Kinetic boss buys out technical arm

A team from DTE Corporate Finance, led by Matt Beckley and Richard Taylor, performed the financial due diligence for the management buyout of Kinetic Technical Limited, the recruitment consultancy for the oil and gas industries, in a deal funded by Royal Bank of Scotland.

The company, which had been part of Kinetic Plc -- a Stretford-based recruitment firm owned by the Maunder family -- was previously responsible for around half of its parent group's turnover. In the year to April the company made £1m profit on turnover of £21.4m.

The buyout was led by the company's managing director, Neil McCarthy, who joined the firm seven years ago to launch the technical arm, which places people in the oil, gas, pharmaceutical, chemical and energy industries worldwide.

Its client base includes ExxonMobil, Shell, Amec and GlaxoSmithKline and it employs 21 people.

Mr McCarthy said: "The company's success is down to the quality of our candidates and the people we employ. We plan to build upon these strong foundations.

"Demand for skilled workers in the energy production markets remains strong and we are keen to expand our presence in all sectors.

"The deal allows Kinetic to focus on its core markets, including rail, manufacturing and engineering, while enabling us to specialise in the oil, gas and related energy sectors. We're particularly keen to expand our fast-growing business in the renewable energy sector, offering highly specialised staff to this fast-growing industry."