Norman Broadbent Acquired by Investors

June 4, 2010 – According to published reports, Norman Broadbent International has been acquired by private equity dealmaker Jon Moulton as part of an investor consortium including Irish venture capitalist and entrepreneur Pierce Casey. The buyout comes 18 months after Andrew Garner acquired Norman Broadbent in a deal then valued at £5.5 million. Now, in return for a £2 million investment, Messrs Moulton and Casey, who will replace Andrew Garner as the firm's chairman, will take a 58 percent stake in Garner Plc, restructure the company, and rename it Norman Broadbent. Mr. Garner will take on the title of chief executive. Mr. Garner said the deal represented “a complete rebirth” of the company. “We have a fantastic brand name with a strong global reputation and now we have the strength of balance sheet to drive this business forward.” Mr. Moulton was quoted in The Times, saying, “We’re buying a company which is definitely down on its luck.” An expansion of the firm’s franchise is expected in the U.S., and according to the firm’s new majority shareholders the intention is to take the headhunting brand of Norman Broadbent into other related staffing areas like coaching and mentoring, training and board evaluation.

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