Tradesmen International, a portfolio company of Blackstone Capital Partners, has acquired Richfield, Ohio-based Construction Labor Contractors, a provider of temporary staffing of skilled tradesmen for the commercial construction market. The seller was Silver Oak Services Partners LLC. No financial terms were disclosed.
EVANSTON, IL, January 22, 2018 – Silver Oak Services Partners, LLC (“Silver Oak”), a leading lower-middle market private equity firm focused exclusively on business, healthcare and consumer services companies, announced today that it completed the sale of Construction Labor Contractors (“CLC” or the “Company”) to Tradesmen International (“Tradesmen”), a portfolio company of private equity funds managed by Blackstone Capital Partners.
Headquartered in Richfield, Ohio, CLC is a leading provider of temporary staffing of skilled tradesmen for the commercial construction market. CLC operates 19 locations and serves clients in all 50 states.
Silver Oak made its original investment in CLC in June 2014. During Silver Oak’s ownership, CLC significantly enhanced the depth of its management team, invested heavily in a centralized National Accounts Sales team and National Recruiting team, upgraded the IT infrastructure, and expanded into new geographies via new office openings and three acquisitions.
“We are extremely proud of our partnership with the CLC management team,” said Greg Barr, Managing Partner at Silver Oak. “They have significantly expanded the business over the last three-and-a-half years, and we believe the combination of CLC and Tradesmen will allow the consolidated entity to better serve client needs throughout the country.”
Brad Chesin, CEO of CLC, noted, “Silver Oak has been a great partner and provided tremendous support to us as we executed on a number of strategic initiatives that drove significant growth across the business.”
About Silver Oak Services Partners
Founded in 2005, Silver Oak Services Partners is a lower-middle market private equity firm focused on partnering with exceptional management teams to build industry leading business, healthcare and consumer services companies. Silver Oak seeks to make control investments in leading service businesses with $15 to $150 million in revenue. The firm is currently investing out of its third fund, a $335 million investment vehicle. For more information, visit www.silveroaksp.com.