Brookfield-based Pinstripe Inc., a recruitment process outsourcing provider, announced it has been acquired by Menlo Park, Calif.-based Accel-KKR.
Pinstripe primarily serves organizations in financial services, health care, technology and advanced manufacturing.
The company was sold by Baird Venture Partners, a venture capital fund of Baird Private Equity. Terms of the deal were not disclosed. Baird Venture Partners (BVP) led Pinstripe’s Series A financing round in 2005 and provided additional investments in 2006.
“We are proud to have played a role in building Pinstripe into the leading pure-play provider of RPO services,” said Jim Pavlik, BVP partner. “We are also pleased to provide an attractive return to BVP investors through an exit that underscores our commitment to investing in the business services sector.”
Accel-KKR is a technology-focused private equity firm with $2.3 billion in assets under management. The firm invests primarily in software and technology-enabled businesses.
“Pinstripe’s reputation for delivering outstanding client results and having the best employees in the industry gave us the opportunity to choose from many interested financial partners,” said Sue Marks, chief executive officer of Pinstripe. “We quickly became convinced Accel-KKR will provide the support and independence Pinstripe needs to break new ground and elevate the company to an unrivaled level of industry leadership.”
“Pinstripe has demonstrated all the characteristics that Accel-KKR looks for: a top management team, proven market leadership, a world-class client base, a superior service delivery model and an industry-leading technology platform,” said Greg Williams, managing director at Accel-KKR.
“Sue and her team have demonstrated sustained and scalable growth since Pinstripe’s inception,” said Dean Jacobson, principal at Accel-KKR. “We look forward to working in partnership with Pinstripe’s capable, experienced management team to facilitate the execution of Pinstripe’s ambitious growth plan.” Rob Palumbo, managing director at Accel-KKR, will join Williams and Jacobson as the newest members of Pinstripe’s board of directors.