DEVON, PENNSYLVANIA – December 3, 2018 – L2 Capital Partners, L.P. (“L2” or “L2 Capital”) and Lakewood Capital, LLC (“Lakewood”) announced the acquisition of Orion ICS, LLC (“Orion Talent”) and its wholly owned subsidiary Novotus, LLC (“Orion Novotus” and with Orion Talent, collectively, “Orion” or the “Company”), together, a leading human capital management platform offering a unique combination of military, skilled professional, and Recruitment Process Outsourcing (“RPO”) solutions. The Company is comprised of a core military hiring capability in Orion Talent and award-winning RPO services through Orion Novotus, thereby creating a unique end-to-end talent acquisition and recruitment process solution.
Founded in 1991, Orion Talent (www.oriontalent.com) has found careers for over 43,000 veterans and operates from offices located throughout the nation. In 2016, the Company expanded its service offerings by acquiring Novotus, now Orion Novotus (www.orion-novotus.com), a full-service RPO provider. The acquisition combined one of the largest military talent placement firms in the country with an award-winning RPO capability. In turn, the consolidated enterprise created a platform for evolution into a global full-service enterprise talent management and recruiting firm.
Michael Starich, Chief Executive Officer of Orion, noted, “Our new partnership with L2 and Lakewood is a critical step in Orion’s path as we expand the scope of our operations. We think of Orion as not just a business – but a mission. And with the support of L2 and Lakewood in delivering on that mission, we are well on our way to becoming a global leader in recruiting excellence.”
Matt Klein, Partner, who led the transaction for L2, said, “It was a pleasure working with the Orion management team and Lakewood to complete this transaction. We are pleased to be able to partner with a business that executes for its clients through a differentiated and uniquely flexible operating model.”
Roger Knight, founding Partner of Lakewood Capital, added, “I have known members of management for over 10 years and their experience in the industry and dedication to clients and candidates is second to none. The collective experience of the investor group coupled with the strength and depth of Orion management is a powerful combination to steer the Company through its next stages of development.”
PNC Bank, National Association (“PNC”) and Patriot Capital (“Patriot”) provided debt financing while Patriot co-invested in the transaction as well.
L2 Capital Partners (www.L2Capital.net) is a lower middle market private equity family office that specializes in making controlling or minority investments in business service, consumer product and manufacturing companies with enterprise values up to $65 million. L2 Capital adds value by helping business executives and owners meet their strategic and financial goals by providing access to professionals and resources gained over 40 years of principal investing experience.
Lakewood Capital (www.lakewoodcap.com) teams with operating management to make control investments in private companies active in the lower middle market. Lakewood targets businesses that have developed a strong position in their core markets and are facing opportunities/transition as they move toward the next stage of their developments. Lakewood prides itself on partnering with existing management to capitalize on these times of transition, with the mutual goal of building stronger, more dynamic, more competitive operations in the process. The firm’s unique structure allows it to fund transactions through internal resources or to team with family offices, such as L2 Capital, when the needs and goals of the transaction warrant it.
For additional information, contact L2 Capital at info@L2Capital.net / (610) 922-4030 or Roger Knight at email@example.com / (203) 604-0863.