Written by David French
(Reuters) – Bain Capital has acquired a minority stake worth $250 million in business services company Sikic, which plans to use the investment to finance expansion plans, the companies said on Thursday. did.
The private equity firm is the first outside investor for Chicago-based Sikic, which was founded in 1982. The $250 million is structured as preferred stock, the companies told Reuters.
Sikich CEO Christopher Geyer said the company has reached an “inflection point” in its growth and Bain's involvement in the business will help Sikich take the next step in its development.
The company has doubled in size over the past five years and plans to expand further through new acquisitions and strategic alliances, the joint statement said. Bain did not disclose Sikic's valuation after the investment.
Sikich currently has more than 2,000 employees and operations throughout the United States and internationally. Its services include auditing, employee program management, and succession planning.
“Sikic's differentiated business model has enabled the company to gain share in a highly fragmented market,” said Cristian Zitianu, partner at Bain Capital Special Situations.
Although the value of large leveraged buyout deals has declined over the past two years as rising financing costs have made it difficult to raise debt, private equity firms have The transaction amount of so-called growth equity investments is said to be maintaining a healthy level. From data provider PitchBook.
(Reporting by David French in New York; Editing by Edwina Gibbs)
