Group Adequat UK — Acquisition Target Report

1. Executive Summary

Mandate

Group Adequat UK has been capitalised by its French parent (Group Adequat — a privately-owned consultancy, not PE) with two investment tranches: one for organic growth, the second for acquiring an established UK recruitment business.

This report screens 20 UK-headquartered, privately-owned, white-collar recruitment firms matching the following criteria:

UK HQ (any region — London not required); Scotland excluded
50–500 employees; white-collar/professional services focus
Privately owned and independent (not PLC, not PE-controlled, not foreign-parent)
Asia presence preferred where international operations exist
Open to multi-firm acquisitions or a single platform deal

Geography

UK-wide (ex. Scotland)

Headcount

50 – 500

Vertical

White-collar / Professional

Ownership

Private & Independent

International

Asia preferred

Deal Structure

Single or Multi

2. Target Longlist

Ranked qualitatively by strategic fit against the mandate. Green = strong fit, amber = moderate fit, red = constraints to consider.

#	Company	HQ	Staff	Sectors	Asia?	Ownership	Fit
1	Nigel Wright Group	Newcastle	~180	Consumer, Industrial, Tech, FS	No (EU focus)	Private, independent	High
2	Aurex Group	London + HK	50–200	FS, Legal, Tech, Commerce	Yes — HK, SG	Private, founder-led	High
3	Space Executive	London + SG	50–200	Exec search, multi-sector	Yes — SG, HK	Private	High
4	The SR Group	London	~350	Legal, Tax, HR, Marketing	Yes — SG, HK	Private, employee-owned	High
5	Eames Group	London	~110	Insurance, FS, Risk	Yes — SG, HK	Private	High
6	Frazer Jones	London	~100	HR (global)	Yes — via SR Group	Private (part of SR Grp)	Med
7	Oakleaf Partnership	London	~120	HR specialist	No (US only)	Private	Med
8	Goodman Masson	London	~150	Finance, Tech, Public Sector	No	Private, founder-led	High
9	Antal International	London	~150 (network)	Multi-sector, global	Yes — extensive	Private, franchise model	Med
10	Barclay Simpson	London	~70	Cyber, Risk, Audit, Compliance	Yes — SG, HK	Private	High
11	Dartmouth Partners	London	~200 (post Pure)	Finance, PE, Tech, Legal	Limited	Private, founder-led	High
12	Eames Consulting	London	~110	Insurance, FS, Tech	Yes — SG, HK	Private (Eames Group)	High
13	Macildowie	Nottingham	~80	Finance, HR, Procurement	No	Private, regional leader	High
14	Empiric Solutions	London	~150	Tech, Data, Change	Yes — SG office	Private	High
15	Brewer Morris	London	~80	Tax & Treasury	Yes — via SR Group	Private (SR Group)	Med
16	Carter Murray	London	~60	Marketing & Sales	Yes — via SR Group	Private (SR Group)	Med
17	Walker Hamill	London	~40–60	Finance, PE-backed cos	No	Private	Med
18	Pratap Partnership	Sheffield	~30–50	Finance, HR, Tax	No	Private, regional	Low
19	Marks Sattin	London	~250	Finance & Accounting	Limited	Owned by Gi Group (IT)	Low
20	Sellick Partnership	Manchester	~90	Finance, Legal, HR, Public	No	Majority sold (2023)	Low

3. Company Profiles

Each profile contains key specs, strategic pros & cons against the Group Adequat UK thesis, and a verdict.

Nigel Wright Group

Europe's leading consumer-sector specialist recruiter

High Fit

Newcastle upon Tyne, UK

Founded

1988

Employees

~180

Revenue

~£30M

Ownership

Private, independent

Offices

UK, Denmark, Sweden, Norway, Netherlands, France

Sectors

Consumer, Industrial, Tech, FS

Asia

Pros

Strong regional UK footprint outside London — unique vs. competitors
Existing European presence aligns with French parent's geography
True specialist brand in consumer & industrial — diversifies portfolio
Independent and privately held — clean ownership structure
Mid-size (~180) — material scale-up for Group Adequat UK

Cons

No Asia operations — misses preferred geography
Long-standing leadership — succession may shape deal terms
Strong brand identity — integration risk if rebranded
Likely premium valuation for a category leader

VerdictTop-tier strategic platform. Pursue as anchor acquisition candidate.

Aurex Group

Cross-border UK–Asia executive search

High Fit

London / Hong Kong

Founded

2012

Employees

50–200

Ownership

Private, founder-led

Offices

London, HK, Singapore

Sectors

FS, Legal, Tech, Commerce

Asia

Yes — extensive

Pros

Strong, mature Asia operations — exactly matches preference
Founder-led — typically more receptive to strategic exit
UK HQ with international DNA — culturally compatible with FR parent
White-collar focus across multiple verticals

Cons

Smaller end of headcount range — may need bolt-on
Asia revenue may dominate — UK growth thesis check needed
Boutique brand — value tied to founder retention

VerdictStrongest "Asia-included" candidate. Prioritise early outreach.

Space Executive

Global executive search across UK, Asia & US

High Fit

London

Founded

2010

Employees

50–200

Ownership

Private

Offices

London, Singapore, Hong Kong, New York

Sectors

Exec search, multi-sector

Asia

Yes — SG & HK

Pros

Established Asia hubs in both Singapore and Hong Kong
Exec search positioning = higher-margin work
Private and independent — no PE complications
Global footprint enables expansion plays from day one

Cons

Smaller headcount — limited UK scale immediately
Exec search talent is highly mobile — retention risk
US presence adds complexity not in core mandate

VerdictExcellent Asia-platform option, especially if exec-search angle interests you.

The SR Group

Multi-brand specialist consultancy — employee-owned

High Fit

London

Founded

1987

Employees

~350

Revenue

~£75M+

Ownership

Private, employee-owned

Offices

UK, Germany, US, Singapore, HK, Australia

Brands

Frazer Jones, Brewer Morris, Carter Murray, Taylor Root

Asia

Yes — SG & HK

Pros

Largest fit-aligned target — instant platform scale (~350 staff)
Four established niche brands = portfolio diversification
Genuine Asia operations (Singapore & Hong Kong)
Mature business — proven multi-region operating model

Cons

Employee Ownership Trust structure — complex buyout mechanics
Likely highest price tag of the longlist
Cultural change risk under new ownership
Less likely to be actively seeking sale

VerdictAspirational platform. Approach exploratory; price and EOT will dictate feasibility.

Eames Group

Insurance & financial services specialists with Asia reach

High Fit

London

Founded

2001

Employees

~110

Ownership

Private

Offices

London, Singapore, Hong Kong, Zurich, US

Sectors

Insurance, FS, Risk, Actuarial, Tech

Asia

Yes — established

Pros

Niche insurance & risk specialism — defensible market position
Genuine multi-continent footprint including Asia
Mid-size — ideal scale for integration without overstretch
Privately held

Cons

Sector concentration in insurance increases cyclical risk
Brand strongly tied to specialty — diversification will be slow
Talent-heavy model — heavy reliance on senior consultants

VerdictStrong niche play with the Asia tick-box. High priority for approach.

Frazer Jones

Global HR recruitment specialist (SR Group brand)

Medium Fit

London

Employees

~100

Ownership

Part of SR Group (private)

Offices

London, SG, HK, NY, Sydney, DE

Sectors

HR (global specialist)

Asia

Yes — via SR Group

Pros

Dominant brand in HR-recruitment niche globally
Established Asia presence
Could be a carve-out target if SR Group rationalises

Cons

Not independently sellable — must transact via SR Group
Single-vertical (HR) limits cross-sell potential
Carve-out complexity (shared services, IT, brand)

VerdictOnly viable if SR Group entertains a carve-out — keep on watchlist.

Oakleaf Partnership

HR specialist recruiter — UK & US

Medium Fit

London

Founded

2006

Employees

~120

Ownership

Private

Offices

London, New York

Sectors

HR specialist

Asia

Pros

Pure-play HR specialist with strong brand reputation
Privately owned — clean structure
Right size for integration (~120)

Cons

No Asia footprint
Single-vertical concentration
Competes directly with Frazer Jones — limited differentiation

VerdictSolid mid-tier option if HR vertical is strategically chosen.

Goodman Masson

Finance, tech and public sector recruitment — London independent

High Fit

London

Founded

1993

Employees

~150

Ownership

Private, founder-led

Offices

London, New York, Düsseldorf

Sectors

Finance, Tech, Public Sector, Not-for-profit

Asia

Pros

Multi-sector portfolio — naturally diversified
Founder-led with strong brand reputation in finance recruitment
30+ years of operating history — proven cycle-tested business
Right size for material acquisition
Award-winning culture (good for retention)

Cons

No Asia presence
UK-centric; international expansion required post-deal
Founder dependency — succession plan critical

VerdictExcellent UK-platform candidate. International upside is yours to build.

Antal International

Global franchise recruitment network

Medium Fit

London

Founded

1993

Employees

~150 HQ + 800+ franchisees

Ownership

Private, franchise model

Offices

35+ countries

Sectors

Multi-sector, mid-to-senior

Asia

Yes — extensive (China, India, SEA)

Pros

Massive global footprint, including deep Asia presence
Asset-light franchise model — high margin potential
Established brand with 30+ year history

Cons

Franchise model is unusual to value — not classic recruitment buy
Inconsistent quality across franchisees
Limited direct control over revenue/operations

VerdictUnconventional but interesting. Only if you want global reach without direct OpEx.

Barclay Simpson

Cyber, risk, audit & compliance recruitment specialist

High Fit

London

Founded

1989

Employees

~70

Ownership

Private

Offices

London, Singapore, Hong Kong, New York

Sectors

Cyber security, Risk, Audit, Compliance, Legal

Asia

Yes — SG & HK

Pros

Cyber & compliance = high-growth, high-margin verticals
Asia hubs in Singapore and Hong Kong
35+ year heritage in specialist niches
Counter-cyclical demand (regulation never sleeps)

Cons

Smaller headcount — bolt-on rather than platform
Niche specialism limits cross-sell to broader market
High dependency on specialist consultants

VerdictSpecialist gem. Consider as bolt-on alongside a larger platform.

Dartmouth Partners

Finance, PE and professional services recruitment

High Fit

London

Founded

2011

Employees

~200 (post Pure Search merger)

Ownership

Private, founder-led

Offices

London, New York, Frankfurt

Sectors

Finance, PE, Tech, Legal, Consulting

Asia

Limited

Pros

Fast-growing, modern brand — strong tech-enabled operations
Strong PE & finance client base — premium fees
Recent Pure Search merger shows M&A activity / openness
Founder-led with growth ambition

Cons

Recently integrated — may need 12-18 months before next deal
Limited Asia presence
Valuation likely premium given growth trajectory

VerdictHot brand. Strategic conversation only — likely too early-stage to exit.

Eames Consulting

FS, insurance and tech contingent search

High Fit

London

Employees

~110

Ownership

Private (Eames Group brand)

Offices

London, Singapore, Hong Kong, Zurich, US

Sectors

Insurance, FS, Tech, Risk

Asia

Yes — SG & HK

Pros

Asia presence built into operating model
Specialist credibility in lucrative FS verticals
Privately held under Eames Group umbrella

Cons

Highly correlated with Eames Group #5 — likely single-deal entity
Sector concentration in insurance/FS

VerdictTreat as part of an Eames Group conversation rather than standalone.

Macildowie

East Midlands' leading independent recruiter

High Fit

Nottingham, UK

Founded

1993

Employees

~80 (under 250)

Revenue

Under £54M

Ownership

Private, independent

Offices

Nottingham, Milton Keynes, Birmingham

Sectors

Finance, HR, Procurement, Executive

Asia

Pros

Outside-London regional dominance — rare and defensible
Multi-sector diversification (Finance, HR, Procurement)
Strong cultural fit potential — also a regional consultancy story
Established 30+ year brand

Cons

UK-only — no Asia or international platform
Smaller scale than London peers
Regional brand recognition may not extend nationally

VerdictStrong UK regional play — perfect "geographic diversification" bolt-on.

Empiric Solutions

Technology, data & change recruitment

High Fit

London

Founded

2005

Employees

~150

Revenue

~$83M est.

Ownership

Private

Offices

London, Singapore, Amsterdam, NY

Sectors

Tech, Data, Digital Transformation

Asia

Yes — Singapore

Pros

Tech & data — strongest secular growth verticals in recruitment
Singapore office gives Asia foothold
Right size for material acquisition (~150)
Privately owned

Cons

Tech recruitment is highly competitive — margin pressure
Cyclical exposure to tech hiring cycles
Asia presence single-office (less mature than peers)

VerdictStrong tech vertical play with Asia tick-box. High-priority outreach.

Brewer Morris

Tax & treasury specialist (SR Group brand)

Medium Fit

London

Employees

~80

Ownership

Part of SR Group

Offices

London, SG, HK, NY, AU

Sectors

Tax & Treasury

Asia

Yes — via SR Group

Pros

Global leader in tax recruitment niche
High-margin specialism with sticky clients
Established Asia presence via parent

Cons

Not separately for sale — SR Group carve-out only
Narrow vertical (tax) limits broader fit

VerdictWatchlist only — viable only via SR Group transaction.

Carter Murray

Marketing & sales recruitment (SR Group brand)

Medium Fit

London

Employees

~60

Ownership

Part of SR Group

Offices

London, SG, HK, NY, AU, DE

Sectors

Marketing & Sales

Asia

Yes — via SR Group

Pros

Specialist in growth functions (marketing, sales)
Global brand via SR Group

Cons

Smaller scale, single vertical
Carve-out only

VerdictWatchlist only — pair with SR Group conversation.

Walker Hamill

PE-backed company finance recruitment boutique

Medium Fit

London

Founded

1986

Employees

~40–60

Ownership

Private

Offices

London

Sectors

Finance for PE-backed cos

Asia

Pros

Premium PE-backed client base — top-tier fees
Long-established 35+ year track record
Privately owned

Cons

Below 50-employee threshold
UK-only, no Asia
Boutique — limited platform potential

VerdictPremium bolt-on for PE-finance vertical specifically; not standalone.

Pratap Partnership

Yorkshire regional executive search

Lower Fit

Sheffield

Employees

~30–50

Ownership

Private

Offices

Sheffield, Leeds

Sectors

Finance, HR, Tax — exec level

Asia

Pros

Strong regional executive-search reputation in Yorkshire
Multi-vertical

Cons

Below headcount threshold
UK-only, regional scope
Limited platform potential

VerdictBolt-on only — useful if regional UK strategy is prioritised.

Marks Sattin

Finance & accounting recruitment

Lower Fit

London

Founded

1988

Employees

~250

Ownership

Owned by Gi Group (Italy)

Offices

London + regional UK + Ireland

Sectors

Finance & Accounting

Asia

Limited

Pros

Right size and white-collar focus
Strong UK regional network

Cons

Owned by Italian Gi Group — fails "independent" criterion
Carve-out from European parent adds complexity
No real Asia presence

VerdictOnly if Gi Group divests — keep on radar as opportunistic.

Sellick Partnership

Manchester-based finance, legal & public sector recruiter

Lower Fit

Manchester

Founded

2002

Employees

~90

Ownership

Majority stake sold (2023)

Offices

Manchester, Leeds, Birmingham, Newcastle, London

Sectors

Finance, Legal, HR, Public Sector

Asia

Pros

Strong regional UK presence (5 cities)
Multi-vertical with public-sector specialism

Cons

Majority stake already sold in 2023 — not a clean target
UK-only
Likely under contractual lock-in to new owners

VerdictRecently transacted — unlikely available short term.

4. Recommended Next Steps

Suggested Tier 1 outreach (top 5)

Nigel Wright Group — anchor platform play (UK regional + EU)
Aurex Group — UK + Asia, founder-led, most receptive
Goodman Masson — UK platform with multi-sector portfolio
Eames Group — Asia tick-box + specialty FS niche
Empiric Solutions — Tech vertical + Singapore foothold

Suggested approach

Engage a UK M&A advisor familiar with the staffing sector (e.g., Tobermory, BDO, Clearwater)
Prepare a 1-page Group Adequat UK strategic deck to share with founders
Initial conversations to be exploratory — "we are building a UK platform backed by Group Adequat"
Consider one "platform" deal (Tier 1) plus one "bolt-on" (e.g., Macildowie or Barclay Simpson)

Sources: LinkedIn, Companies House, ZoomInfo, Owler, Endole, Datanyze, company websites, industry press (May 2026). Employee counts and revenues are estimated ranges from public sources and should be verified during diligence.

UK Recruitment Acquisition Targets

1. Executive Summary

Mandate

2. Target Longlist

3. Company Profiles

Nigel Wright Group

Pros

Cons

Aurex Group

Pros

Cons

Space Executive

Pros

Cons

The SR Group

Pros

Cons

Eames Group

Pros

Cons

Frazer Jones

Pros

Cons

Oakleaf Partnership

Pros

Cons

Goodman Masson

Pros

Cons

Antal International

Pros

Cons

Barclay Simpson

Pros

Cons

Dartmouth Partners

Pros

Cons

Eames Consulting

Pros

Cons

Macildowie

Pros

Cons

Empiric Solutions

Pros

Cons

Brewer Morris

Pros

Cons

Carter Murray

Pros

Cons

Walker Hamill

Pros

Cons

Pratap Partnership

Pros

Cons

Marks Sattin

Pros

Cons

Sellick Partnership

Pros

Cons

4. Recommended Next Steps

Suggested Tier 1 outreach (top 5)

Suggested approach