Broadlake has announced an investment in healthcare services business TTM Group, which will see it acquire a 30% stake in the business. The investment will create 500 new jobs over the next 5 years and allow the company to further develop its range of healthcare services.
TTM is recognised as one of Europe’s leading specialist recruiters of healthcare staff. In the UK alone the Group supports the recruitment of one in five nurses currently joining the NHS from overseas. Through its Resilience Care division, the Group runs its own facilities that provide outreach, respite and residential services for children and adults with disabilities and home-based services for people with complex medical needs.
TTM has offices in Ireland, the UK, Germany and Poland as well as a large network of international partners across Europe, Africa and Asia.
Currently employing over 1,200 healthcare professionals, TTM Group has turnover in excess of €50m and has a strong international footprint with over 50% of its business occurring outside of Ireland. 52% of revenue in 2015 was generated from divisions established since 2011, highlighting the speed of growth in recent years.
Broadlake has invested over €30m into seven dynamic entrepreneurial businesses headquartered in Ireland and the UK and has a proven track record in growing and scaling international businesses. These investments include the office services business 2468 Group, the skincare brand Vita Liberata, the manufacturing business Conveyortek and the premium shower enclosure brand Merlyn.
Broadlake will support TTM Group’s strategy to triple revenues and double the workforce in the next 5 years through a mixture of organic and acquisitive growth, enhancing its range of healthcare services and further extending its international reach.
The business will continue to be led by founder and CEO Brian Crowley and Group MD Barry Pactor. As part of the investment, Pete Smyth, CEO of Broadlake, will join the TTM Board. Pete previously ran the support service group Noonan from 2003 to 2008 overseeing a period of unprecedented revenue growth from €65m to €125m while also doubling the workforce to 5,500.
Commenting on the announcement, Brian Crowley, CEO of TTM Group, said: “We are very excited to partner with Broadlake, given its remarkable track record in scaling up services businesses. I look forward to working with Pete and the wider Broadlake team to meet current and projected future needs. TTM has grown rapidly in recent years and this investment will help the company to reach new heights in terms of both expanding the team and our service offering to clients. We can see huge opportunities for our business to scale over the next 5 years. The World Health Organisation has indicated that demographic changes in most western European countries are leading to an older population with more complex medical needs, while at the same time fewer young people are choosing healthcare careers.”
Pete Smyth, CEO of Broadlake, added:
“We have been hugely impressed by our interactions with Brian Crowley, Barry Pactor and rest of the team at TTM. We only work with the most dynamic entrepreneurs to help grow great businesses. We knew from our early interactions that the Team at TTM fit into that category. What attracted us to TTM is the quality and ambition of the Team, the innovation of the healthcare services they offer and the high standards of care that TTM provides for its patients and customers.”
About TTM Group
TTM was founded in 2002 by Brian Crowley and has a head office in Ennis, Co. Clare with a well-established senior management team.
The company has established a niche in sourcing much sought after specialist healthcare staff from overseas for developed Western European markets for both its own healthcare facilities and those of its clients. Through TTM’s offices and partners in Southern and Eastern Europe, Asia and Africa, the group sources large volumes of qualified healthcare professionals. The company helps over 2,000 medical professionals find permanent jobs each year.
Group CEO Brian Crowley, a former Irish boxing international, founded TTM when he was just 25 years old, is a former EY Entrepreneur of the Year finalist and is recognised as one of Ireland’s most dynamic business people. For more information on TTM Group, please visit www.ttmhealthcare.com www.resilience.ie