Silver Oak said Wednesday that it led the recapitalization of Construction Labor Contractors. No financial terms were disclosed. Based in Richfield, Ohio, CLS is a provider of temporary staffing for the commercial construction sector.
Evanston, IL, June 25, 2014 – Silver Oak Services Partners announced it has led the recapitalization of Construction Labor Contractors (“CLC” or the “Company”) in partnership with the founder and management.
Founded in 1997, CLC is a leading provider of temporary staffing of skilled tradesmen for the commercial construction market. The Company, headquartered in Richfield, OH, with 15 sales offices throughout the Midwest, Mid-Atlantic and Southwest that service clients in all 50 states. CLC provides a variety of skilled trades to construction sites, including electricians, plumbers, carpenters and HVAC technicians.
Silver Oak partnered with the founder and existing management on the transaction. “This transaction enables CLC to focus on the next phase of the Company’s development with a value-added partner and the capital resources necessary to grow our Company through organic investments in new offices and improved sales, marketing and recruiting execution” said CLC president George Cook, who will continue to lead the Company as CEO.
“We are excited to partner with the founder of CLC, Timothy Cherotti, and with the current CEO, George Cook, as well as the rest of the CLC management team. The Company has a successful track record of growth and a strong reputation among construction contractors across the country. We look forward to leveraging the Company’s existing strengths, while further investing in both new and existing markets,” said Greg Barr, Managing Partner of Silver Oak. CLC is actively looking for add-on acquisition opportunities.
Please contact Greg Barr or David Friedman of Silver Oak for additional information.
Silver Oak invests in business, healthcare and consumer services companies in the lower middle market, typically with EBITDA of $3 million to $20 million.