Middle market private equity firm Quad-C Management has completed the sale of its stake in portfolio company Vaco, an executive search, consulting, placement and strategic staffing firm. Olympus Partners and management were the acquirers. 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,” says 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,” says 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 specialisation 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.
