New State Capital Partners (New State) has acquired AFIMAC Global Inc (AFIMAC), a provider of specialty business continuity solutions, including staffing, security, and logistics, as a carve-out from its parent company Dalton First Financial Inc.
Joe Schollaert will continue to serve as AFIMAC’s president and chief executive officer.
Terms of the transaction were not disclosed.
AFIMAC’s clients include a diverse range of Fortune 500 companies across end markets such as food and beverage, consumer, business services, and specialty manufacturing.
The acquisition of AFIMAC marks New State’s fifth deal in nine months and the fourth platform investment in New State Capital Partners Fund III, LP, which was raised and activated last year.
Morgan, Lewis & Bockius acted as legal advisors and Piper Sandler and Moelis provided financial advisory services to New State. The Gelfand Group and Carleton McKenna & Co acted as financial advisors for the Company.
