Private equity firm New State Capital Partners (New State) has acquired AFIMAC Global Inc as a carve-out from its parent company Dalton First Financial Inc. Financial terms of the deal were not disclosed.
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New State Acquires AFIMAC
New State, founded in 2013, is based in Larchmont, New York. The company has 27 employees listed on LinkedIn.
AFIMAC Global, founded in 1982, is based in Cleveland, Ohio. The company has 382 employees listed on LinkedIn. AFIMAC’s areas of expertise include labor dispute management and support, business continuity planning, executive and close protection, supplemental and replacement labor, food Service, temporary housing, logistics Support, Due Diligence Investigations, and Cargo Escorts & Security.
AFIMAC clients include a range of Fortune 500 companies across end markets such as food and beverage, consumer, business services, and specialty manufacturing. Joe Schollaert will continue to serve as AFIMAC's president and chief executive officer, the company said.
The acquisition of AFIMAC is New State's fifth deal in nine months and the fourth platform investment in New State Capital Partners Fund III, LP, which was raised and activated last year.
New State Acquires AFIMAC: An Investment In Business Continuity Services
Joe Schollaert, president and CEO, AFIMAC, commented:
"Our growth has been a result of our ability to rapidly recruit, onboard, and deploy skilled labor to our blue-chip customers. In addition, the types of business disruptions we can handle for our clients—disaster and emergency response, labor shortages—are becoming more frequent today, and, as a result, the demand for our services continues to be robust. We have always been proud of our exemplary customer service, which has led to repeat business and long-tenured relationships. New State's investment in AFIMAC as a standalone business gives us the opportunity to build on our successes while developing new services and expanding into new markets."
Daniel Han, senior principal, New State, said:
"We are excited to add AFIMAC to our portfolio and to partner with Joe and his outstanding team. As a sector, business continuity services are well-positioned for growth, and AFIMAC stands out among its peers for its long-standing reputation for quality and responsiveness."
Shaun Vasavada, vice president, New State, added:
"We were impressed by AFIMAC's ability to consistently provide targeted solutions in challenging environments, and we intend to build on this strength. We look forward to growing the Company through a combination of continued share gain in existing markets and expansion into adjacent service lines both organically and through acquisitions."
Morgan, Lewis & Bockius acted as legal advisors and Piper Sandler and Moelis provided financial advisory services to New State. The Gelfand Group and Carleton McKenna & Co acted as financial advisors for the Company.
