| CHICAGO,
IL, June 13, 2006:
Addison Professional
Search, a rapidly-growing specialty staffing firm focused on serving
corporate clients with top-quality temporary and permanent personnel
in finance and accounting, information technology and clerical
roles, announced today that private equity firm Lake Capital has
made a strategic investment in the company to support its aggressive
growth plans.
Addison plans to use the
additional financial resources to broaden its range of specialized
services, build a national office network, and make selective
acquisitions that will position the company as a leading national
provider of temporary and permanent specialty staffing services.
Addison is headquartered in Chicago, with offices in Boston, Houston
and Schaumburg (IL) and serves a diverse client base ranging from
mid-sized businesses to Fortune 500 companies.
"We have seen the demand
for our services continue to grow as companies increasingly seek
access to top-flight expertise in specialized areas such as
Sarbanes-Oxley compliance and IT project management. We serve our
clients by meeting requirements driven by legislative, regulatory
and market initiatives, in an environment where there is a limited
supply of highly-trained professionals," said Joel Katz, chief
executive officer and founder of Addison. "Our partnership with Lake
Capital will enable us to accelerate our geographic expansion and
introduce new, complementary offerings to serve the growing needs of
current and new clients."
Founded in 1999 by a group
of senior staffing industry executives, Addison has successfully
grown organically at a five-year compound annual growth rate of more
than 60 percent. From an initial focus on finance and accounting
professionals, Addison has expanded its staffing services to include
professionals in many high-demand fields, including information
technology, non-clinical healthcare, and clerical services.
"In a competitive industry,
Addison has distinguished itself by offering deep domain expertise
in selected services and consistently providing high quality
specialty staffing services to its clients," said Ted Kovas,
director of Lake Capital. "The Addison management team has done an
excellent job in positioning the company to capitalize on future
opportunities. We look forward to working with Joel and the team to
build Addison into a leading national provider of specialized
temporary and permanent placement services."
About
Addison Professional Search
Addison Professional Search
is a specialized staffing firm that provides highly qualified
personnel, on either a temporary project or permanent placement
basis, primarily in the areas of finance and accounting, information
technology and clerical services. Addison serves a diverse client
base of mid-sized businesses as well as Fortune 500 companies.
Addison was founded in 1999 and has offices in downtown and suburban
Chicago, Boston and Houston.
About Lake
Capital
Lake Capital is a private
equity firm that focuses on investments in service-based enterprises
across various industries. The firm is currently managing more than
$1.3 billion in equity commitments and seeks to build leading
services companies through organic and acquisition-enhanced growth.
More information about Lake Capital is available at
www.lakecapital.com.
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