A company backed by London-based private equity firm Permira will acquire a majority equity stake in Brookfield-based Cielo, a recruitment process outsourcing firm, from Menlo Park, California-based tec-focused private equity firm Accel-KKR, the firms announced today.
Cielo said it will use the new investment to “support its next phase of strategic growth, reinforcing its commitment to providing innovative services, solutions and technology that help organizations around the globe find, attract and hire the best talent.”
As part of the transaction, the Cielo management team, led by founder and chief executive officer Sue Marks, will maintain meaningful ownership and will continue to lead the company in their current roles.
Terms of the transaction were not disclosed. The transaction is expected to close in January.
“Cielo is passionate about changing the way the world views talent, and just as our partnership with AKKR has fostered our growth into the leading global RPO, our new partnership with Permira will enable us to further our vision. Permira is committed to helping us achieve the ambitious goals we’ve set for the next stage in our development,” Marks said. “With the Permira funds’ support, we’ll continue to expand into new geographies and invest in innovation and technology, while delivering creative, strategic solutions, like Total Talent Acquisition, that meet and anticipate the evolving needs of our clients. The partnership also will support investments in our own people to ensure that the Cielo culture is one that attracts, develops, and inspires the world’s best recruiting talent.”
“Cielo’s strong focus on helping organizations address their critical talent acquisition needs has positioned the company as a differentiated leader across many attractive end markets, including health care and technology, where RPO adoption continues to grow. We’re eager to work closely with Sue and the broader Cielo leadership team to advance the company’s market-leading position, both in the U.S. and internationally,” said Permira principal John Mulflur.
“Permira’s Industrials team has an increasing focus on high-growth, tech-enabled business services companies, and Cielo is a perfect fit,” added Permira principal Dominik Pozny.
John Coyle, Stefan Dziarski, John Mulflur and Dominik Pozny from Permira will succeed Dean Jacobson, Rob Palumbo, Greg Williams, and David Cusimano from Accel-KKR on Cielo’s board of directors.
Cielo was originally knows as Pinstripe. The company changed its name in 2014, after it acquired London-based Ochre House in 2013.
