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New MainStream Capital Invests in ettain
New MainStream Capital (NMS) has made an investment in ettain group, an IT staffing company founded in 1996 by Jeff Harris and Brian Deblitz. Both of ettain’s founders will continue in their roles at the company and will also remain significant shareholders.
“We had conversations with over 50 potential investors over the last 24 months. NMS supports our vision, mission, values and growth strategy which led us to enthusiastically choose to work with them,” said Jeff Harris, Co-Founder and CEO of ettain. “NMS has established an impressive track record in the staffing industry, and we believe their understanding of our business and the IT staffing market, will allow us to accelerate the growth of ettain.”
ettain group is an IT staffing company serving the healthcare, financial services, and retail sectors. The company has approximately $100 million in annual revenues and has more than 150 full-time employees and nearly 800 independent consultants. Ettain has offices in Charlotte (headquarters), Atlanta, Dallas, Jacksonville, Nashville, Raleigh, Washington D.C. and Winston-Salem (www.ettaingroup.com).
“ettain exemplifies the type of company that we at NMS seek to invest with – a high caliber management group with a dedicated team of employees providing blue chip clients with first rate service,” said Kevin Jordan, NMS Co-Founder and Managing Partner. “The company’s growth and success have been impressive, and we’re thrilled to have the opportunity to partner with them.”
New MainStream Capital (NMS) makes equity investments of $10 million to $50 million in companies with enterprise values less than $300 million. Sectors of interest include healthcare services, consumer products and services, and specialized business services. The firm was formed through the spin-out of a group of companies from the Goldman Sachs Merchant Banking Division in 2010. NMS is led by its founders and managing partners Martin Chavez and Kevin Jordan and has offices in New York and Dallas (www.nms-capital.com).
In connection with the transaction, NMS Operating Executive Council member Robert Livonius will serve as a board member of ettain. Mr. Livonius is currently the President of Work Force Solutions for AMN Healthcare, a large healthcare staffing company, and was previously the CEO of Medfinders and Chief Operating Officer of Spherion. Mr. Livonius is also the former Chairman of the American Staffing Association, the primary trade group representing staffing firms in the United States.
Financing for the transaction was provided by Regions Bank and Fifth Third Bank. Wells Fargo Securities served as lead financial advisor to ettain and McGuireWoods served as legal advisor to the company. CHILDS Advisory Partners served as strategic advisor to the management team of ettain. Greenberg Traurig provided legal advice to New MainStream Capital.
© 2014 PEPD • Private Equity’s Leading News Magazine • 2-27-14