Accel-KKR has acquired Pinstripe Inc., a recruitment process outsourcing provider previously backed by Baird Venture Partners. Terms of the deal were not released. Pinstrip is based in Brookfield, Wisc. BVP led Pinstripe’s Series A financing round in 2005 and supported the company with additional investments in 2006 and 2007.
Baird Venture Partners (BVP), the U.S.-based venture capital fund of Baird Private Equity, announced today that its portfolio company Pinstripe Inc., a leading recruitment process outsourcing (RPO) provider, has been acquired by private equity firm Accel-KKR. The terms of the agreement were not disclosed.
Based in Brookfield, Wis., Pinstripe was an early entrant in the RPO space and has emerged as one of the leading providers in the industry, with global reach and high customer satisfaction as recognized by HRO Today’s “Baker’s Dozen” ranking. Pinstripe primarily serves organizations in financial services, healthcare, technology and advanced manufacturing.
BVP led Pinstripe’s Series A financing round in 2005 and supported the company with additional investments in 2006 and 2007. In addition to the investments received from BVP, Pinstripe’s growth to date has been supported by investments from institutional investors CID Capital and The State of Wisconsin Investment Board.
“We are proud to have played a role in building Pinstripe into the leading pure-play provider of RPO services,” said Jim Pavlik, BVP Partner. “We are also pleased to provide an attractive return to BVP investors through an exit that underscores our commitment to investing in the business services sector.”
“Baird Venture Partners has been a valued partner, providing relevant expertise and resources to support Pinstripe’s early significant growth,” said Sue Marks, Pinstripe CEO.
Baird Private Equity has a long history of investment experience in the human capital services sector, having invested in 13 U.S. and European human capital companies. Current venture investments in the sector include Montage Talent, the leading provider of video interviewing solutions; Sittercity, America’s largest and most trusted website connecting families with child care, pet care, eldercare, home care and tutoring solutions; Snagajob, the largest online community of hourly workers; and StartWire, a web-based job search company that provides job seekers with automatic application status updates from thousands of employers.
About Baird Venture Partners
Baird Venture Partners, the U.S.-based venture capital fund of Baird Private Equity, makes venture capital investments in early and expansion stage business services and life sciences companies. Baird Venture Partners leverages its in-depth sector knowledge, experienced investment team and network of relationships to serve as a value-added partner for its portfolio companies. Baird Private Equity is the global private equity group of Robert W. Baird & Co. (Baird).