LARCHMONT, N.Y. and CLEVELAND, Aug. 24, 2022 /PRNewswire/ -- New State Capital Partners ("New State") announced today that it has acquired AFIMAC Global Inc. ("AFIMAC" or the "Company"), a leading provider of specialty business continuity solutions, including staffing, security, and logistics, as a carve-out from its parent company Dalton First Financial Inc. Joe Schollaert will continue to serve as AFIMAC's President and Chief Executive Officer. Terms of the transaction were not disclosed.
Headquartered outside Cleveland, OH, with operations around the globe, AFIMAC has provided these solutions for over 35 years. Clients include a diverse range of Fortune 500 companies across end markets such as food and beverage, consumer, business services, and specialty manufacturing.
"Our growth has been a result of our ability to rapidly recruit, onboard, and deploy skilled labor to our blue-chip customers," said Mr. Schollaert. "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."
"We are excited to add AFIMAC to our portfolio and to partner with Joe and his outstanding team," said Daniel Han, Senior Principal at New State. "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 of 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."
The acquisition of AFIMAC marks 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.
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.
For more than 35 years, AFIMAC has offered staffing, emergency response, security, risk management, and other business continuity services to image conscious companies across North America. AFIMAC prides itself on partnering with its clients to protect people and property both during times of crisis and regular business operations. With the industry's leading senior management team having unparalleled expertise in its market, these professionals offer an assortment of human capital solutions, pre-crisis contingency planning, and premium security and emergency response services to businesses representing nearly every industry. For more information visit www.afimacglobal.com.
New State Capital Partners is an entrepreneurial-minded private equity firm that strives to be nimble, decisive, and cooperative. New State prides itself on a long-term outlook, approaching each potential investment as an opportunity to create lasting and valuable relationships with company founders and especially independent sponsors. The firm has the ability to invest up to $100 million in equity per transaction and seeks to invest in market-leading companies with $8 million to $40 million of EBITDA in the areas of business services, industrials, and consumer. New State and its affiliates have invested in more than 30 companies to date. For more information visit www.newstatecp.com.
SOURCE New State Capital Partners