"We are delighted to have the support of such an experienced partner as VSS as we continue executing on our growth and expansion plans" said Chief Executive Officer Troy Gregory
– Edited By Tom Lamar –
System One Holdings, LLC, a technical outsourcing company, has received a minority investment to fund future growth from Veronis Suhler Stevenson (VSS), a leading private equity and debt capital investor with deep experience in professional and human resources services. System One delivers professional managed staffing solutions for the energy, nuclear, engineering, information technology, scientific and commercial sectors. Terms of the deal were not disclosed.
"We are delighted to have the support of such an experienced partner as VSS as we continue executing on our growth and expansion plans," said Chief Executive Officer Troy Gregory. "This partnership with VSS will help to fulfill our vision to identify, train, develop and staff the workforce necessary to enable an energy-independent United States. In 2010 alone, we have expanded our portfolio of services to include smart meter and wind energy solutions, as well as other turnkey service offerings in the fast growing renewable energy space."
System One is a top 10 technical staffing specialist with approximately $300 million in annual revenues. In 2010, the company moved up to the No. 7 slot on Staffing Industry Analysts' list of largest U.S. engineering staffing firms. Mr. Gregory also recently received an Ernst & Young Entrepreneur Of The Year® 2010 Award, which recognizes outstanding entrepreneurs who are building and leading dynamic, growing businesses.
"In System One, VSS sees a well differentiated company with a strong, visionary management team that has delivered strong top and bottom line growth during a very difficult economy," said Scott Troeller, a Partner at VSS. "The highly specialized markets served by System One provide it with a stable and expandable base of blue-chip clients who have ongoing needs for highly valued skilled professionals as well as sophisticated managed staffing solutions." He added, "We look forward to partnering with System One on both organic and acquisition-related expansion initiatives."
VSS has broad experience in the professional business services and human resources industries. Its holdings include TMP Worldwide, North America's largest independent recruitment advertising agency, Previsor, a provider of pre-employment screening tests and employee assessment solutions, and DOAR Communications, which supports Fortune 1000 companies with comprehensive litigation support solutions, including labor and employment matters.