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One wonders whether there is a certain air of inevitability that once a publicly quoted UK SITS company of any decent scale falls into private equity hands, its ultimate destination lies across the pond. Such is certainly the case for ‘talent assessment’ (read ‘aptitude testing’) firm SHL, which has been acquired from HgCapital (as we signalled in HgCapital assesses new owner for SHL) by US-based, NYSE-listed peer, Corporate Executive Board Company (CEB). CEB will pay $660m cash for SHL.
This is a result for investors given that SHL was valued at £100m when HgCapital backed its MBO in 2006. SHL is chaired by the illustrious industry veteran, David Thorpe and headed by ex-Xansa Group Business Development and Commercial Director, David Leigh (see Assessing SHL). SHL’s revenues for the LTM to 31st March 2012 were some $213m, about 40% of its acquirer. Adjusted EBITDA margins, at 28%, were a little higher. So, all good stuff.
We would label SHL as a platform-based business process services player, given that’s its services are driven though a proprietary software platform. But I guess there’s one fewer we now need to count in the UK firmament.
