Lannick Group, a Toronto-based recruitment and staffing provider, has been bought by Vaco, a U.S. talent acquisition and consulting business. No financial terms were disclosed. Established in 1985, Lannick is a specialist in talent solutions for the accounting, finance and IT fields. Vaco, which is based in Brentwood, Tennessee, said the acquisition expands its reach and marks its entry into the Canadian market. Founded in 2002, Vaco is a portfolio investment of U.S. private equity firm Quad-C Management. Quad-C acquired a majority stake in the company in 2014.
Lannick, Canada’s Largest Regional Finance and Accounting Recruitment and Staffing Firm, Acquired by Vaco
Strategic Purchase Allows for Rapid Growth in Canada
TORONTO, Aug. 3, 2017 /CNW/ – Lannick, a Toronto-based premier professional recruitment and staffing firm, has been acquired by Vaco, a leading talent acquisition and consulting firm focusing in the areas of accounting, finance, IT, administration and executive search. Together, Vaco and Lannick will form a continental powerhouse that provides talent solutions across a diverse set of industries.
Including Lannick’s projected revenues of $40 million for 2017, Vaco’s projected revenues for 2017 are expected to surpass $458 million USD. As Vaco’s biggest acquisition to date, the purchase of Lannick not only expands Vaco’s reach, but also marks their entry into the Canadian market. This is the 14-year-old firm’s second international acquisition in four months.
Founded in 1985, it has been Lannick’s mission to service the pressing need for superior talent in the areas of accounting, finance and IT. As Canada’s largest regional finance and accounting specialist firm, they have experienced rapid growth in recent years. Lannick has doubled its business since 2013, with revenue increasing from $14.2 million to $28.2 million in 2016. In 2017, Lannick is poised to add more than 1,200 permanent, temporary and contract placements to Vaco’s already established book of business.
“Vaco is talent centric, not location centric, so as exciting as it is to expand into the vibrant city of Toronto, it is even more thrilling to add the abilities and energy of this incredible Lannick team,” said Vaco Co-Founder and CEO, Jerry Bostelman. “As we worked out the complex deal points, it was obvious that alongside this creative, committed, culture-driven team, together we were stronger. Internally we will top grade our processes, connect our extraordinary players and collaborate about how we collectively become more impactful in the lives of our clients, candidates and consultants.”
“I am truly excited by this partnership and the complete alignment of culture and philosophy. Our clients will receive the same outstanding boutique-firm treatment while having access to a larger network of talent,” said Peter Jeewan, President & CEO of Lannick. “The right talent is the number one differentiator between successful and unsuccessful companies. Our business connections range from Fortune 500 companies to some of Canada’s leading government and nonprofit organizations, so it’s a huge asset that we will be able to add Vaco’s expertise and talent pool to our repertoire of services.”
Jeewan added, “Of paramount consideration in this partnership are the endless new possibilities for our amazing people to grow, develop and benefit financially. Vaco’s access to capital and proven experience and history in promoting and developing from within will in no small way excite our emerging leaders. We are thrilled to begin this new and amazing chapter in our company’s history.”
“Our objective is to become a significant player in Canada,” said Jim Dimovski, Chief Administrative Officer of Lannick. “With Vaco, we can serve many more markets, our candidate pool is significantly wider and our industry insights are far more holistic.”
Lannick is the premier professional recruitment and staffing firm in the Greater Toronto Area. Founded in 1985, Lannick provides best-in-class finance, accounting and technology professionals at all roles and levels through its three divisions: Lannick Finance & Accounting, Pro Count Staffing and Lannick Technology. Lannick places more than 1,200 candidates annually and is a preferred vendor for Canada’s most successful organizations. Learn more at www.lannick.com.
Vaco offers consulting, contract and direct hire solutions in the areas of accounting, finance, technology, healthcare, operations and general administration. With more than 40 offices across the U.S. and beyond, Vaco has been on the Inc. 5000 list of the nation’s fastest-growing private companies for the last ten years. Vaco is dedicated to developing creative client solutions, long-term relationships and lifelong careers. For more information, visit vaco.com.
For further information: Media Inquiries: Lannick, Laura Chambers, email@example.com, 416-343-3007; Vaco, Amanda Phillips, firstname.lastname@example.org, 615-432-0508
Photo courtesy of Lannick Group