New MainStream Capital, which has been seeking $250 million for its debut fund, has invested in ettain group, an IT staffing and talent solution company. New MainStream is investing alongside company management. Robert Livonius, New MainStream operating executive council member, will join ettain’s board of directors.
ettain group, inc. (“ettain” or the “Company”), a national IT Staffing and IT Talent Solution company, and New MainStream Capital (“NMS”), a New York and Dallas-based private equity firm, today announced that they have entered into a partnership to support and build upon ettain’s growth strategy. In connection with the transaction, NMS will invest in ettain alongside management, and provide additional capital to further support ettain’s future growth through incremental resources, expanded service offerings and strategic acquisitions.
Founded in 1996 by Jeff Harris and Brian Deblitz and headquartered in Charlotte, North Carolina, ettain currently has eight offices in the Southeast, Mid-Atlantic and Texas. With revenues now exceeding $100 million, ettain is a leader in the industry, having been named to the Inavero’s Best of Staffing list in each of the last three years.
“We had conversations with over 50 potential investors over the last 24 months. NMS supports our Vision, Mission, Values and growth strategy which led us to enthusiastically choose to work with them. NMS has established an impressive track record in the staffing industry, and we believe their understanding of our business and the IT staffing market, will allow us to accelerate the growth of ettain. Partnering with NMS will further support our Company Vision to create opportunity for others, and will continue to build upon our Client Mission to be the partner of choice for every client,” commented Jeff Harris, Co-Founder and CEO of ettain.
Kevin Jordan, NMS Co-Founder and Managing Partner remarked, “ettain exemplifies the type of company that we at NMS seek to invest with – a high caliber management group with a dedicated team of employees providing blue chip clients with first rate service. The Company’s growth and success have been impressive, and we’re thrilled to have the opportunity to partner with them.” Each of ettain’s founders will continue in their roles at the Company and will also remain significant shareholders.
In connection with the transaction, NMS Operating Executive Council member Robert Livonius will serve as a board member of ettain. Mr. Livonius is currently the President of Work Force Solutions for AMN Healthcare, the largest healthcare staffing company in the United States, and was previously the CEO of Medfinders and Chief Operating Officer of Spherion Inc. Mr. Livonius is also the former Chairman of the American Staffing Association, the primary trade group representing staffing firms in the United States.
Wells Fargo Securities served as lead financial advisor to ettain and McGuireWoods served as legal advisor to the Company. CHILDS Advisory Partners served as strategic advisor to ettain group management. Greenberg Traurig provided legal advice to NMS. Financing for the transaction was provided by Regions Bank and Fifth Third Bank.
About ettain group
ettain group, inc. is an IT Staffing and IT Talent Solutions company that delivers top talent through Staff Augmentation, Project Solutions and eRPO capabilities. Headquartered in Charlotte, North Carolina, and with offices in Atlanta, Dallas, Jacksonville, Nashville, Raleigh, Washington D.C. and Winston-Salem, ettain group has experienced consultants working across North America. Their team of more than 150 full-time employees and nearly 800 consultants delivers innovative and effective technology and business solutions to a variety of industries including healthcare, financial services, retail and emerging industries.
For additional information on ettain group, visit the Company’s website at www.ettaingroup.com.
About New MainStream Capital
New MainStream Capital is a New York and Dallas-based private investment firm specializing in strategic equity investments and leveraged buyouts of lower middle market companies. The Firm was formed through the spin-out of a group of portfolio companies from the Goldman Sachs Merchant Banking Division. NMS focuses on companies headquartered in the United States poised to benefit from demographic and other secular growth trends. NMS invests across a broad spectrum of industries, with particular concentration on: Healthcare Services, Consumer Products and Services, and Specialized Business Services.
For additional information on NMS, visit the firm’s website at www.nms-capital.com.