Transaction Will Accelerate National Growth and Strengthen Core Services
WALNUT CREEK, Calif., May 27, 2009 —The Ascent Services Group (ASG), a national leader in staffing and workforce management services, announced a change in ownership structure of the company. Sycamore Hill Capital Group, a private investment group, and Joseph Nordlinger, ASG’s President and Chief Executive Officer, have partnered to acquire The Ascent Services Group. With Sycamore Hill providing additional capital and resources, the current ASG management team will continue to lead the company and drive its strategic vision.
“Sycamore Hill is delighted to be involved in such a well-managed, forward thinking company. Not only does ASG possess traditionally attractive assets such as a solid earnings track record, impressive client roster and a seasoned management team, it is also bringing to bear unique innovations during this critical economic period,” said Sycamore Hill Chairman Chuck Greenberg. “ASG’s consultant-centric approach and proprietary suite of tools and programs, designed to provide unprecedented resources to its consultants, will prove a key competitive differentiator and path to continued growth.”
ASG’s decision to pursue a growth strategy during turbulent financial times was influenced by what it determined to be strong macro economic shifts favoring highly flexible workforces. With widespread economic constraints throughout the business community and continued global competition, a managed workforce component is becoming an essential factor in almost all areas of enterprise business management.
“There is tremendous opportunity in the current transformation taking place in Human Capital Services. Firms that are financially strong and well managed will be able to seize on those opportunities. Sycamore Hill’s investment strengthens ASG and positions the company for continued success,” said ASG CEO Joseph Nordlinger. “This transaction is a great story of the company successfully navigating through an ownership transition during a challenging economic environment, and ultimately, it is a story of management’s belief and faith in the employees of ASG to continue to create an incredible company.”
With the addition of Sycamore Hill’s 70 combined years of business acumen to its board, particularly in finance and organizational management, ASG will bring continued focus to customers and consultants. The company plans to expand its national offering of integrated services for large enterprise clients looking for strong partners who can deliver innovative staff augmentation services as well as provide a unique platform to manage their contingent workforce.
ABOUT Sycamore Hill Capital Group - Sycamore Hill is a private investment firm located in San Francisco and Los Angeles which makes equity and quasi-equity investments in privately held companies. Sycamore Hill’s approach to the businesses in which it invests is to support management in accomplishing an agreed upon strategic plan, provide financial, strategic and operating expertise where it is needed, and to work constructively toward mutual goals.
Visit Sycamore Hill Capital Group on the Web at http://www.sycamorehillcapital.com
ABOUT The Ascent Services Group - The Ascent Services Group is a nationally ranked staffing and recruiting firm consisting of an IT, Pharmaceutical and Workforce management practice. Recognized for its innovative approach, The Ascent Services Group specializes in supporting enterprise Fortune 1000 clients who utilize managed service programs (VMS and MSP) for their procurement of technology staffing services. Primary services offered include: Project Consulting, Staff Augmentation, Direct Placement, Payroll Services and Workforce Management Advisory Services. In 2007 and 2008 the company was recognized by Inc. magazine for its expertise in supporting Enterprise Vendor Management Services programs.
Visit The Ascent Services Group on the Web at http://www.ascentsg.com