On Assignment, an employment agency, has inked an agreement to acquire CyberCorders Holdings from Riordan Lewis & Haden Equity Partners. No financial terms were disclosed for the transaction, which is expected to close in December 2013. Headquartered in Irvine, Calif., CyberCoders is a national recruiting firm.
LOS ANGELES, Dec. 3, 2013 /PRNewswire/ — Riordan Lewis & Haden | Equity Partners (RLH) is pleased to announce that our portfolio company, CyberCoders Holdings, Inc., has signed a definitive agreement to be acquired by On Assignment, Inc. (NYSE: ASGN). CyberCoders is a premier national recruiting firm which combines personalized service and proprietary software to provide superior client outcomes. CyberCoders specializes in permanent placement of mid to senior-level professionals with experience in fields such as IT, engineering, healthcare and life science, using unique systems that quickly identify the best-qualified and best-fitting candidates for clients. On Assignment is a leading global provider of in-demand, skilled professionals for temporary, contract-to-hire, and direct hire assignments in the growing IT, healthcare, and life sciences sectors. The acquisition remains subject to required regulatory approvals as well as other customary closing conditions, and is expected to close in December 2013.
RLH has been privileged to work with a superb team at CyberCoders that, since 2009, has increased revenue five-fold and EBITDA even more rapidly, entirely through organic growth. These accomplishments are a direct result of the innovation, determination, and leadership displayed throughout the CyberCoders organization. Since RLH’s investment, CyberCoders has been recognized numerous times as among the “best places to work” and the Company’s founder and CEO, Heidi Golledge, was selected as an Ernst & Young 2013 Entrepreneur of the Year. RLH congratulates all of our partners at CyberCoders on their achievements and wishes them continued success in the future as part of the On Assignment team.
Riordan, Lewis & Haden is a leading private equity firm which invests in high growth, profitable enterprises with $20 – $200 million of annual revenue. Focused on companies in the business services, healthcare, and government services sectors, RLH has achieved a 30-year track record of success by partnering with passionate entrepreneurs to build significant companies. RLH typically invests via a recapitalization transaction that provides partial liquidity for the entrepreneur, and then assists the portfolio company management team in navigating the opportunities and challenges of rapid growth. The firm currently manages over $600 million of assets and is actively seeking new portfolio company investments.