H.I.G. Capital News
John Von Bargen
855 Boylston Street
Boston, MA 02116
H.I.G. Capital Completes Sale of Insight Global
BOSTON - JUNE 30, 2010 - H.I.G. Capital, L.L.C., a leading global private equity investment firm, today announced the successful sale of Insight Global, Inc. ("Insight Global") to Harvest Partners, a private equity firm based in New York, NY.
Insight Global, based in Atlanta, Georgia, is one of the fastest growing providers of information technology (“IT”) staffing solutions in North America with nearly $350 million in annual sales. Insight Global operates a nationwide network of 21 regional offices, providing exceptional staffing solutions and customer service to over 1,500 customers. Insight Global fills nearly 10,000 IT staffing placements each year for a diverse range of Fortune 1000 corporations in end markets such as technology, healthcare, energy, telecom, financial services and government. H.I.G. teamed with management to recapitalize the company in April 2007. Since that time, the company opened several new offices, expanded into Canada and has grown earnings every year.
"During the past three years with H.I.G. Capital as our financial sponsor, we have enjoyed an excellent working relationship with the H.I.G. team and shared in great successes," said Glenn Johnson, Chairman of Insight Global. "H.I.G. has provided outstanding support with both strategic direction and capital. Together we have grown Insight Global into a leading national IT staffing solutions company that will continue to provide exceptional service and value to our customers."
"Our teaming with Insight Global’s outstanding management has been a true success," commented Michael Phillips, a Managing Director of H.I.G. Capital. "They have done an exceptional job, more than tripling revenue during our investment period and generating a cash-on-cash return for H.I.G. Capital in excess of twenty times. Insight Global has a scalable sales and customer service focused business model with leading operational processes that allows them to deliver a superior service to their clients. We are confident that Insight Global will continue their success in the future."
About H.I.G. Capital
H.I.G. Capital is a leading global private equity investment firm with more than $7.5 billion of equity capital under management. Based in Miami, and with offices in San Francisco, Atlanta, Boston, and New York in the U.S., as well as affiliate offices in London, Hamburg and Paris in Europe, H.I.G. specializes in providing capital to small and medium-sized companies with attractive growth potential. H.I.G. invests in management-led buyouts and recapitalizations of profitable and well-managed service or manufacturing businesses. H.I.G. also has extensive experience with financial restructurings and operational turnarounds. Since its founding in 1993, H.I.G. has invested in and managed more than 200 companies worldwide. The firm's current portfolio includes companies with combined revenues in excess of $8 billion. For more information, please refer to the H.I.G. website at www.higcapital.com.
About Harvest Partners
Founded in 1981, Harvest Partners is a New York-based private equity investment firm, pursuing management buyouts and growth financings. Focused on manufacturing, energy, specialty services and consumer businesses, Harvest Partners has over 25 years of experience investing in domestic and multinational companies. For more information on Harvest Partners, please visit the web site at www.harvpart.com.