Morgan Stanley Global Private Equity (MSPE) has sold its majority stake in Creative Circle, a professional staffing firm focused on advertising, creative and marketing talent, to On Assignment Inc for $570 million.
The value of the deal will increase to $600 million “if certain financial performance measures are achieved in 2015,” Morgan Stanley Global Private Equity said in a statement.
Wells Fargo Securities and Debevoise & Plimpton LLP advised MSPE on the transaction.
In September 2012, MSPE acquired a majority stake in Creative Circle from its founders for $230 million.
MSPE’s exit in Creative Circle comes three months after the firm sold its majority stake in EmployBridge, also a specialty staffing company, to The Select Family of Staffing Companies for about $410 million.
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