Staffing & HR Acquisitions in 2023

Three Hills has made a £32.5 million growth investment in London-headquartered LCap Group to support the company's active M&A strategy and expansion into new sectors and geographies. LCap Group is a specialist leadership advisory, executive search and analytics firm (brands include Drax, Rowan and Altus) serving PE-backed and high-growth companies; the capital will be used to accelerate M&A-led growth and broaden the group’s data‑driven services.

Vensure Employer Solutions has acquired Canadian Payroll Services (CPS) to expand its presence in the Canadian market and broaden its employer-of-record, payroll and benefits offerings. CPS will continue servicing its clients while gaining access to Vensure's broader HR/HCM technology, managed services and global BPO capabilities.

HeadFirst Group (HeadFirst Global B.V.) agreed to acquire AIM-listed Impellam Group plc in a recommended transaction valued at about £483.2 million, creating a leading global provider of MSP and STEM talent solutions. The combination brings complementary geographic footprints and capabilities, with the enlarged group positioned for accelerated growth across North America, the UK, Europe and APAC; the transaction was announced in December 2023 and expected to close in H1 2024.

Mobeus has committed £10m to acquire a significant minority stake in Ellis Recruitment Group, a specialist IT recruitment consultancy focused on Oracle and SAP ERP resourcing. The minority growth investment from Mobeus's UK-focused small‑cap buyout fund (Mobeus 2) will support Ellis's hiring and geographic expansion across Europe and the United States.

24 Seven, a New York–based marketing, creative and tech recruiting firm, has acquired McKinley Marketing Partners, a Washington, D.C.-area marketing and communications staffing firm. McKinley's founder Michelle Boggs will remain on as a strategic advisor as the firm is integrated into 24 Seven's family of brands to expand talent solutions and geographic reach.

NSC Technologies, a portfolio company of White Wolf Capital Group, has acquired Shipyard Staffing to expand its marine and skilled trades staffing capabilities. The add-on strengthens NSC's platform in the shipyard and marine infrastructure market; financial terms were not disclosed.

Talent Groups, a Houston-based IT staffing platform backed by Osceola Capital, has acquired Phoenix-based Progilisys Solutions, an IT staffing and managed solutions provider. The add-on expands Talent Groups' national footprint and strengthens its capabilities in systems assessment, architecture, application management and managed IT services.

Conexus Recruiting (Conexus Search, LLC) has acquired Logis (Logis CFO, LLC), a Southern California-based competitor specializing in Office of the CFO recruiting and interim consulting. The acquisition expands Conexus' geographic footprint and capability set in high-end interim consulting, retained search, and direct-hire talent acquisition for finance, technology and HR roles.

Avenica, a Minneapolis-based career-launching platform, has acquired Arch Advisory Group, a boutique executive search and human capital advisory firm with offices in Chicago and New York. The acquisition expands Avenica's capabilities into senior- and executive-level search and integrates Arch Advisory's leadership into Avenica's offerings to better connect high-caliber candidates with employers nationwide.

The Mullings Group (TMG), a Delray Beach–based executive search firm focused on MedTech, HealthTech and life sciences, has acquired M. J. Moore & Associates. Founder Michael (Mike) Moore will join TMG as a Partner to continue leading MedTech and Digital Health recruiting efforts under the TMG platform.

Houston-based IT staffing platform Talent Groups, backed by Osceola Capital, has acquired Dallas-based Abacus Technical Services and The InSource Group to expand its national IT staffing footprint and capabilities. The acquisitions (closed in Q3 2023) are add-on deals to Talent Groups' platform; financial terms were not disclosed.

Vensure Employer Solutions, a privately held HR/HCM technology and managed services provider headquartered in Chandler, Arizona, has acquired Utah-based Resource Management Inc. (RMI). The deal expands Vensure's HR outsourcing, payroll, benefits and compliance capabilities and extends its geographic and client reach within the HR/PEO market.

Humly has acquired M2 Education, a specialist education staffing agency with offices in Newcastle and Preston, to deepen its presence in the North West and North East of England. The deal expands Humly's UK footprint and strengthens its capabilities in supply teacher and education staffing services.

S.i. Systems ULC has acquired Minneapolis-based Elign Consulting to expand its U.S. footprint and broaden its tech-enabled staffing and workforce solutions capabilities. Elign will remain headquartered in Minneapolis with founder and CEO Linh Cravens continuing to lead the business as part of the S.i. Systems organization; terms were not disclosed.

Veritas Management Group, a management consulting firm based in Alpharetta, Georgia, has acquired ASAP Talent Services, an IT executive search and staff augmentation firm headquartered in Houston, Texas. The acquisition expands VMG’s IT recruiting, contract staffing and cybersecurity recruiting capabilities and opens access to federal and public-sector clients while bringing nearly 100 employees across both companies under the combined organization.

Chicago-based Surestaff, LLC, a partner company of Austin private equity firm Owner Resource Group (ORG), has acquired Cardinal Staffing, a northern Ohio / southern Michigan staffing firm founded in 1994. The add-on expands Surestaff's light-industrial, office/clerical and professional staffing footprint in the Midwest; key Cardinal executives will remain to support growth.

The Specialist Group (TSG) has acquired the technical staffing business unit of Sweden's Umia Innovation and rebranded the acquired entity as Altio, which will operate under TSG's STAR label. The add-on expands TSG's presence in the Nordics—adding about 100 technical specialists—and bolsters its capabilities in energy-transition staffing across renewables, battery storage, hydrogen and related projects.

JW Michaels & Co., a New York-based executive search and staffing firm, has acquired Boca Raton-based executive consulting firm Legerity Group, Inc. The deal gives JW Michaels a stronger foothold in South Florida and expands its senior consulting and interim finance/accounting capabilities, including the addition of Legerity business development director Mark Slakter to JW Michaels' leadership team.

Airswift has agreed to acquire Energy Resourcing, Worley's global recruitment and contractor management business, with completion expected in August 2023. The deal integrates Energy Resourcing into Airswift's brand and systems to expand its global workforce solutions capability and geographic footprint across the energy, infrastructure, mining and construction markets.

WorkGenius has acquired Expertlead, a Berlin-based technology firm that connects companies with tech freelancers and offers live coding assessments. The deal, announced by Riveria Investment Group, expands WorkGenius's freelance marketplace capabilities and technical assessment offering.

24 Seven, a leading talent solutions firm, has acquired IT staffing firm The Cydio Group to expand its IT staffing capabilities and deliver integrated digital, creative and technology talent solutions. The Cydio Group, founded in 2006, will join 24 Seven's family of brands and enhance the buyer's ability to provide contract, contract-to-hire, and permanent IT placements.

Noor Staffing Group has acquired Star Hospitality Group, a New York-based provider of hospitality and food & beverage staffing services. The deal expands Noor's hospitality vertical and provides StarHG with resources and Noor's national footprint to pursue geographic growth and new client opportunities.

Kohlberg & Company has acquired a majority stake in Engage PEO, a Fort Lauderdale-based professional employer organization, partnering with existing investor Lightyear Capital and Engage management, both of which will retain minority stakes. The investment positions Kohlberg to accelerate Engage's organic growth and M&A-driven consolidation across the PEO/human capital management market in the U.S.

Funds advised by TA Associates and Warburg Pincus completed a majority investment in Helsinki-based Epassi Group (acquiring the stake from Bregal Milestone). Simultaneously, Epassi announced the strategic acquisition of Exercite (owner of Hansefit, Bedrijfsfitness Nederland and Fitbase) from Waterland and the Exercite founders, expanding Epassi's footprint into Germany and the Netherlands and materially increasing its merchant and corporate customer network.

Hastings Equity Partners' Fund V portfolio company TERRA Staffing Group has acquired ASG Staffing, a Bensenville, Illinois-based industrial staffing firm founded in 1995. The deal—supported by mezzanine and equity investors including Tecum Capital, NorthCoast Mezzanine, NorthCreek Mezzanine and management—adds 10 Midwest offices to the TERRA platform, expanding its geographic footprint and accelerating its plan to build a nationwide industrial staffing platform.

Triumph Talent Solutions LLC, a wholly owned subsidiary of Triumph Higher Education Group LLC, has acquired Gecko Hospitality Inc., a national leader in hospitality and restaurant recruitment. Gecko, headquartered in Fort Myers, Florida, will continue to operate under its current name and leadership and expands Triumph's workforce development and hospitality recruiting capabilities.

Randstad NV has signed an agreement to acquire Grupo CTC, a Spanish outsourcing provider of industrial, logistics and sales & marketing services, from Portobello Capital. The deal (enterprise value €80.5 million) expands Randstad’s value-added service capabilities and strengthens its leadership presence in Spain; Grupo CTC generated about €230 million in revenue in 2022 and operates from multiple offices and logistics facilities across Spain and Portugal.

Marsh McLennan Agency, a business of Marsh, has acquired Integrity HR, Inc., a Louisville-based human resources consulting firm. Integrity HR’s 13 employees and HR consulting capabilities will join Marsh McLennan Agency’s national Employee Health & Benefits division to expand HR, compensation, succession planning and talent acquisition services for midsize clients.

Tandym Group, a national consulting, recruitment, and workforce solutions firm backed by Mill Rock Capital, has acquired AETEA Information Technology, a 35-year technology staffing and consulting company. Terms were not disclosed; the deal expands Tandym's IT staffing capabilities and client reach across industries including financial services, biotech, and consumer packaged goods.

ZRG, a PE-backed global talent advisory firm, has acquired Helbling & Associates, a Wexford, Pennsylvania–based executive search firm focused on real estate, facilities, and construction. The acquisition bolsters ZRG’s Real Estate practice and expands its capabilities to serve clients across education, healthcare, research, and construction sectors.

Atrium, a New York–headquartered Extended Workforce Management and Talent Solutions firm, has acquired a majority interest in London-based Gibbs Hybrid. The deal expands Atrium's international footprint (adding UK, Ireland, Poland and Luxembourg offices) and enhances its capability to deliver contingent program management, total talent management and MSP services across North America and EMEA.

WestView Capital Partners completed a minority growth investment in Triple Crown Consulting, a Texas-based provider of engineering and technical staffing specializing in semiconductor, embedded systems, and hardware engineering. WestView partners will join Triple Crown's board to support the company's next phase of growth and leverage WestView's experience backing specialized staffing businesses.

ProService Hawaii has acquired Makai HR, a Hawaii-based HR administration and PEO provider that serves roughly 200 client employers (about 4,000 worksite employees). Makai's staff and executive team will join ProService Hawaii, expanding ProService's local client base and HR/PEO capabilities and supporting accelerated technology development.

Silver Lake has partnered with the ProService management team and employee owners to invest in ProService, a Hawaii‑headquartered provider of bundled HR and PEO services. The transaction represents FFL Partners' exit after a six‑year partnership during which ProService grew roughly 2.5x; Silver Lake will support expansion of the company's technology and insurance capabilities and broader market growth.

INSPYR Solutions, a portfolio company of A&M Capital Partners, has acquired Ntelicor, an IT staffing and solutions firm based in Dallas. The deal expands INSPYR's national footprint and enhances its technical staffing and consulting capabilities across end markets including aviation, hospitality, manufacturing and the federal government.

INSPYR Solutions, a national IT staffing and technology solutions firm and portfolio company of A&M Capital Partners, has acquired ProTask, a Washington, D.C.-based strategic staffing and consulting agency. The deal expands INSPYR's geographic presence and capabilities in the Mid-Atlantic region and brings ProTask's ~100 employees and client relationships into the INSPYR platform.

Riviera Partners, a San Francisco–based executive search firm, has acquired Build Talent, a Bay Area technical recruiting boutique founded by Jose Guardado and Brian Bocchino. The acquisition brings the Build Talent founders into Riviera's Emerging practice to expand Riviera's coverage and capabilities supporting early-stage, venture-backed technology companies.

Pelican Capital has made a growth investment to combine ECA International, Tracker Software Technologies (TST) and Global Expat Pay into a single global mobility data and technology group. The investment will back the combined management teams to create a one-stop provider for global mobility and HR teams, expanding capabilities across data, SaaS compliance tooling and expatriate payroll services.

Exponent-backed SHL has acquired SHL Japan in a public-to-private transaction structured as a joint venture with Japanese recruitment specialist Mynavi. The deal brings SHL Japan into SHL Group’s SaaS-led platform, strengthening SHL's presence across APAC and representing one of the first mid-market P2P transactions in Japan by a foreign sponsor.

True, a global talent management platform, has acquired Jopwell, a career advancement and diversity hiring platform serving Black, Latinx and Native American students and early-to-mid-career professionals. Jopwell will operate as a business unit within the True platform under co-founders Ryan Williams and Porter Braswell, bringing Jopwell's ~130,000 community members into True's suite of talent products to expand True's diversity, equity and inclusion capabilities.

New Mountain Capital has made a majority investment in ALKU, a specialty staffing firm, with existing investors FFL Partners, WestView Capital Partners, and ALKU management reinvesting alongside the new partner. The investment will support ALKU's accelerated growth plan as the firm targets more than $1 billion in revenue over the next few years and expand capabilities across life sciences, enterprise cloud, data science and cybersecurity.

ScaleCo Management has made a growth investment in Pittsburgh-based employee assessment and talent development firm PSP Metrics, Inc., marking ScaleCo's 20th platform investment. PSP founders Dr. Gary Williamson and Dr. Steve Guinn remain involved as investors/advisors, while Donald L. Bedney III joins as President to support the company's planned organic growth and add-on strategy in human capital management.

Fama, a Los Angeles–based online screening innovator, has acquired Social Intelligence to expand its background- screening capabilities, partner network, and market share. The deal integrates Social Intel’s social-media screening expertise and HRIS integrations into Fama’s AI-driven screening platform to deliver a more comprehensive online screening solution for employers, search firms, and investors.

An affiliate of H.I.G. Capital has acquired a majority stake in Office People GmbH, partnering with founder Olaf Hansen and the existing management team. Office People is a leading German personnel management and temporary staffing provider (over 9,000 external staff across ~100 locations); H.I.G. plans to support the company's growth through organic expansion, add-on acquisitions and selective internationalization.

The Liberty Group, a Halifax-backed provider of multifamily staffing solutions, has acquired the multifamily-focused temporary staffing and direct-hire placement services division of Full House Marketing, Inc. (Michigan). The deal (terms undisclosed) brings Full House Michigan’s staffing team and operations into Liberty’s brand to expand the buyer’s geographic footprint into Detroit and the broader Michigan market.

HireRight Holdings Corporation has completed the acquisition of Inquiro Vitae, a Buenos Aires–based background screening provider, to strengthen its local presence and offerings across Latin America. The deal gives HireRight direct local verification capabilities, faster identity checks, invoicing in Argentine pesos, and expanded services for small and medium-sized businesses in the region.

CongruityHR, a North Carolina-based outsourced HR/PEO provider and portfolio company of RFE Investment Partners, has acquired JanusHR, a Tampa-based professional employer organization serving small- and mid-sized businesses across Florida. The acquisition expands CongruityHR's presence and capabilities in the Southeast (notably the Tampa Bay region); G2 Capital Advisors served as exclusive buy-side advisor.

Agilitas Private Equity LLP has completed a buyout of Sanctuary & Seven Group, a specialist health and social care recruitment services provider headquartered in Ipswich, England. Agilitas will partner with the management team to expand the Group's service offering, invest in new technologies and drive growth across its UK and US operations.

Xalles Holdings Inc. (OTC: XALL) executed an agreement to acquire Texas-based Capital Innovations Management, LLC (CIM), which will become a wholly owned subsidiary under Xalles Technology Inc. CIM — a Houston-area domestic staffing firm expected to contribute roughly $4 million in 2023 — will receive VGR Technology Partners' domestic staffing portfolio as part of the transaction to focus VGR on international staffing.

Three Hills Capital Partners has made a preferred capital investment into Kernel Global, acquiring a significant minority stake to support the group's M&A-driven and organic growth plans. The funding will back Kernel — a London-headquartered multi-brand recruitment platform (including Dartmouth Partners and Pure Search) — as it continues to scale its specialist recruitment services globally.