New State Capital Partners has acquired AFIMAC Global Inc., a leading provider of specialty business continuity solutions, including staffing, security, and logistics, as a carve-out from its parent company Dalton First Financial Inc. Joe Schollaert will continue to serve as AFIMAC's President and Chief Executive Officer. Terms of the transaction were not disclosed.
Headquartered outside Cleveland with operations around the globe, AFIMAC has provided these solutions for over 35 years. Clients include a diverse range of Fortune 500 companies across end markets such as food and beverage, consumer, business services, and specialty manufacturing.
"Our growth has been a result of our ability to rapidly recruit, onboard, and deploy skilled labor to our blue-chip customers," said Mr. Schollaert. "In addition, the types of business disruptions we can handle for our clients—disaster and emergency response, labor shortages—are becoming more frequent today, and, as a result, the demand for our services continues to be robust. We have always been proud of our exemplary customer service, which has led to repeat business and long-tenured relationships. New State's investment in AFIMAC as a standalone business gives us the opportunity to build on our successes while developing new services and expanding into new markets."
The acquisition of AFIMAC marks New State's fifth deal in nine months and the fourth platform investment in New State Capital Partners Fund III, LP, which was raised and activated last year.
Morgan, Lewis & Bockius acted as legal advisors and Piper Sandler and Moelis provided financial advisory services to New State. The Gelfand Group and Carleton McKenna & Co acted as financial advisors for the Company.
