U.S. private equity firm Calera Capital has completed the previously announced sale of its majority interest in SterlingBackcheck. The joint buyers were Canadian pension fund manager the Caisse de dépôt et placement du Québec and Goldman Sachs’ Merchant Banking Division. The transaction’s financial terms were not published. Headquartered in New York, SterlingBackcheck is a provider of background screening services.
Calera Capital Completes Sale of SterlingBackcheck to Goldman Sachs and CDPQ
June 23, 2015
BOSTON & SAN FRANCISCO–(BUSINESS WIRE)–Calera Capital, a leading middle-market private equity firm, today announced that it has completed the sale of its majority interest in SterlingBackcheck, one of the largest background screening companies in the world, to Goldman Sachs’ Merchant Banking Division and La Caisse de dépôt et placement du Québec (CDPQ).
“A key element of our strategy is to invest with founders seeking a partner to help take their businesses to the next level”
Calera Capital acquired a majority interest in SterlingBackcheck in December 2010.
“Our strategy is to invest in companies which have developed strong and unique business models, but have substantial untapped potential,” stated Mark Williamson, a managing partner of Calera Capital. “Through active involvement, and a strong partnership with management, we seek to help our portfolio companies attain the highest level of operating performance. SterlingBackcheck’s transformational ascent to the leadership position it commands today is a clear demonstration of the successful execution of this strategy.”
“We were very fortunate to have had the opportunity to partner with Calera Capital for the past four and a half years,” said Clare Hart, CEO of SterlingBackcheck. “Our company has benefitted immeasurably from Calera’s guidance and experience. We look forward to building on the strong foundation our partnership with Calera has created as we embark on the next phase of the company’s evolution with Goldman Sachs and CDPQ.”
“A key element of our strategy is to invest with founders seeking a partner to help take their businesses to the next level,” stated Paul Walsh, operating partner of Calera Capital. “Billy Greenblatt, SterlingBackcheck’s founder and an ongoing shareholder in the business, is an extraordinary entrepreneur and our relationship with him, as well as with the entire SterlingBackcheck management team, could not have been more successful and personally satisfying. We wish the team well and are confident they will continue to thrive with their new partners.”
Mark Williamson, Paul Walsh and Michael Moon, managing director, represented Calera on the board of SterlingBackcheck. Terms of the transactions were not disclosed.
SterlingBackcheck is one of the largest background screening companies in the world. Established in 1975, SterlingBackcheck is chosen by more than 25% of the Fortune 100, 20% of the FTSE 100 and more than 20,000 organizations to help them hire and retain the right people. As a global background screening leader, SterlingBackcheck employs almost 3,000 people in five countries and its team offers expertise in compliance, client experience and applicant experience. Connected by the world’s most advanced background check technology platform, SterlingBackcheck continuously reinvests in its business and its customers to ensure it remains a global leader. To learn more about SterlingBackcheck, please visit: www.sterlingbackcheck.com
SterlingBackcheck is a trademark of Sterling Infosystems, Inc.
About Calera Capital
Founded in 1991, Calera Capital is a private investment firm which has invested over $2.8 billion. With offices in San Francisco and Boston, Calera focuses its activities in two industry sectors: Business Services and Specialty Industrials. Calera Capital makes substantial equity investments in middle-market businesses, typically with enterprise values in the range of $100 million to $750 million, and seeks to build long-term sustainable value by working with management teams to implement strategic and operating initiatives. For more information, visit: www.caleracapital.com.
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