Capita Plc has signed a legally binding agreement with UK-based investment firm, Inspirit Capital to divest Modular People Solutions, a leading human capital services business. The transaction is expected to complete in May 2023 subject to customary completion conditions being satisfied.
Modular People Solutions supports its customers to recruit, train, deploy and develop their workforce. It has over 2,000 multinational corporate, SME and public sector clients operating across a wide variety of industry sectors. The business has over 1,000 employees with operations in both the UK and US. On completion the business will be rebranded to reflect its status as a dynamic standalone organisation solely focused on human capital services, whilst retaining key sub-brands including Veredus, ThirtyThree and Novus.
Inspirit Capital is a London-based investment firm that specialises in acquiring businesses that are no longer core to their parent company’s strategic objectives and require a different ownership structure to achieve their full potential. Inspirit manages capital on behalf of a blue-chip institutional investor base.
Will Stamp, founding Partner at Inspirit Capital, says: “We are delighted to be investing in Modular People Solutions, which again demonstrates Inspirit’s capacity to undertake complex corporate carve-out transactions. The business has a stellar reputation and has deep relationships with an impressive array of clients. We are very excited about the prospect of backing the management team’s growth plans for the business whilst maintaining the high-quality service offering that Modular People Solutions has become renowned for.”
Briony Lydon, Managing Director, Modular People Solutions, added: “We at Modular People Solutions are delighted to become part of Inspirit Capital’s portfolio and are looking forward, with their backing, to continuing our growth journey. With Inspirit’s support, alongside our client-centric focus and our fantastic team, we are excited for our future.”
Inspirit is being advised on the transaction by Squire Patton Boggs (Legal), FRP Advisory (Financing), European Valuations (Asset valuation), and JacksonBreen (IT).
For further information, please contact:
Will Stamp, Partner, Inspirit Capital, wstamp@inspiritcap.com
