New State Capital Partners has made a “significant” investment in Klein Hersh, an executive search firm focused on the life sciences and healthcare industry. No financial terms were disclosed. Klein Hersh’s senior executives Jason Hersh, Jesse Klein, and Josh Albert will remain the leadership team and retain a “substantial” ownership stake.
LARCHMONT, N.Y, Nov. 17, 2020 /PRNewswire/ — New State Capital Partners (“New State”) today announced that it has made a significant equity investment in Klein Hersh (“the Company”), an executive search firm focused on delivering strategic leadership placement solutions for the life sciences and healthcare industry. The Company’s senior executives, Jason Hersh, Jesse Klein, and Josh Albert will remain as the leadership team at the Company and will retain a substantial ownership stake. Terms of the transaction were not disclosed.
“It’s no secret that life sciences and healthcare are booming fields with significant growth pathways for the foreseeable future,” said Shaun Vasavada, Vice President at New State. “Businesses in those sectors need experienced leaders with technical expertise to build successful organizations, and Klein Hersh has proven to be a strategic partner to clients seeking world-class talent.”
Klein Hersh is the country’s leading executive search firm focused exclusively on the life sciences and healthcare industry. Founded in 1998 and based in Horsham, PA, the Company delivers high-level, senior hires for some of the world’s foremost pharmaceutical, biotech and healthcare companies. Klein Hersh uses its relationships and deep subject matter expertise to match its clients with C-Suite executives. In addition, the Company offers consulting and contract staffing services to address temporary or cyclical needs, as well as specialized knowledge requirements.
Klein Hersh CEO Jason Hersh commented, “It was important for us to find a financial partner who understands the priorities of owner-managed companies and can help us attain next-level growth. We feel fortunate to be working with New State, whose financial and operational resources will guide our expansion and reinforce the culture that has contributed to our success.”
Robert Klein, who co-founded the Company with his wife, Fern, added, “It has been extremely gratifying to build this business as it has developed into the go-to executive search firm in the life sciences and healthcare industry. We are pleased that New State will work with our outstanding team to build on that legacy and be thoughtful stewards of our future.”
New State was advised on the transaction by Morgan Lewis (legal), Duff & Phelps (financial), L.E.K. Consulting (industry), and Citizens Bank (M&A Advisory).
About New State Capital Partners
New State Capital Partners LLC is an entrepreneurial-minded private equity firm that strives to be nimble, decisive and cooperative. New State prides itself on a long-term outlook, approaching each potential investment as an opportunity to create lasting and valuable relationships with company founders, independent sponsors, and others. New State seeks to invest in market-leading companies with $8 million to $30 million of EBITDA in the areas of business services, industrials, and consumer. New State can commit more than $50 million of equity capital per transaction, using a variety of investment structures, through New State Capital Partners II, LP. New State and its affiliates have invested in 24 companies to date. For more information visit www.newstatecp.com.