H.I.G. Capital has sold its portfolio company Lucas Group, a mid-management recruitment firm, to Orchard Holdings Group.
Lucas Group is the nation’s largest mid-management recruitment firm, with supporting business lines in military transition and contract staffing. The company comprises 14 offices nationwide and over 325 associates focused on placing mid-management professionals into positions at small-to-medium enterprises as well as large institutions. The company was founded in 1970 and is headquartered in Atlanta (www.lucasgroup.com).
Orchard Holdings Group is a private investment firm that invests non-institutional, private, family capital in businesses with $25 million to $250 million in revenue. The firm typically invests $10 million to $40 million of capital per transaction. Orchard Holdings is based in Cincinnati (www.orchardholdings.com).
“Orchard’s primary objective is to partner with exceptional management teams and build durable, successful businesses. Lucas Group represents exactly that kind of opportunity,” said Pete Boylan, Co-Founder and Managing Director of Orchard Holdings. “Under its current leadership and strategy, Lucas Group has the capacity to continue to expand its business and gain market share in the outsourced human resources services industry. We are excited about our new partnership with this impressive team.”
“Orchard truly reflects our shared approach to business,” said Andi Jennings, President and CEO of Lucas Group. “A high-integrity investment group, they will provide the financial foundation for Lucas Group’s enduring success with honesty, responsibility and a genuine commitment to partnership. We are thrilled to embark on this exciting journey with Orchard.”
Investment bank Livingstone acted as the exclusive financial advisor to Lucas Group and H.I.G. “We are proud to have represented Lucas Group and H.I.G. on this private equity exit and to post another successful sale to a financial buyer for an important client. Adding H.I.G. to our growing list of satisfied private equity clients is a tremendous addition to Livingstone’s resume,” said Livingstone Partner Steve Miles.
H.I.G. Capital specializes in providing capital to small and medium-sized companies and invests in management-led buyouts and recapitalizations of manufacturing or service businesses. H.I.G. Capital has more than $13 billion of capital under management. The firm was founded in 1993 and is based in Miami with additional offices in Atlanta, Boston, Chicago, Dallas, New York, San Francisco, London, Hamburg, Madrid, Paris, and Rio de Janeiro (www.higcapital.com).
© 2013 PEPD • Private Equity’s Leading News Magazine • 10-3-13
