Leeds firms Fruition IT and Fruition Consulting have secured private equity backing for further growth.
Irish firm Erisbeg has made a ‘significant majority investment’ into the brands – which serve the IT recruitment and technology consultancy sectors respectively – to expedite their international and local expansion strategies.
Averaging 500 placements a year across both permanent and contract positions, Fruition source and place the top tech-talent in some of the biggest tech giants, FTSE 100 organisations and startups in the UK and US. Clients include ASDA, Flutter Entertainment plc and TransUnion.
The Leeds businesses were founded and launched in 2008 by Sarah Pawson, who will remain as managing director of both businesses. They have plans to grow their internal team by 60% over the next 12 months, recruiting an additional 20 specialists.
The Fruition group achieved organic turnover of £51.4m in 2022. It says their ability to advise, source, manage and deliver a full recruitment solution has built, grown and restructured the technology teams of a diverse portfolio of customers.
Fruition will join forces with one of Erisbeg’s acquisitions – Ireland-based technology recruitment company Eolas.
“I am delighted with the investment and looking forward to our growing partnership with both Erisbeg and Eolas,” said Pawson.
“The injection of capital will accelerate our growth and enable the Fruition brands to reach their full potential at a new pace, whilst creating opportunities not just for management, but for all the team here at Fruition as well as future hires.”
Thomas Davy, co-founding partner at Erisbeg, added: “After my first meeting with Sarah, I left inspired at the prospect of a partnership.
“What Sarah and the Fruition team has built across the Fruition brands and the growth they have enjoyed is truly impressive. Fruition will be a great addition to Erisbeg’s portfolio and a real asset to our IT recruitment brand Eolas.”