Silver Oak Services Partners has sold Construction Labor Contractors to Tradesmen International, a portfolio company of Blackstone.
Construction Labor Contractors (CLC) is a provider of temporary staffing of skilled tradesmen such as electricians, plumbers, carpenters and HVAC technicians to the commercial construction market. CLC operates from 19 locations and serves clients in all 50 states. The company is headquartered south of Cleveland in Richfield, OH (www.constructionlabor.com).
Silver Oak made its original investment in CLC in June 2014. During its term of ownership, the company expanded the depth of its management team, invested in a centralized National Accounts Sales team and National Recruiting team, upgraded its IT infrastructure, and expanded into new geographies through new office openings and three add-on acquisitions: All Florida Staffing (Titusville, FL) in August 2015; Skilled Labor Solutions (Reisterstown, MD) in June 2016; and Trade Solutions (Cincinnati, OH) in August 2017.
“We are extremely proud of our partnership with the CLC management team,” said Greg Barr, Managing Partner at Silver Oak. “They have significantly expanded the business over the last three-and-a-half years, and we believe the combination of CLC and Tradesmen will allow the consolidated entity to better serve client needs throughout the country.”
“Silver Oak has been a great partner and provided tremendous support to us as we executed on a number of strategic initiatives that drove significant growth across the business,” said Brad Chesin, CEO of CLC.
Silver Oak Services Partners makes control investments of $10 million to $30 million in companies with revenues from $15 million to $150 million and EBITDAs from $4 million to $20 million. As the firm name implies, sectors of interest include business, healthcare, and consumer services. Silver Oak was founded in 2005 and is based in the Chicago suburb of Evanston (www.silveroaksp.com). The firm is currently investing out of its third fund which closed in March 2016 at its $335 million hard cap.
Tradesmen International, the buyer of Construction Labor Contractors, is an agency-based provider of outsourced skilled craftsmen to non-residential construction and industrial contractors in North America. The company is headquartered near Cleveland in Macedonia, OH (www.tradesmeninternational.com). Blackstone acquired Tradesmen International from Wellspring Capital Management in February 2017.
Blackstone invests in private equity, real estate, public debt and equity, non-investment grade credit, real assets and secondary funds. The firm also provides financial advisory services, including financial and strategic advisory, restructuring and reorganization advisory, and fund placement services. Blackstone is headquartered in New York (www.blackstone.com).
© 2018 Private Equity Professional | January 23, 2018
