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  Change Recruitment Group in £14m MBO

Change Recruitment Group, Scotland's leading independent recruitment consultancy have
completed an MBO backed by NBGI Private Equity ("NBGI PE"), the small to mid-market
buyout specialist, with advice from Baker Tilly, one of the UK's leading business advisory
firms. Debt has been provided by Clydesdale Bank, a member of the National Australia
Bank Group. The highly experienced and dynamic management team is led by Suzanne
Ramsay and includes Laura Drysdale & Brian Robinson.

Change Recruitment Group, through its divisions Change, The Resource Group, Change
  Keyword Search: Solutions and Change International, covers a broad spectrum of the recruitment market
from offices in Glasgow and Edinburgh. The business was founded in 1970, as Douglas
  Llambias Associates before rebranding to Change in 2000, and has built a strong
reputation over the years among clients and candidates alike as consistently providing a
  - All Divisions - 6
superior level of service and supporting key growth areas in the Scottish economy.
Change is on the Preferred Supplier List of over ninety mostly blue chip companies, and
  - All Locations - 6
also offers managed agency and complete outsourced recruitment (RPO) services.
  - All Types - 6
Change is focused on the recruitment of professionals in Financial Services and
  - All Salaries - 6 search Investment, Accounting and Finance, Human Resources, Learning & Development and
Legal. The Resource Group specialises in placing people into support & technical functions
in three sectors: Secretarial and Administration, Call & Contact Centres, and Rail &
Transportation. Change Solutions has grown in recent years to become a core part of the
Group, dedicated to providing Recruitment Managed Services via Response Handling,
Campaign Management, Managed Agency, Vendor Neutral and Flexible Agency Supplier
  Management. The fourth division, Change International, has grown rapidly to become the  
market leader in the remote placing of international qualified accountants and other
professionals throughout the world’s key financial centres.

The management team intends to capitalise on the strength of Scottish market whilst also
expanding its international business. The diverse spread of business offers significant
opportunities for organic development as well as structural resilience to the economic
cycle. Further plans for the business include additional improvements to the financial and
operational support functions, as well as the addition of new product lines and
development into new sectors. Tim Moynihan, until recently Chairman of Directorbank and
previously a Finance Director with Hays, will join the board as Non-Executive Chairman.
NBGI Private Equity is committed to backing leading businesses and management teams
throughout the UK. This is NBGI PE’s second investment in Scotland in 18 months, following
its support for the successful £40m MBO of Stirling-based Superglass in August 2005.

Suzanne Ramsay, Chief Executive, Change Recruitment Group comments:

“We are thrilled to have NBGI Private Equity’s backing. This is an exciting time for Change –
there is so much potential for growth, both within the Scottish market and further afield. We
have a solid foundation upon which to grow, and combined with NBGI PE’s sector
experience and resources, we can see the business growing in leaps and bounds. I am
greatly looking forward to working together to realise our ambitions.”

Mark Owen, Director, NBGI Private Equity comments:

“We are delighted to once again be investing in the recruitment sector, backing a strong
management team with a leading market position. This transaction follows the success of
our prior investment in Walker Hamill and our more recent investment in Ochre House, a
buyout from Trinity Mirror. Change is typical of the ‘traditional economy’ businesses we
target and we are very excited to be working with such a committed team. Together, we
aim to develop Change into a dominant player in the recruitment industry.”

Gordon Young, Senior Corporate Partner, Clydesdale Bank comments:

"We are delighted to have provided senior debt facilities at a very exciting time for the
Change business. The management team have impressed us throughout with their drive
and determination to build on what is already an excellent business. The deal reflects the
continued success of the Bank's integrated approach involving treasury specialists and the
relationship team led by Specialist & Acquisition Finance to provide a holistic and seamless

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