New State Capital Partners has announced that it has acquired AFIMAC Global Inc., a US-based provider of specialty business continuity solutions, including staffing, security, and logistics, as a carve-out from its parent company Dalton First Financial Inc. Joe Schollaert will continue to serve as AFIMAC's President and Chief Executive Officer. Terms of the transaction were not disclosed.
Headquartered outside Cleveland, OH, with operations around the globe, AFIMAC has provided these solutions for over 35 years. Clients include a diverse range of Fortune 500 companies across end markets such as food and beverage, consumer, business services, and specialty manufacturing.
"Our growth has been a result of our ability to rapidly recruit, onboard, and deploy skilled labor to our blue-chip customers," said Mr. Schollaert. "In addition, the types of business disruptions we can handle for our clients - disaster and emergency response, labor shortages - are becoming more frequent today, and, as a result, the demand for our services continues to be robust. We have always been proud of our exemplary customer service, which has led to repeat business and long-tenured relationships. New State's investment in AFIMAC as a standalone business gives us the opportunity to build on our successes while developing new services and expanding into new markets."
"We are excited to add AFIMAC to our portfolio and to partner with Joe and his outstanding team," said Daniel Han, Senior Principal at New State. "As a sector, business continuity services are well-positioned for growth, and AFIMAC stands out among its peers for its long-standing reputation for quality and responsiveness."
Shaun Vasavada, Vice President of New State added, "We were impressed by AFIMAC's ability to consistently provide targeted solutions in challenging environments, and we intend to build on this strength. We look forward to growing the company through a combination of continued share gain in existing markets and expansion into adjacent service lines both organically and through acquisitions."
The acquisition of AFIMAC marks New State's fifth deal in nine months and the fourth platform investment in New State Capital Partners Fund III, LP, which was raised and activated last year.