Addison Receives Strategic Investment from Lake Capital; Capital to Support Growth of National Services.
Addison plans to use the additional financial resources to broaden its range of specialized 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, Houston and Schaumburg (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 Katz, 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 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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|Date:||Jun 13, 2006|
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