The Boston-based private equity firm completed a majority equity buy with Eliassen Group, a tech staffing and data management consultant. Specifics of the deal were not publicized. Riverside Partners is investing from its fourth fund in healthcare and technology industries, focusing on companies with revenues between $20 and $200 million and with $5-$25 million of EBITDA.
Riverside Partners Completes Majority Investment in Eliassen Group, a Leading IT Staffing and Clinical Data Management Consulting Provider
BOSTON, Jan. 3, 2011 /PRNewswire/ — Riverside Partners, a Boston-based private equity firm with a focus on technology and healthcare investments, announced today it has completed a majority equity investment in Eliassen Group. Eliassen Group is a leading technology staffing and clinical data management consulting firm.
Eliassen Group was founded in 1989 and is headquartered in Wakefield, MA with five additional offices along the east coast. The company is composed of two divisions: Technology Recruiting and eClinical Solutions. In its technology recruiting division, Eliassen Group provides IT and software professionals to a blue chip group of clients across a range of industries, including healthcare, biopharmaceutical, financial services, government, education, manufacturing and software development. The Company’s eClinical Solutions division specializes in providing data management services, EDC services, statistical programming, training, reporting, and strategic consulting solutions for pharmaceutical, biotechnology and medical device companies.
With an active headcount of over 600, Eliassen Group is the leading IT staffing company in the Northeast. It has been recognized both as one of the “Best Places to Work” as well as one of the fastest growing private companies on the Inc. 5000 list for four consecutive years.
“As we contemplated Eliassen Group’s growth strategy, we sought a financial partner with significant experience in our core markets of technology and healthcare, as well as a strong track record of accelerating the growth of middle market companies,” said Dave MacKeen, Chief Executive Officer of Eliassen Group. “Riverside Partners not only has shown that they understand and share our vision but also took steps to demonstrate their commitment by working with us to develop a strategic plan to grow the business and enhance our capabilities.”
“Eliassen Group is the leading IT staffing and consulting firm in the Northeast,” said David Belluck, a General Partner at Riverside Partners. “We are very impressed with the high performance team and extremely dedicated group of employees. They provide outstanding responsiveness and client service every day. Eliassen Group has significant growth potential in both the IT recruiting as well as the eClinical Solutions businesses, and we are excited to support management’s vision for the business as it enters a new phase of growth.”
About Eliassen Group
Eliassen Group, headquartered in Wakefield, MA, is composed of two divisions: Technology Staffing and eClinical Solutions. The Technology Staffing Division provides services to clients nationwide in industries including healthcare/pharmaceutical, financial services, government, education, manufacturing and software development (www.eliassen.com). eClinical Solutions provides data management services, EDC services, statistical programming, training solutions, reporting solutions, strategic consulting, user acceptance testing (UAT)/validation Services, as well as clinical data repository development and management for pharmaceutical, biotechnology and medical device companies (www.eclinicalsol.com)
About Riverside Partners
Founded in 1989, Riverside Partners is a middle market private equity firm currently investing Riverside Partners Fund IV, L.P. The fund focuses on growth oriented companies primarily in the healthcare and technology industries. Riverside Partners is particularly experienced at partnering with founders, owners and management teams and it brings substantial domain expertise and operating experience to its portfolio companies. The partners at Riverside Partners have managed more than $500 million in investments in over 50 companies. The firm is currently focused on companies with revenues between $20 and $200 million and with $5-$25 million of EBITDA. For more information, please visit http://www.riversidepartners.com.