TorQuest Partners has made an investment in the TEAM Companies, a payroll, business affairs and technology provider for the advertising and entertainment communities. No financial terms were disclosed. Also, Gerry Schwartz, CEO of TEAM will retire at the end of the year. Justin Kramer, current chief operating officer, will become president and CEO.
LOS ANGELES, CA–(Marketwired – November 06, 2017) – Today, The TEAM Companies — a leading payroll, business affairs and technology provider to the advertising and entertainment communities –announced a significant investment by its senior management team, in partnership with the founding shareholders and private-equity firm TorQuest Partners. At year-end, CEO Gerry Schwartz will retire from his full-time role and transition his responsibilities to TEAM’s current COO, Justin Kramer, who will assume the role of President and Chief Executive Officer.
Today’s announcement continues TEAM’s tradition of hands-on management, and Schwartz will remain a minority shareholder and corporate advisor. Effective January 1, 2018, Greg Smith will move from Chief Marketing Officer to a dual role of Chief Operating Officer and Chief Revenue Officer. An De Vooght becomes Global Chief Financial Officer.
“I have known and worked with Justin for many years and have huge respect for his — along with Greg’s and An’s — ability to evolve and grow our 25-year-old company,” said Schwartz. “Better still, they have the same passion for the business as I do, and we are incredibly excited about where we are heading. I am confident that the company’s superior client service will continue to accelerate the rapid growth we have seen the past few years.”
Kramer added: “We have no plan to alter the existing strategy we have in place: it’s business as usual. We will continue to heavily invest in innovative technologies and great people to drive our growth and ability to better service our valued clients.”
Brent Belzberg, Senior Managing Partner of TorQuest Partners, stated: “We are delighted to be partnering with Justin, Greg, An and Gerry, and to provide equity capital to support the next chapter in TEAM’s exciting growth story. Our investment in TEAM continues our strategy of partnering with exceptional management teams to build industry-leading businesses.”
The move is the latest evolution for the company that has significantly expanded its leadership and service offerings organically, as well as via the acquisition of several complementary businesses over the past few years.
About TEAM Companies
The TEAM Companies, Inc. is a leading payroll, business affairs and technology provider to the advertising and entertainment community. TEAM provides a comprehensive suite of payroll, production management and business affairs solutions for the production of creative content and live events. We offer union and non-union talent, music, and crew payroll for advertising, music, concert tours, music videos, visual effects, and video games as well as advertising and entertainment timecard & production software. Our offices in New York, Toronto, Los Angeles (Burbank), Portland, Chicago, and Detroit are committed to accuracy, timeliness and one-on-one personalized service. Years of experience provide us with unmatched knowledge of and expertise in the SAG-AFTRA, AFM, ACTRA, DGA, UDA and IATSE contracts, labor laws, rights management and other regulations impacting the advertising and entertainment industries. The TEAM Companies provide employer of record payroll services and business affairs support for all types of advertising and entertainment projects across all media. To learn more, visit theteamcompanies.com.
About TorQuest Partners
Founded in 2002, TorQuest Partners is a manager of private equity funds with more than C$2 billion of equity capital under management. TorQuest is currently investing from TorQuest Partners Fund IV, a C$925 million fund. TorQuest invests in middle market companies and works in close partnership with management to build value. To learn more about TorQuest Partners, please visit www.torquest.com.