Houlihan Lokey Advises Kernel

Houlihan Lokey is pleased to announce that Kernel Global (Kernel), the fast-growing, London-headquartered recruitment platform, has received investment from Three Hills Capital Partners (THCP) in the form of a preferred capital instrument to support the management buyout of Kernel. Alongside the exit of existing minority shareholders, THCP’s investment will be used to support the ambitious growth plans of founder and CEO Logan Naidu, centred around continuing to build the group’s multi-brand platform through both organic growth and M&A. Houlihan Lokey served as the exclusive financial advisor to Kernel. The transaction closed on 23 March, 2023.

Kernel is a platform that invests in and operates high-potential recruitment businesses globally. It was recently ranked by the Financial Times as one of the fastest-growing companies in Europe and today it comprises two key brands: Dartmouth Partners (Dartmouth) and Pure Search (Pure).

Dartmouth, founded in 2012, is an award-winning recruitment consultancy that is the market leader within advisory and investment markets. Niches include M&A, credit, private equity, strategy, CFO, finance, HR, investor relations, and change management. It uses a unique classroom-to-boardroom approach, setting itself apart from other players in the industry.

Pure is a global market leader with more than 20 years of experience across the tax and treasury, legal, CFO, audit, and risk and compliance recruitment niches. Its track record includes placing 30% of the current sitting Heads of Tax among the FTSE 100. It supports some of the best-known global brands within the financial services, commerce, and professional services sectors in the identification and hiring of exceptional talent.

Kernel is well-established as a sector specialist, with over 280 employees and a deep network of more than 260,000 candidates, serving over 900 clients. CEO and founder Logan Naidu is an experienced entrepreneur with a strong track record of leadership in recruitment, having founded Dartmouth in 2012. In parallel to the acquisition of Pure in 2019, Kernel was established to enable his vision of a multi-brand, multi-niche, high-quality recruitment platform.

THCP is an innovative investment house providing flexible capital solutions to successful entrepreneurs and management teams. THCP is a pioneer in European, middle-market preferred capital, with the founders having operated in the space since 2008. THCP currently has approximately €2 billion under management.

Houlihan Lokey served as the exclusive financial advisor to Kernel in a deal that exemplifies the continued success of the firm's dedicated global coverage of the human capital management sector.