Phaidon International, the professional services firm focused on identifying, sourcing and securing business critical talent to roles across more than 4,000 clients, has entered into an agreement to be acquired by a global investor consortium led by funds managed by Further Global. The investment will see Phaidon’s current sponsor Quilvest Capital Partners exit the business, with management retaining a significant stake. Further Global’s investment, supported by client funds from Neuberger Berman, Pictet and OPTrust, will continue to fuel Phaidon’s growth which will see the business scale to beyond 1,400 staff and 15 offices around the world by the end of 2022.
Harry Youtan, Chief Executive Officer commented, “Quilvest have been a fantastic partner for our business over the last four years. Their sponsorship has been invaluable to us as we have grown and scaled our commercial platform, whilst deepening our sector expertise. Looking forward, we are excited to partner with Further Global alongside a truly special group of investors whose experience, network and sophistication is impressive and will help our acceleration over the next phase of our journey.”
Phaidon International operates a deliberate brand strategy that delivers talent to sectors including Financial Sciences, Supply Chain, Life Sciences, Engineering, Technology and Regulatory & Legal. The company deploys its capabilities across its existing network of offices, with a number of other locations planned.
Olivier Sarkozy, Founder and Managing Partner of Further Global, added, “We really look forward to partnering with Harry and the Phaidon Team. In addition to Phaidon’s exceptional financial performance, market positioning and differentiated business model; is the quality of the Phaidon’s management team, who has engineered the firm’s differentiated value proposition. We very much look forward to supporting them as they continue to scale the business.”
Further Global Partner, Max Baumrin added: “Phaidon has differentiated itself by understanding its client’s needs and consistently delivering a quality product. As a result, we believe that Phaidon will continue to take share by expanding both geographically and across business lines, a strategy that we look forward to supporting.”
Jay Takefman and Thomas Vatier, Co-Heads of Direct Private Equity at Quilvest Capital Partners, commented, “Our journey with Harry and the Phaidon Team has been a brilliant relationship as the business has grown and evolved. It is rare to partner with a business that delivers such exceptional organic growth and operates with the level of discipline and rigor which Phaidon does. We are proud to have been part of such an incredible story, and are excited for Phaidon to achieve its ambitions”.
Benjamin Sass, Partner at Quilvest noted, “We are extremely proud of the performance of the business and to have helped Phaidon’s continued growth over the last 4 years.”
Phaidon was advised by Lazard as financial advisor and Travers Smith & Dechert as legal counsel. Further Global was advised by Kirkland & Ellis as legal counsel. Debt financing for the transaction was provided by Churchill Asset Management.
Specific financial terms are not disclosed.
About Further Global Capital Management [https://www.furtherglobal.com/ ]
Further Global Capital Management is an employee-owned private equity firm that makes investments in businesses within the business services and financial services industries. Further Global seeks to be a true partner with the management teams with whom it invests with an objective to be the “Capital Partner of Choice” to the industry. Further Global seeks out situations in which its extensive network, operational expertise and capital can drive significant value. Further Global has raised over $2.2 billion of cumulative committed and invested capital. For more information, visit www.furtherglobal.com.
About Quilvest Capital Partners
Quilvest Capital Partners (“Quilvest”) is the investment arm of the Quilvest Group, a leading, global, independent financial group born from an industrial success more than a century ago in Paris. As part of its direct private equity activity, Quilvest partners with talented managements teams to support their growth, in Western Europe and in the United States. With a team of 15 professionals based in Paris and New York, the direct private equity team takes majority or controlling minority positions through equity tickets between $20 and $80 million. The team targets to deploy between $100 and $150 million per year, in off-market or pre-process situations where Quilvest offers differentiated value through its manager-friendly positioning, its Family DNA, its flexible timing horizon and/or its international networks. Quilvest Capital Partners also manages a wide array of investment programs in funds, real estate and private debt. As of H1 2022, Quilvest Capital Partners manages around $7 billion of assets. For more information, visit www.quilvestcapitalpartners.com
SOURCE: Phaidon International