[April 28, 2014] |
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Nair & Co and High Street Partners Merge to Create Radius, a Global Growth Powerhouse
BRISTOL, United Kingdom & BOSTON --(Business Wire)--
Nair & Co, a leading provider of international expansion services,
has merged with competitor High Street Partners (HSP), to create a
global accounting and administration powerhouse that enables clients to
manage their global operations at the touch of a button.
With combined revenues in excess of $90 million, the new company - named
Radius - brings together two longstanding, experienced players in this
marketplace. It provides clients with increased resources, an enhanced
knowledge base and a dedicated, proprietary software platform to support
overseas office activities. The terms of the transaction were not
disclosed.
The overall statistics of the new business are impressive:
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700+ employees
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500+ active clients
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6,000+ client employees in more than 80 countries
As well as providing enhanced finance, banking, tax, HR, legal and
compliance services and solutions, Radius will accelerate the rollout of
OverseasConnect, a proprietary, cloud-based software platform designed
to manage international business operations from the desktop. Created
and developed by HSP, this platform helps businesses use technology to
manage their multi-office sites.
Talking about the new business, Chris Stone, CEO of Radius and
previously CEO of Nair & Co, states: "The combination will see Radius
adopt Nair & Co's robust client-focused service operating model and
HSP's sales, marketing and technology capability, creating a business
that is exceptionally powerful and a 'best of breed' in this industry.
Radius will be the global growth experts that businesses turn to when
they launch, manage or outsource their international operations."
Financing for this transaction was led by HgCapital, the private equity
business that purchased Nair & Co in August 2013, Slicon Valley Bank
and Lloyds. Matthew Rourke at HgCapital states: "Bringing these two
businesses together creates a clear leader in the marketplace. The size,
expertise, services and software provided by Radius will ensure
significant growth for the company as more businesses take advantage of
the global growth services that Radius offers."
Clients will benefit from:
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Increased service offerings delivered by a single, in-house specialist
team
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More in-depth skills and expertise to provide greater client-focused,
tailored solutions
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A bespoke software package - OverseasConnect - which allows clients to
manage and control their international operations from their desktop
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Greater resources and support functions to drive efficiencies and add
value
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Peace of mind that comes from being supported by a bigger and more
robust software and services provider
Larry Harding, Founder & CEO of HSP, will remain with Radius and take on
the role of Vice Chairman and Executive Director for Corporate
Development. In addition, Baird Capital, the largest investor at High
Street Partners, will rollover 100% of its equity into Radius and
Partner Benedict Rocchio will join the Board of Directors.
Talking about the transaction, Larry states: "This combination is a
great fit, commercially and culturally. Both businesses have grown by
providing excellent client service and on delivering innovative
solutions that meet the challenges experienced by customers."
Benedict adds: "The opportunity to be part of the strategic vision that
Chris Stone and Matt Rourke have relative to this market opportunity was
compelling. I am delighted that we have found a like-minded,
client-centric business to join forces with."
Commenting on HSP's achievements, Chris states: "Larry, the management
team and their investors, Baird Capital and Sigma Partners, have built a
successful business, with some innovative approaches to supporting
clients' growth globally. In addition, they have introduced an
increasing number of dynamic software applications in what has
historically been a services-dominated market."
Radius is expected to see significant growth in the coming years, due to
increased demand for international expansion software and services.
Chris concludes: "The rapid pace of globalisation is driving the demand
for our solutions. Businesses are exploring new territories and need
professional experts with the right tools to navigate the operational
and overseas challenges that come with entering new markets."
EDITORS' NOTES:
About Radius
Radius helps businesses move into new markets, manage overseas
operations and outsource entire global accounting and administrative
functions. Services include integrated, international accounting,
finance, banking, tax, HR, legal and compliance services, as well as a
bespoke software platform that allows you to manage all of your global
operations from your desk.
Radius combines the collective talents and resources of the former Nair
& Co and High Street Partners. To assist its clients, Radius has
developed OverseasConnect, a tailor-made cloud-based software platform
that manages international business operations. Radius is headquartered
in Bristol, UK, and supports more than 6,000 client operations in more
than 80 countries, with core offices in the U.K., India, China, U.S.,
Japan and Singapore.
About the deal
Financing for this transaction was led by HgCapital, Silicon Valley Bank
and Lloyds. The vendors were advised by R W Baird.
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