|By Business Wire||
|January 11, 2013 08:30 AM EST||
Veronis Suhler Stevenson (VSS), a private investment firm focused on the information, education, media, marketing and business services industries, today announced the repurchase of the entire investment of VSS Structured Capital II, L.P. in All Systems Holding LLC (“System One”). Headquartered in Pittsburgh, PA, System One was formed in 2008 through a management buyout led by Troy Gregory, System One’s CEO, of Hudson Highland Group, Inc.’s engineering staffing business. Under current management, System One has become a leading provider of managed staffing and technical outsourcing solutions.
VSS made its investment in System One in October of 2010. In the current transaction which closed on December 31, 2012, MidOcean Partners invested in System One providing equity capital and a portion of proceeds of that investment were used to redeem VSS SCII’s investment.
System One is a premier provider of professional managed staffing solutions for the energy, nuclear, engineering, information technology, scientific and commercial sectors.
During the period VSS held the investment, the Company added complementary services including a proprietary vendor management system, a legal staffing business and an utility services business. System One is the sixth largest engineering staffing company and forty-second largest staffing company overall in the United States.
“Over the past several years, Troy Gregory built an outstanding management team which greatly increased the scope of the System One offerings. We were very pleased with the performance of the Company during our investment period,” said Hal Greenberg, Partner, VSS Structured Capital II, LLC. “Furthermore, System One has been an excellent example of VSS’s commitment to investing in the business services sector.”
VSS has extensive experience in the business services sector including such platform investments as Trover Solutions, a provider of subrogation and overpayment recoveries for insurance payors in the healthcare and property and casualty industries; SHL, a provider of cloud-based talent measurement and management solutions; Avatar International, a provider of intelligent and customizable survey-based products for the healthcare industry; Executive Health Resources of expert medical management services to improve hospital compliance and achieve revenue integrity; and Ebiquity, a business information services company providing global advertising monitoring and press monitoring services.
About System One
Headquartered in Pittsburgh, Pennsylvania, System One provides managed staffing and technical outsourcing solutions to improve productivity, specializing in the energy, engineering, information technology, commercial and scientific sectors. System One is the sixth largest engineering staffing companies and the forty-second largest staffing company overall in the U.S. Additional information about System One is available at www.systemoneservices.com.
About Veronis Suhler Stevenson
Veronis Suhler Stevenson is a private equity and debt capital fund management company dedicated to investing in the information, education, media, marketing and business services industries in North America and Europe. VSS provides capital for buyouts, recapitalizations, growth financings and strategic acquisitions to companies and management teams with a goal to build companies both organically and through a focused add-on acquisition program. Since the closing of the first VSS Buyout Fund in 1987, VSS has managed four Buyout Funds and two Structured Capital Funds with aggregate committed capital in excess of $3.1 billion. The six funds have to date invested approximately $2.7 billion in 70 portfolio companies which have in turn completed over 320 add-on acquisitions. The company’s website is www.vss.com.
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