L2 Capital Partners (L2) and Lakewood Capital (Lakewood) have acquired Orion ICS (Orion Talent) and its wholly owned subsidiary Novotus (Orion Novotus), a human capital management platform offering a unique combination of military, skilled professional, and Recruitment Process Outsourcing (RPO) solutions.
The Company is comprised of a core military hiring capability in Orion Talent and award-winning RPO services through Orion Novotus, thereby creating a unique end-to-end talent acquisition and recruitment process solution.
Founded in 1991, Orion Talent has found careers for over 43,000 veterans and operates from offices throughout the USA. In 2016, the company expanded its service offerings by acquiring Novotus, now Orion Novotus, a full-service RPO provider. The acquisition combined one of the largest military talent placement firms in the country with an award-winning RPO capability. In turn, the consolidated enterprise created a platform for evolution into a global full-service enterprise talent management and recruiting firm.
Michael Starich, Chief Executive Officer of Orion, says: “Our new partnership with L2 and Lakewood is a critical step in Orion’s path as we expand the scope of our operations. We think of Orion as not just a business – but a mission. And with the support of L2 and Lakewood in delivering on that mission, we are well on our way to becoming a global leader in recruiting excellence.”
Matt Klein, Partner, who led the transaction for L2, says: “It was a pleasure working with the Orion management team and Lakewood to complete this transaction. We are pleased to be able to partner with a business that executes for its clients through a differentiated and uniquely flexible operating model.”
Roger Knight, founding Partner of Lakewood Capital, adds: “I have known members of management for over 10 years and their experience in the industry and dedication to clients and candidates is second to none. The collective experience of the investor group coupled with the strength and depth of Orion management is a powerful combination to steer the Company through its next stages of development.”
PNC Bank, National Association (PNC) and Patriot Capital (Patriot) provided debt financing while Patriot co-invested in the transaction as well.
