CHARLOTTESVILLE, Va.--(BUSINESS WIRE)--Quad-C Management, Inc. (“Quad-C”), a leading middle market private equity firm, today announced that it has completed the sale of its stake in portfolio company Vaco (the “Company”), a leading executive search, consulting, placement and strategic staffing firm. Olympus Partners and management were the acquirers in the deal and terms of the transaction were not disclosed.
Quad-C invested in Vaco in 2014 in partnership with its management team. Since that time, Vaco has experienced significant growth through extending core business lines and entering new markets. The Company completed seven acquisitions during Quad-C’s ownership. These acquisitions expanded Vaco’s service offerings into healthcare IT and extended its geographic footprint domestically, as well as into Canada and India.
“Vaco is exceedingly appreciative of Quad-C’s wisdom, passion and generosity over our fruitful three-year partnership,” said Vaco Founder and CEO Jerry Bostelman. “The team rolled up its sleeves and collaborated in a way that helped expand our business and perspective, leaving an indelible mark on our company.”
Founded in 2002 and based in Nashville, Tennessee, Vaco operates more than 35 offices worldwide, with more than 780 employees and 4,300 consultants. Over its three-year relationship with Quad-C, the number of Vaco employees and consultants has nearly doubled. Vaco matches the strongest accounting, finance, technology, healthcare IT and administrative professionals with the unique project and permanent needs of its clients.
“In a relatively short period of time, we made significant investments in the Company and were able to roughly double Vaco’s revenues, while diversifying the Company’s end markets,” said Timothy Billings, Partner at Quad-C. “Vaco has an exceptionally strong culture and leadership team and we wish the Company continued success during its next stage of growth.”
Business services is an area of specialization for Quad-C and represents a core vertical for the firm. Other representative investments in the sector include Curvature, a global provider of networking equipment and maintenance services, and DTI, a global legal process outsourcing company servicing law firms, corporations and government entities around the globe.
William Blair & Company, L.L.C., and CHILDS Advisory Partners acted as financial advisors and White & Case LLP acted as legal advisor to Quad-C and Vaco in connection with the transaction.
About Vaco
Vaco provides boutique-level service with a global reach in the areas of executive search, consulting, permanent placement and strategic staffing. Areas of emphasis include accounting, finance, technology, healthcare IT, operations, administration and international managed services. Vaco has become a premiere talent solutions firm by attracting, developing and retaining the strongest players in the industry for their entire careers, so they are available to serve clients, candidates and consultants for the duration of their relationship. Since its founding in 2002, Vaco has grown to over 35 offices across the globe, 780+ employees, 4,300 consultants and $450 million in revenue. Vaco has been named to Inc. magazine’s list of the fastest-growing private companies for the past 11 years and is dedicated to developing long-term relationships, life-long careers and creative client solutions. www.vaco.com
About Quad-C
Founded in 1989 and headquartered in Charlottesville, Virginia, Quad-C is a middle market private equity firm focused on investing in well-established business services, consumer, general industrial, healthcare, specialty distribution and transportation and logistics companies. In its more than 25-year history, Quad-C has invested over $2.5 billion of equity across more than 50 companies. The Quad-C team is committed to partnering with entrepreneurs and management teams to accelerate growth and create long-term value. www.quadcmanagement.com
