridge.
FRG is best known for recruiting IT professionals who specialize in enterprise software. The London firm consists of Nigel Frank, which focuses on professionals with expertise in Microsoft Dynamic IT professionals; Mason Frank, which focuses on Salesforce professionals; Churchill Frank, which focuses on big data pros; and Washington Frank, which specializes in staffing opportunities in cloud-based computing. London-based Livingbridge began investing in FRG in 2013.
TPG Growth is the middle-market growth and equity subsidiary of San Francisco-headquartered private investment firm TPG. Other transactions involving TPG Growth include its majority stake in Cancer Treatment Services International; a $75 million investment in specialty services company Precision for Medicine; and a 28% stake in Asiri Hospital Holdings.
HSBC served as financial adviser on TPG Growth’s acquisition of FRG, with Kirkland & Ellis acting as legal adviser. Travers Smith and Ward Hardaway were the legal advisers to FRG and Rothchild provided financial advisory services.
There has been a healthy appetite for deals in the technology sector. In April, data security company Cryptosoft purchased DeviceAuthority Inc, a provider of authentication technology, and in March, SuperCom (Nasdaq: SPCB), which sells secure-ID and secure payment solutions acquired encryption and data theft protection software company Safend Ltd.