Talent announces next phase of growth
Talent is delighted to announce that Sydney based investment management firms Quintet Partners and Quintet Yorkway have increased their combined shareholding in Talent by acquiring a majority stake in the Company. The transaction will see Quintet substantially increase its shareholding from the initial investment it made in 2018. Since this investment, Talent has increased its revenue from $550 million to $725 million with EBITDA doubling over this period.
Talent Founder and Executive Chairman Richard Earl will continue to be a shareholder and key member of the Talent Board. Richard will be focusing on a number of strategic initiatives and personal passions, including maximising the significant opportunity in Talent ENGAGE and Talent RISE. He will remain as Chairman during a transitional period before assuming thereafter a Non-Executive Director role.
On the announcement Richard Earl, Talent’s Founder and Chairman said: “This represents an exciting and natural evolution of the company in what continues to be an incredible journey. Quintet Yorkway and Quintet Partners have bought into the culture, values and vision of Talent and I look forward to working with their team with the wealth of experience they provide to take the business to even greater heights. To this end it is essential that we continue to pursue diversification and innovation whilst always leading with the heart.”
As a result of this change, Paul Batchelor, Quintet Yorkway’s Executive Chair and Co-Founder will transition into Talent’s Non-Executive Chairman role. On the announcement Paul Batchelor said:
“We are delighted to be investing in Talent, an Australian and New Zealand market leader in the attractive technology services sector. We are particularly pleased with the strength of the management team, client focused culture and long-term diversified client base of government and blue-chip clients. Talent is well positioned for further domestic and international expansion and we look forward to working with the Founder Richard Earl and the Global CEO, Mark Nielsen and his management team, to deliver this growth.”
Douglas Farrell, Co-Founder and Managing Partner at Quintet Yorkway and Talent Board Member said:
“We were attracted to Talent’s outstanding culture and depth of its management team, as well as the quality of its client relationships. We believe Talent’s focus on the IT sector will continue to position the business well for future growth in the coming years.”
There will be no change to Talent’s management team and the operational structures within the business which will continue to remain an independent and Australian-owned company. Mark Nielsen will remain Global CEO and Yaron Segal will remain Global CFO.
Commenting on the announcement Mark Nielsen, Talent Global CEO said:
“This increase in shareholding represents a fantastic opportunity for Talent to remain independent whilst having the backing, network and diverse skill sets that are inherent in Quintet Yorkway and Quintet Partners. What is important to me is that the leadership is strongly aligned to Talent, in terms of our vision, innovative spirit, entrepreneurial mindset and most importantly our special culture.”
The new investment will also see Michelene Hart, Quintet Yorkway’s Managing Partner and Co-Founder, and Ben Trollip join Douglas Farrell on the Talent board.
Talent was advised by Herbert Smith Freehills, Quintet Yorkway and Quintet Partners were advised by Clifford Chance.