Private equity firm Graphite Capital has sold international technical recruiter NES Global Talent to private investment vehicle AEA Investors for £234m.

In September 2006, Graphite backed a management buyout of the business – then valued at £70m – led by Neil Tregarthen, now chief executive of NES. Since this time NES has grown earnings organically every year, and net fee income has more than doubled in this period.

The company now generates three-quarters of profitability overseas across all continents, with 32 offices worldwide and 450 staff employed at present. It has 5,000 contractors in 62 countries on its books.

NES’s Tregarthen says: “Graphite has supported our ambitious growth strategy over the past six years. From the outset they shared our vision for NES’s global expansion, which has transformed our business and driven our growth. 

“We are very excited about partnering with AEA. We believe that their deep network in the oil & gas industry coupled with their international profile and resources will be great assets as we look to accelerate the global expansion of NES over the coming years.”

Graphite senior partners Simon Ffitch and Mike Tilbury, and partners Mudassir Khan and Jenny Michelman managed the transaction for Graphite, according to a press release from the company. In addition, law firm Olswang provided Graphite legal support, Robert W Baird gave corporate finance advice and Ernst & Young provided financial due diligence.