M&A Deal Summary

Thomas H. Lee Partners Acquires System One

On September 19, 2016, private equity firm Thomas H. Lee Partners acquired staffing company System One from MidOcean Partners

Acquisition Highlights
  • This is Thomas H. Lee Partners’ 2nd transaction in the Staffing sector.
  • This is Thomas H. Lee Partners’ 44th transaction in the United States.
  • This is Thomas H. Lee Partners’ 7th transaction in Pennsylvania.
Investment Fate
  • System One was sold to a consortium of financial buyers in 2020.

M&A Deal Summary
Date 2016-09-19
Target System One
Sector Staffing
Buyer(s) Thomas H. Lee Partners
Sellers(s) MidOcean Partners
Deal Type Secondary Buyout
Advisor(s) Harris Williams
Houlihan Lokey (Financial)
Kirkland & Ellis
Clark Hill
Lowenstein Sandler (Legal)

Target

System One

Pittsburgh, Pennsylvania, United States
System One is a provider of 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. System One is based in Pittsburgh, Pennsylvania.

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Buyer(S) 1

Buyer

Thomas H. Lee Partners

Boston, Massachusetts, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1974
PE ASSETS 35.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Thomas H. Lee Partners (THL) is a private equity firm that seeks buyout, expansion, consolidation, distressed, and recapitalization investments across various industries. Sectors of interest include business and information services, consumer products/retail, financial services, healthcare, industrial, and media/communications. THL looks to invest $100 to $400 million in companies valued up to $2.5 billion. THL was formed in 1974 and is based in Boston, Massachusetts.

DEAL STATS #
Overall 54 of 90
Sector (Staffing) 2 of 2
Type (Secondary Buyout) 16 of 32
State (Pennsylvania) 7 of 8
Country (United States) 44 of 77
Year (2016) 2 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2016-08-05 Systems Maintenance Services

Charlotte, North Carolina, United States

Systems Maintenance Services is a global provider of multivendor IT asset lifecycle services and support solutions. SMS’ advanced service portfolio includes: asset management, deployment, relocation, disposition, recycling, erasure, maintenance, and managed network and VOIP services. SMS supports more than 3,000 clients globally with physical locations across North America, Asia and Europe. SMS’ solutions include support for most datacenter brands including Cisco, IBM, HP, Dell, Oracle, EMC, Hitachi, NetApp, Lexmark and Xerox. Systems Maintenance Services was founded in 1981 and is based in Charlotte, North Carolina.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2016-11-04 CSafe Global

Monroe, Ohio, United States

CSafe Global is a provider of cold chain packaging solutions that address the global supply chain needs of the biopharmaceutical industry. CSafe Global’s climate-controlled containers are designed to maintain high-value and temperature-sensitive biopharmaceutical cargo at precise temperatures for extended periods of time and in extreme external conditions. CSafe Global is based in Monroe, Ohio.

Buy -

Seller(S) 1

SELLER

MidOcean Partners

New York, New York, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 2003
PE ASSETS 10.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

MidOcean Partners is a private equity firm focused on acquiring controlling interests in middle-market companies throughout North America. The Firm has a preference for consumer and business services sectors including automotive, food/beverage, retail, consumer products, information services, infrastructure services, training and more. MidOcean seeks opportunities valued between $150 and $750 million where it can commit $75 to $300 million. In addition to investing equity, MidOcean also looks to provide flexible credit solutions as well. MidOcean Partners was formed in 2003 and is based in New York, New York.

DEAL STATS #
Overall 26 of 36
Sector (Staffing) 1 of 2
Type (Secondary Buyout) 8 of 10
State (Pennsylvania) 1 of 1
Country (United States) 21 of 31
Year (2016) 3 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2016-09-15 Penton Media

New York, New York, United States

Penton Media, Inc. is an information services and marketing company. Penton’s products inform with rich industry insights and workflow tools; engage through dynamic events, education and networking; and advance business with powerful marketing services programs.

Sell $1.6B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2017-06-14 Agilex Flavors & Fragrances

Piscataway, New Jersey, United States

Agilex Flavors & Fragrances, Inc. is a provider of fragrance products and related technical services. Agilex’s formulations are used in candle and air scents, personal care, household and industrial products. Agilex Flavors & Fragrances, Inc. was established in 1999 and is headquartered in Piscataway, New Jersey.

Sell -
Mergr

Product

Company

Legal