LONDON, Feb. 12, 2020 /PRNewswire/ -- Spencer Ogden, a specialist global energy and infrastructure recruitment agency, today announced that it has received a significant investment from international private equity firm MML Capital Partners to support the next phase of growth.
The transaction also marks 10 years of trading for Spencer Ogden. In 2010, Spencer Ogden opened its first London headquarters with 13 employees, in response to growing demand for recruitment services across the energy sector. Today, the company boasts more than 400 employees globally across 12 international offices focusing on Renewables, Power and Utilities, Built Environment and Oil and Gas.
Continued growth and investment in renewables globally combined with the ongoing technical skills shortage in the energy and infrastructure sectors has helped Spencer Ogden boost Net Fee Income by 18% in 2019. Operating profit grew 45% YOY complemented with a 29% increase in sales headcount. Turnover hit £121m (up 14% YoY), boosted by more than 20% compound growth across its renewables sector.
With the change in ownership, Spencer Ogden will remain focused on its ambitious organic growth plan in core specialist sectors, whilst maintaining its reputation of excellence in delivering niche talent and developing key client partnerships.
Richard Mayers, partner at MML Private Equity, commented, "We are delighted to announce our investment in Spencer Ogden. We see Spencer Ogden as a specialist player in a fast-growing and dynamic sector. We are excited to partner with CEO Bradley Lewington and his strong leadership team to continue building on the impressive progress they have made to date. We intend to further support the company's organic growth in core markets and locations whilst staying true to its people focused led business."
Bradley Lewington, CEO of Spencer Ogden, said, "I'm very excited to be partnering with MML for the next part of the Spencer Ogden journey. The investment is most certainly a vote of confidence in our future success & people. I would also like to pay tribute to and thank the co-founders David Spencer-Percival and Sir Peter Ogden, both of whom will remain shareholders and supporters of the business moving forward."
SOURCE Spencer Ogden