The Appointment Group (TAG) has announced a "primary buyout" by Apiary Capital.
This will be Apiary’s first investment after raising £200m in UK deals. The buyout is expected to create growth for TAG through acquisitions, further investment in technology and people, as well as continued international expansion.
There will also be a new CEO for TAG from 1 August, Steve Barass, who joins from dnata Travel (part of the Emirates Group), where he was senior vice president for new ventures.
Following Barrass’ appointment, Maurice Veronique, co-founder of TAG, will step down from the board while co-founder John Gianquitto will take the role of founder and president. Existing CFO, Nick Stone, also joins the board.
"Our investment and Steve’s appointment is testament to the impressive business John and Maurice have built together," said Nicki Boyd, partner at Apiary Capital.
"As a UK company operating in a fragmented market, but with an excellent platform for growth, TAG fits perfectly within our investment plans. "We wish Maurice well and thank him for his involvement in securing our investment. We very much look forward to working with John and Steve as they build on the tremendous successes the business has achieved to date."
Co-founder, John Gianquitto added: "This is an incredible milestone for TAG. Apiary’s investment will enable the group to accelerate its growth through technology investment and expansion into new markets, while maintaining its reputation for peerless levels of customer service that everyone has come to expect from TAG."
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