Glencoe Capital has announced the merger of Budco and NOVO 1, two of the firm’s portfolio companies. The combined company will be called Glencoe Business Service Holdings. Terms of the deal were not released. Both companies are focused on business process outsourcing services.
Private equity firm Glencoe Capital is proud to announce the merger of Budco and NOVO 1, two of the firm’s portfolio companies, officials said today.
“Both companies will combine into a new entity called Glencoe Business Service Holdings, LLC (GBS),” said Principal of Glencoe Capital Doug Kearney.
“We are extremely excited about bringing together Budco and NOVO 1 to form a single, stronger business operation,” Kearney said. “These are two very successful organizations that share similar corporate cultures and serve similar clients.”
Budco is a leading business process outsourcing company providing technology-enabled marketing solutions to Fortune 100 companies and is headquartered in Highland Park, Michigan, with additional operations in New Jersey and Indiana. NOVO 1 is a leading business process outsourcing company providing customer care solutions to Fortune 500 companies and is headquartered in Fort Worth, Texas, with additional operations in Michigan, Montana and Wisconsin.
Budco and NOVO 1 will initially be managed as separate stand-alone brands under the new GBS entity. Current Budco President and CEO Terry Niles has been named CEO of GBS, assuming responsibility to lead both Budco and NOVO 1. Current NOVO 1 President and CEO Mary Murcott has been named Chief Strategy and Marketing Officer of GBS.
“Integrating the collective strengths of Budco and NOVO 1 creates an unparalleled, national, middle-market provider of technology-enabled customer care and marketing solutions,” said Chairman and Chief Investment Officer of Glencoe Capital David Evans.
“The management teams of both companies will remain in place and work together to more tightly integrate processes, technology and culture,” Niles said. “NOVO 1 expands their breadth of services through the addition of Budco’s end-to-end technology-enabled marketing solutions, while Budco deepens its front- and back-office customer care capabilities through NOVO 1’s experience, innovation and leading-edge technology. Most important is that this is a ‘win-win’ for our clients.”
About Glencoe Capital
Founded in 1993, Glencoe Capital is a private equity firm focused on lead-sponsored acquisitions and growth equity investments in lower middle-market companies. The firm has completed more than 30 acquisitions, representing several billion dollars in annual sales. Glencoe Capital currently manages two funds: the Glencoe Capital Michigan Opportunities Fund, L.P. and Glencoe Capital Partners III, L.P.
The Glencoe Capital Michigan Opportunities Fund, the firm’s fourth fund, was established in June of 2008 and represents a groundbreaking partnership of public and private interests in the deployment of private equity capital. The Fund makes lead-sponsored acquisitions and growth equity investments in companies that conduct a material portion of their business operations in Michigan. The Fund may also invest in companies located outside of Michigan that demonstrate a viable strategy for expanding business operations into the state. For more about Glencoe Capital, visit www.glencap.com.
Budco is a leading business process outsourcing company providing marketing solutions to Fortune 100 companies and is headquartered in Highland Park, Michigan. As The Dialogue Company, Budco helps clients build strong relationships with business and consumer audiences by facilitating ongoing, two-way communication through leading-edge technology. Founded in 1982, Budco applies a suite of in-house resources to develop and execute innovative, end-to-end business solutions, delivering results that drive client success. Primary industry segments include automotive, pharmaceutical, health care, retail, travel and leisure and consumer packaged goods. For more about Budco, visit www.budco.com.
About NOVO 1
Since 1987, NOVO 1 has been dedicated to tailoring contact center solutions to support clients’ business goals in building customer relationships and growing their brands. NOVO 1′s Customer Obsession Program™ and Smart Desktop Solutions™ incorporate game-changing technology and top 1% industry best-practices to design customized solutions to provide ideal customer experiences.