Columbia West Capital (CWC) is pleased to announce the sale of HR Solutions International, Inc. (HRS) to Avatar International (Avatar). HRS is a Chicago-based human capital management consulting firm specializing in workplace survey design, implementation, analysis, and action planning. The company utilizes surveys to measure their customers' performance in employee engagement and other key areas. Transaction details were not disclosed.
Avatar, based in Lake Mary, Florida, is a provider of customer and patient-satisfaction surveys to the healthcare industry. Avatar was acquired in August 2011 by The Riverside Company (Riverside), a global private equity firm with $3.2 billion assets under management. Management believes the strong strategic fit with Avatar coupled with Riverside's financial backing will create an organization poised for exceptional future success.
"The forging of the two firms shifts the entire industry focus away from the world of satisfaction to a results-driven emphasis derived from Employee and Customer Engagement," said HRS CEO and Founder Kevin Sheridan, who will join the Avatar executive team as Senior Vice President - HR Optimization.
The CEO of Avatar David Medvedeff concurred. "This acquisition enables us to expand our service offerings, reach a larger audience encompassing all industries, and leverage linkage reporting capabilities between employee and customer surveys to ultimately propel increased revenue/profitability for our clients."
Columbia West Capital served as the exclusive financial advisor to HRS. CWC carefully selected a small group of potential acquirers with proven track records in the survey space. Avatar was quickly identified as the lead potential buyer with an impressive strategic vision and aggressive plan for growth. All parties worked quickly and collaboratively to obtain financing and execute the transaction which closed 45 days after the LOI signing. "CWC was instrumental in bringing the right buyer to the table and helping us get through the whirlwind diligence and closing processes," said Kevin Sheridan. "Without their guidance and expertise I am convinced we would not have been able to successfully execute this deal so quickly or smoothly."