Worcester based finance and accounting recruitment firm CY Executive Resourcing has completed a management buyout (MBO), a move led by founder and former CEO Cynthia Parker.
Cynthia has amassed more than 30 years of experience in the financial recruitment sector, launching her own business, CY Executive Resourcing, back in 1999. She comments “This was a great opportunity for me to take a step back from the company after 20-plus years of focused efforts, and to let the existing skilled management team take the business forward to grow it.”
Cynthia has sold the business for an undisclosed sum to a trio of fellow directors, comprising Vural Aglamaz, former deputy chief executive, and former business directors Kurt Rimell-Lejeune and Andrew Vaughan.
In light of the MBO transaction, Vural Aglamaz adds “We’re hugely grateful to Cynthia for the work she has done to build and maintain such a reputable and successful business. The company today still includes many of the same core people, and this will ensure its exceptional depth of knowledge and quality services are continued for all our customers.”
Darren Hodson, partner at Smith Cooper Corporate Finance (SCCF) was appointed to support Cynthia on the sale of the business.
In light of the successful completion, Darren comments “CY Executive is an exceptional recruitment agency, and one that has managed to thrive through the pandemic despite the challenging recruitment landscape. It’s exceptional that this type of transaction was completed in the circumstances.”
“This deal allows Cynthia to exit the business, whilst enabling the next tier of management to emerge and drive the business forward. It seems like the right deal at the right time”.
“It was a pleasure to work alongside Cynthia, to devise a clear exit strategy and deal structure, we were pleased to be able to assure the best outcome possible that reflected the true value of the business.”