Addison Receives Strategic Investment from Lake Capital; Capital to Support Growth of National Services.CHICAGO Chicago, city, United StatesChicago (shĭkä`gō, shĭkô`gō), city (1990 pop. 2,783,726), seat of Cook co., NE Ill., on Lake Michigan; inc. 1837. -- Addison Addison, village (1990 pop. 32,058), Du Page co., NE Ill.; inc. 1884. An industrial suburb of Chicago, it manufactures machinery and plastic items. Professional Search, a rapidly-growing specialty staffing firm focused on serving corporate clients with top-quality temporary and permanent personnel in finance and accounting, information technology and clerical roles, announced today that private equity firm Lake Capital has made a strategic investment in the company to support its aggressive growth plans. Addison plans to use the additional financial resources to broaden its range of specialized spe·cial·ize v. spe·cial·ized, spe·cial·iz·ing, spe·cial·iz·es v.intr. 1. To pursue a special activity, occupation, or field of study. 2. services, build a national office network, and make selective acquisitions that will position the company as a leading national provider of temporary and permanent specialty staffing services. Addison is headquartered in Chicago, with offices in Boston Boston, town, England Boston, town (1991 pop. 26,495), E central England, on the Witham River. Boston's fame as a port dates from the 13th cent., when it was a Hanseatic port trading wool and wine. Having recovered from a decline in the 18th and 19th cent. , Houston Houston, city (1990 pop. 1,630,553), seat of Harris co., SE Tex., a deepwater port on the Houston Ship Channel; inc. 1837. Economy The fourth largest city in the nation and the largest in the entire South and Southwest, Houston is a port of entry; and Schaumburg Schaum·burg A village of northeast Illinois, a suburb of Chicago. Population: 74,900. (IL) and serves a diverse client base ranging from mid-sized businesses to Fortune 500 companies. "We have seen the demand for our services continue to grow as companies increasingly seek access to top-flight expertise in specialized areas such as Sarbanes-Oxley compliance and IT project management. We serve our clients by meeting requirements driven by legislative, regulatory and market initiatives, in an environment where there is a limited supply of highly-trained professionals," said Joel Joel, book of the Bible Joel, prophetic book of the Bible. It is a collection of the oracles of an otherwise unknown prophet, dated variously from the 9th to the 3d cent. B.C., though a date in c.400 B.C. is likely. Katz Katz , Bernard 1911-2003. German-born British physiologist. He shared a 1970 Nobel Prize for the study of nerve impulse transmission. , chief executive officer and founder of Addison. "Our partnership with Lake Capital will enable us to accelerate our geographic expansion and introduce new, complementary offerings to serve the growing needs of current and new clients." Founded in 1999 by a group of senior staffing industry executives, Addison has successfully grown organically at a five-year compound annual growth rate of more than 60 percent. From an initial focus on finance and accounting professionals, Addison has expanded its staffing services to include professionals in many high-demand fields, including information technology, non-clinical healthcare, and clerical services. "In a competitive industry, Addison has distinguished itself by offering deep domain expertise in selected services and consistently providing high quality specialty staffing services to its clients," said Ted Kovas, director of Lake Capital. "The Addison management team has done an excellent job in positioning the company to capitalize on Cap´i`tal`ize on` v. t. 1. To turn (an opportunity) to one's advantage; to take advantage of (a situation); to profit from; as, to capitalize on an opponent's mistakes s>. future opportunities. We look forward to working with Joel and the team to build Addison into a leading national provider of specialized temporary and permanent placement services." About Addison Professional Search Addison Professional Search is a specialized staffing firm that provides highly qualified personnel, on either a temporary project or permanent placement basis, primarily in the areas of finance and accounting, information technology and clerical services. Addison serves a diverse client base of mid-sized businesses as well as Fortune 500 companies. Addison was founded in 1999 and has offices in downtown and suburban Chicago, Boston and Houston. Additional information is available on the firm's web site at www.addisonsearch.com. About Lake Capital Lake Capital is a private equity firm that focuses on investments in service-based enterprises across various industries. The firm is currently managing more than $1.3 billion in equity commitments and seeks to build leading services companies through organic and acquisition-enhanced growth. More information about Lake Capital is available at www.lakecapital.com. |
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