Language services firm targets acquisitions after PE-backed MBO
Fri, 06 Jan 2023 | MBO/MBI
Language services provider The Translation People has completed a management buyout (MBO), which was backed by private equity firm Mobeus. Following the MBO, the company will target acquisitions through a buy and build growth strategy, as well as investing in technology and staff.
The Translation People commented that Mobeus’ backing will enable it to prioritise acquisitions in the “fragmented” language services market, as it seeks to expand its expertise and range of services. Working alongside Mobeus, the company’s management has already identified several potential acquisitions.
The firm will also increase its investment in automation technology in an effort to improve efficiency and streamline its translation processes. Following the MBO, the company is targeting major growth over the next five years.
The MBO will see former owners and directors David Nichols and Stephen Wilde step back from the firm’s day-to-day operations, with Managing Director Jasmin Schneider (pictured above) set to be joined by new Chief Financial Officer Tom Grunwald and non-executive director Steve Dolton.
Dolton and Grunwald both have extensive experience as CFOs at PE-backed businesses, with Dolton having played a key role in the buy-and-build M&A strategy of Azzurri Holdings.
The Translation People’s Managing Director Jasmin Schneider commented: “Moving forwards with Mobeus, we aspire to be one of the largest LSPs in the UK and to continue to develop our European operations, investing in the industry’s best technologies and acquiring strategically to improve the service we offer to clients. Mobeus’ experience in assisting companies to grow organically and through acquisition will be of great help to us in the future and will also enable us to expand into new sectors.”
Mobeus partner Chris Price added: "We are delighted to have backed Jasmin and her team at The Translation People. We have stayed close to the business since 2018 and are pleased to have been able to track its strong performance through COVID and the continued development of its EU operations. We're excited to back a buy and build strategy in what is a highly disintermediated market."
The Translation People was established more than 40 years ago and has achieved year-on-year growth since 2007, despite operating in challenging market conditions over recent years. The company is headquartered in Manchester, with further UK offices in London, Glasgow, Birmingham and, following its 2018 acquisition of Cicero Translations, Tunbridge Wells.
It has also expanded in continental Europe, with offices in Munich, Bonn and Paris, as well as the USA, with a location in Boston. The group’s French and German operations now comprise over 40 per cent of its turnover.
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