"MML are great partners. Covid has been challenging in a number of ways, but Richard and Rob have been with us at every stage of the journey, giving us the confidence and conviction to invest in our people, ahead of the rapid recovery and subsequent growth in our core renewables markets”

Brad Lewington, CEO, Spencer Ogden

Spencer Ogden

Shareholder re-organisation to facilitate succession planning and consultant incentivisation.

The business

Spencer Ogden is a leading international specialist recruiter to the renewables, engineering and built-environment sectors. The business operates a graduate consultant model with 12 offices across the UK, Europe, US and APAC regions. 

The deal

Spencer Ogden was majority owned by an individual who had reached the end of his investment horizon. Brad and his team were keen to bring on board a partner who would be more involved in helping drive the strategic direction of the business and to exploit clear opportunities in the renewables market. For the main shareholder the deal was entirely discretionary but allowed some crystallisation of value and the creation of an equity pot to incentivise Brad and his team to drive equity growth. It was a bilateral deal and we were able to iterate to a bespoke structure which allowed the incumbent shareholder to retain a significant minority stake. 

Partnership Capital
Deal Status
Business Services

Catch up with CEO, Brad Lewington, 12 months post investment

What was your biggest fear about working with private equity investors?

The most significant concern I had was not about how it would be to work with PE, since I knew we would spend time getting to know our investor beforehand, it was about introducing an investor to our main shareholder who then subsequently didn’t deliver. Our shareholder didn’t want or need to do the deal, but he understood that management needed a transaction for a number of reasons. He offered us the opportunity to bring a prospective partner to the table but we all understood that if that party didn’t deliver on its commitment, there was limited, if any, appetite to further distract management and the business with a drawn out process. We therefore had one shot at a deal and we took it with MML …. and they delivered. 

What was your first impression of working with MML?

They are smart people but without the ego that often goes with it. It’s clear they enjoy what they do and want us to enjoy working with them. They are not “recruiters” and don’t pretend to be, and whilst they obviously understand the business and the drivers, and push and challenge us on these, they are not afraid to ask the simple questions. Sometimes that is helpful, just to give some perspective. On the flip-side if we ask for something and they don’t have the answer, they’ll tell you so, but they’ll also often suggest how we can find the answer together! 

How did you choose MML to be your partner?

We were introduced to Richard and Ian via an advisor who we knew well and trusted. The advisor understood what we needed and the type of investor who would work well with us. We met with the MML team, built a relationship and established an alignment in terms of what we both believed the opportunity was. We then spoke to a number of their investee companies, who referenced them very well, before we introduced them to our shareholder. Since our shareholder wanted to remain invested, it was important that MML convinced him not only that they would deliver on the transaction, but also that they were the right partner to drive value growth and be the custodians of his continued minority investment.

The show includes discussions with a diverse range of thought leaders about the human element of the renewable energy landscape, aiming to bring new topics of conversation to an open forum. Content covers the dynamic and innovative environment of renewable energy, asking how we can create a progressive workforce that champions diversity, delving into what a truly sustainable future looks like. 

Featured Episode 2: Overcoming disparity across gender and race in renewable energy

In this episode Mindy speaks to Kristen Graf, Executive Director at Women of Renewable Industries and Sustainable Energy (WRISE), about the steps companies need to take to make their spaces more welcoming and stimulating for people of all genders and backgrounds.

New podcasts will be launched every 2 weeks.

Related news

Spencer Ogden recruits MML for global growth
MML Capital Partners (“MML”) is pleased to announce it has made a significant investment into Spencer Ogden (https://www.spencer-ogden.com/) to support its next phase of growth.

Associated deal team

Richard Mayers

Managing Partner (UK - Partnership Capital)

Robert Devonshire


Jessica Ring

Investment Director

Helen Lowe

Investment Director

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