Quad-C Sells Vaco to Olympus

Quad-C Management has sold its portfolio company Vaco, an executive search, consulting, placement and strategic staffing firm, to Olympus Partners.

Vaco, with annual revenues of approximately $450 million, operates more than 35 offices worldwide and has more than 780 employees and 4,300 consultants. Areas of emphasis for Vaco include accounting, finance, technology, healthcare IT, operations, administration and international managed services. The company was founded in 2002 by CEO Jerry Bostelman, Jay Hollomon, and Brian Waller and is headquartered in the Nashville suburb of Brentwood, TN (www.vaco.com).

Quad-C invested in Vaco in 2014 in partnership with its management team. During the term of ownership, Vaco completed seven add-on acquisitions which expanded Vaco’s service offerings into healthcare IT and extended its geographic footprint domestically, as well as into Canada and India. “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, a Partner at Quad-C.

“Vaco is exceedingly appreciative of Quad-C’s wisdom, passion and generosity over our fruitful three-year partnership,” said Mr. 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.”

Quad-C invests from $35 million to $125 million of equity in companies with enterprise values of $75 million to $400 million. Sectors of interest include business services, consumer, general industrial, healthcare, specialty distribution and transportation and logistics. In March 2017, Quad-C closed its latest fund, Quad-C Partners IX LP, at an oversubscribed $1.1 billion. Quad-C is headquartered in Charlottesville, VA (www.quadcmanagement.com).

“Jerry, Jay, Brian, and the rest of the Vaco team have built a remarkable entrepreneurial culture that has led to impressive growth across multiple industries and geographies,” said Jason Miller, a Partner at Olympus. “We look forward to working with them to continue that success.”

Olympus, with $5.5 billion of total capital under management, provides equity capital for middle market management buyouts and for companies needing capital for expansion.  Sectors of interest include business services, restaurants, consumer products, healthcare services, financial services, and packaging.  The firm was founded in 1988 and is based in Stamford, CT (www.olympuspartners.com).

The acquisition of Vaco marks Olympus’ ninth investment out of its $2.3 billion sixth fund which closed in 2013. The Olympus team for this transaction was comprised of Managing Partner Jim Conroy, Partner Jason Miller, Vice President Griffin Barstis, and Associate Bohdan Tyshynsky.

William Blair & Company and CHILDS Advisory Partners were the financial advisors to Quad-C and Vaco on this transaction.

© 2017 Private Equity Professional | November 13, 2017

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