BOSTON, MA —
Riverside Partners, a Boston-based private equity firm, announced today that its portfolio company, Eliassen Group, LLC (“Eliassen Group”), has been acquired by funds managed by Stone Point Capital LLC, a private equity firm based in Greenwich, CT (“Stone Point Capital”). Founded in 1989, Eliassen Group is a leading IT staffing and consulting firm serving clients in multiple end-markets, including financial services, life sciences, government, energy/utilities, retail, media & communications, and technology.
“Eliassen has been an exciting investment for Riverside Partners, and we are very proud of our partnership with the Company,” said Ian Blasco, a General Partner at Riverside Partners. “Under our ownership, Eliassen has grown significantly. It expanded organically and through acquisitions from a New England focused provider into a premier IT staffing business with a coast-to-coast footprint.”
David Del Papa, a Partner at Riverside Partners, added, “With its 20 locations and relationships with over 600,000 professionals, Eliassen has become a leading provider of on-demand highly skilled IT talent that enables clients to execute their business strategies. We look forward to seeing Eliassen continue to grow and thrive.”
The team at Riverside Partners has been a highly valued partner to Eliassen. With Riverside’s guidance and support, Eliassen has expanded its geographic presence and the breadth of its offerings while maintaining our award-winning culture that clients and consultants expect. David MacKeen CEO of Eliassen Group
“The team at Riverside Partners has been a highly valued partner to Eliassen,” remarked David MacKeen, CEO of Eliassen Group. “With Riverside’s guidance and support, Eliassen has expanded its geographic presence and the breadth of its offerings while maintaining our award-winning culture that clients and consultants expect. Stone Point Capital is a great new home for the next phase of our company’s growth and expansion.”
“We are thrilled to be partnering with the Eliassen team,” said Jarryd Levine, Principal of Stone Point Capital. “We believe Eliassen has built a differentiated business within the IT Staffing & Consulting sector that is positioned for continued growth and long-term success.”
Houlihan Lokey served as Eliassen Group’s financial advisor in connection with this transaction. Choate Hall & Stewart served as legal counsel to Riverside Partners and Kramer Levin Naftalis & Frankel LLP served as legal counsel to Stone Point Capital. Financial terms were not disclosed.
About Riverside Partners LLC
Founded in 1989, Riverside Partners is a middle market private equity firm currently investing Riverside Fund V, 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. For more information visit www.riversidepartners.com.
About Stone Point Capital
Stone Point Capital LLC is a financial services-focused private equity firm based in Greenwich, CT. The firm has raised and managed seven private equity funds – the Trident Funds – with aggregate committed capital of approximately $19 billion. Stone Point Capital targets investments in the global financial services industry, including investments in companies that provide outsourced services to financial institutions, banks and depository institutions, asset management firms, insurance and reinsurance companies, insurance distribution and other insurance-related businesses, real estate finance and service businesses, specialty lending and other credit opportunities, mortgage services companies and employee benefits and healthcare companies. For more information about Stone Point Capital, visit www.stonepoint.com.
About Eliassen Group
Eliassen Group provides strategic talent solutions to drive its clients’ innovation and business results. Leveraging nearly 30 years of success, Eliassen’s expertise in IT staffing, Agile consulting, creative services, managed services, and life sciences enables them to partner with clients to execute their business strategy and scale effectively. Headquartered in Reading, MA and with offices from coast-to-coast, Eliassen Group offers local community presence, deep networks, as well as national reach. For more information, please visit www.eliassen.com.
Riverside Partners Contact:
Ian Blasco
General Partner
iblasco@riversidepartners.com
617-351-2837
David Del Papa
Partner
ddelpapa@riversidepartners.com
617-351-2889