1. R i RECRUITMENT INTERNATIONAL
February 2010
Antal Ventures
A world of
Opportunity...
Investing In:
• Multi-Brand
• Multi-Sector
• Acquisitions
• Joint Ventures
• Start Up's
• MBO's

2. cover story
Antal - The International Dimension
With the recruitment industry in belief that the company is purely
the UK beginning to climb out of a franchise play, nothing could be
a long and painful recession the further from the truth. Certainly
next phase of the economic cycle there is a highly successful and
will ensure that many recruitment phenomenally fast growing franchise
consultancies will be seriously network, yet for those prepared to
considering their strategy for the look a little deeper there is a world
next 3-5 years. This will inevitably of opportunity and that’s the message
include organic expansion, new Antal directors, Graeme Read, Paul
disciplines, more consultants, some Russell and Tony Goodwin want the
will open more locations. industry to appreciate.
However, others will decide that the The vastly experienced management
time is right to take a quantum leap team spoke to Recruitment business. Currently opening offices
and that is exactly what the Board of International magazine, about in India and Germany this activity
Antal is looking for. their exciting plans and not least has witnessed Antal International
to substantiate their claims that Networks expanding into a 50
Whilst many believe that there will International is the place to be. location business in just 8 years.
be growth in the UK, the more astute India in particular has recently seen a
recruiters have already recognised Antal has been trading since 1993 number of high profiles openings.
that the domestic recruitment market and has specialised in professional
is highly saturated and margins recruitment pre-dominantly in The third business sector is called
continue to fall. So where do the the emerging and developing Antal Ventures and a holding
really big opportunities exist? markets. Its secret is the strength company called 7A has been created
of its relationships between its solely as an investment vehicle.
“International” is the unequivocal offices who are located around the Under this Holding company there
belief of the Antal Board, and who globe. Today, the company has a
can argue? The company has a proven simplistic structure and is split into
track record of overseas excellence, three principle segments: Antal
its Russian business was sold to the International Limited which is the
FiveTen Group in March 2008 for wholly owned recruitment businesses
a significant cash amount, making and these are run by Tony, Paul and Antal Ventures
A world of
it the largest CEE recruitment Graeme, currently of which there
Opportunity...
transaction in recent years and it are 10 such businesses in operation
has been this experience that has covering; China, Poland, Germany,
positioned Antal to be able to offer an Netherlands, Italy, Spain, and the
exciting acquisition and joint venture UAE. Investing In:
proposition for the industries budding
• Multi-Brand
entrepreneurs. The second element is Antal
International Networks which has • Multi-Sector
History a fourth share holder in the form • Acquisitions
of industry legend Doug Bugie • Joint Ventures
Mention Antal in recruitment and is the franchise division of the • Start Up's
circles and very often the biggest company for those who want to • MBO's
misconception that surfaces is the avail themselves of an Antal branded
www.recruitment-international.co.uk RI - February 2010 21

3. cover story
Antal - The Intern
Graeme Read – Group Managing
exists the potential for joint ventures, previous success in Russia.
Director acquisitions and recruitment industry
investments with their own brands Paul Russell, “We are really
and a primary focus on International targeting the emerging markets
markets. Underpinning each of where maximum value will be
these business segments is Antal’s achieved. Asia, especially China,
infrastructure, experience and know the Middle East, Africa, India and
how. Central and Eastern European
markets and in these regions we
“When I look back at the recruitment will be looking to build multi-brand
landscape for UK recruiters who recruitment businesses that focus
have really built and established on all disciplines with a strength in
from scratch an international network Professional Temporaries, Contractors
which has subsequently been taken or even Interims.” He said.
to market and sold, there really aren’t
Graeme joined Antal International in too many examples I can think off,” The Proposition
1996 at a time when the group had
says Tony. “We’ve been there, done
4 offices and has contributed in its
growth to its current size and global it and have the invaluable expertise Antal would like to invest in
position of strength. With direct learnt the hard way, through a companies or teams of individuals
recruitment experience, a background combination of making decisions that have the drive and determination
in finance and an in-depth knowledge some good and also some bad – it’s to build on Multi Brand, Multi Sector
of the industry and best practice, called experience.” He adds. acquisitions, Joint Ventures, Start
Graeme has played a fundamental Up’s or MBO’s.
role in the growth of Antal’s offices With their abundance of knowledge,
and the development of their
funding and energy, Tony and his “It’s well recognised that clients
management teams. In addition to
being a main board director of Antal,
Board is now embarking on an like to buy scale and that’s what we
and now Group Managing Director, expansion programme aimed at will be offering our investments;
Graeme was also a founding investor bringing in new entrepreneurs and an infrastructure to catapult their
and Director of Antal International recruitment companies under the businesses. We are happy to keep an
Networks, where he helped launch 7A wing so that it can replicate its existing brand or create a new start
the Group’s franchise business unit.
With experience in both large
publicly-owned and smaller
privately-held companies, Graeme is
instrumental in driving the expansion
of Antal’s businesses whilst ensuring
that the brand, vision and operational
methodologies are exacted on a
global basis for client and stakeholder
benefit. More recently Graeme took
a key role in the deal team which
achieved the successful sale of their
Russian business, Antal Russia Ltd to
a major private equity group in March
2008.
22 RI - February 2010 www.recruitment-international.co.uk

4. ational Dimension
up. Both benefit in the same way by achieved outside the country and they
Paul Russell – Group Finance
leveraging our expertise, synergies, want to fund like minded recruiters. Director
network and opportunities.” Graeme
comments. “The main point to consider is, can P a u l
I make my business international?” joined
Antal is completely flexible in how questions Graeme. “And the answer is Antal in
it will approach each investment invariably yes. Good recruiters in the 1997 as
opportunity. Typically they believe UK can quite easily take their brand Group
Finance
these will fall into 3 main categories, overseas and we will give them the
Manager
a Franchise, a Joint Venture or an platform to do just that. Likewise the following
outright Acquisition. same can still be applied to expanding 3 years
their interests in the UK. We have a of working alongside the founders
For its Joint Venture partners, clearly defined system that helps all of Hydrogen Group Plc, a listed
Antal will consider taking a stake of our business to leverage off of one recruitment business. Paul assisted
ranging from 25% to 75% and it will another.” He says. Graeme in putting in place the
be looking for some form of co- systems, controls and financial and
legal infrastructure that enabled Antal
investment. This can take the shape of This network of sharing clients,
to grow at the pace that it did between
equity or reduced earnings and would working on assignments with other 1997 and 2000 and earning itself four
be ideally suited to the entrepreneurs offices is proving to be a major factor consecutive entries in the ‘Virgin Fast
who really want to grow their in Antal’s success as without fail Track’ 100.
business. every year the company generates
at least 25% of its revenues from In 2001, Paul left Antal to broaden his
As Paul says, “where do you want inter-office referrals. That’s a major experience and took interim roles in
to open your next branch, Burnley achievement and it really does mean two large Plc’s, a small software house
and a publishing group and in doing
or Beijing?” He’s not putting down that the offices liaise and work with
so gained valuable experience which
the UK market in any way, Antal is one another. In fact Antal Russia now
ranged from being part of a deal team
equally happy to talk to companies under the FiveTen Banner counts that transacted three acquisitions,
that wish to remain focused on the Antal amongst it largest clients! “We leading a management reporting
UK, however, they know that the can cite dozens of examples where and staffing integration team for a
big impact is far more likely to be in one country we did not have a relocation and also being responsible
for the introduction and management
of Venture Capital funding.
At the end of 2003, Tony and Graeme
approached Paul to return to Antal and
he helped the company restructure
and attain the growth it has seen in
previous years. In 2007 Paul was
promoted to Group Finance Director
and became a main board director
for all Antal group companies. More
recently Paul led the financial and
commercial side of the deal team and
along with Graeme achieved the sale
of their Russian business to FiveTen
Group.
Antal Locations
www.recruitment-international.co.uk RI - February 2010 23

5. cover story
Antal - The International Dimension
Tony Goodwin – Founder and Chief
working relationship with a top blue
Executive Officer chip. However, in another country
the relationship with that same
Tony is a client is so strong that invariably the
graduate of client gets referred to the rest of our
Middlesex network meaning that everyone in the
University organisation benefits.”
and trained as
a Chartered
“The aim is to become a multi brand,
Accountant
before moving into financial multi sector player across many
recruitment where he ran operations regions and then that region becomes
for HW Group (now part of Hudson the next acquisition target with the company’s intranet literally has
Global Resources Limited). In 1993, sum of the parts more attractive than thousands of training tips, mentoring
spotting the potential of the new the sum of the whole to the potential advice and help from everyone in
professional employment markets in acquirer.” Graeme continues. the company. It’s a major, major part
the former Warsaw Pact countries, of what makes the business tick. If
Tony set up his own business with you keep getting the same knock
“Ideally we are looking for really
an office in Budapest and named back from clients, you can search
the company Antal – Hungarian for strong management teams and
businesses where the directors and the intranet and invariably there will
‘Tony’. Since then Tony and his team
owners are seeking a full or partial be ways to overcome this objection
have developed substantial businesses
in highly challenging environments exit, or want a partner to add value posted or simply call a peer in the
across the globe, including both and internationalism for an eventual group. Its that kind of culture where
Russia and China. exit. A key point given that margins the business mutually support one
paid for overseas companies have another.
In 2001, in conjunction with the
historically been higher than those
group’s managing director, Graeme “We have a compelling reason for
Read, Tony developed a franchise
in the UK. Companies that have the
drive and ambition to possibly do recruiters to talk to us. As we will be
brand to supplement the wholly owned
it themselves over time but realise rolling brands into our business to do
organisation, Antal International
Network. with us they can get there that much a roll out not a roll up,” Paul says.
quicker. We know the markets “We will invest in your knowledge
Tony has been named ‘Entrepreneur of and we have the processes that are and expertise and we will be able
the Year’ by international accounting required to set up and establish to offer far more than a Private
and advisory firm, Deloitte, and Equity deal would bring to the table.
businesses.” said Paul.
in addition to winning a string of However, like them we are really
other awards, Antal International focused on doing a deal now because
has featured in the Sunday Times/ Sitting beneath each of Antal’s
divisions and under pinning its the time is right. We are ready to
Virgin ‘Fast Track 100’ listing no
less than four times. The company processes are what Graeme describes make some quick decisions and look
has recently entered into a new phase as its central infrastructure. “The forward to seeing the talent that is out
of development with the sale of a global network of offices, IT there.” Paul concluded.
substantial holding in its Russian and Finance back office support,
business to fund international joint marketing, training, mentoring as
ventures, non-recruitment activities To contact Antal Ventures call +44
well as the opportunity to benefit
in Russia and to reward and motivate (0) 207 467 2520 or email Graeme
key business builders across the from future transactions. Each facet
has a part to play in cementing the or Paul at DealTeam@antal.com or
group.
business together, for example the visit www.ventures.antal.com
24 RI - February 2010 www.recruitment-international.co.uk