Quilvest is proud to announce that Phaidon International, the professional services firm focused on identifying, sourcing and securing business critical talent to roles across more than 4,000 clients, and a company in its Direct PE’s Club Fund I portfolio, has entered into an agreement to be acquired by a global investor consortium led by funds managed by Further Global. The investment will see Quilvest exit the business, with management retaining a significant stake. Further Global’s investment, supported by client funds from Neuberger Berman, Pictet and OPTrust, will continue to fuel Phaidon’s growth which will see the business scale to beyond 1,400 staff and 15 offices around the world by the end of 2022.
Harry Youtan, Chief Executive Officer commented, “Quilvest have been a fantastic partner for our business over the last four years. Their sponsorship has been invaluable to us as we have grown and scaled our commercial platform, whilst deepening our sector expertise. Looking forward, we are excited to partner with Further Global alongside a truly special group of investors whose experience, network and sophistication is impressive and will help our acceleration over the next phase of our journey.”
Phaidon International operates a deliberate brand strategy that delivers talent to sectors including Financial Sciences, Supply Chain, Life Sciences, Engineering, Technology and Regulatory & Legal. The company deploys its capabilities across its existing network of offices, with a number of other locations planned.
Olivier Sarkozy, Founder and Managing Partner of Further Global, added, “We really look forward to partnering with Harry and the Phaidon Team. In addition to Phaidon’s exceptional financial performance, market positioning and differentiated business model; is the quality of the Phaidon’s management team, who has engineered the firm’s differentiated value proposition. We very much look forward to supporting them as they continue to scale the business.”
Further Global Partner, Max Baumrin added: “Phaidon has differentiated itself by understanding its client’s needs and consistently delivering a quality product. As a result, we believe that Phaidon will continue to take share by expanding both geographically and across business lines, a strategy that we look forward to supporting.”
Jay Takefman and Thomas Vatier, Co-Heads of Direct Private Equity at Quilvest Capital Partners, commented, “Our journey with Harry and the Phaidon Team has been a brilliant relationship as the business has grown and evolved. It is rare to partner with a business that delivers such exceptional organic growth and operates with the level of discipline and rigor which Phaidon does. We are proud to have been part of such an incredible story, and are excited for Phaidon to achieve its ambitions”.
Benjamin Sass, Partner at Quilvest noted, “We are extremely proud of the performance of the business and to have helped Phaidon’s continued growth over the last 4 years.”
Phaidon was advised by Lazard as financial advisor and Travers Smith & Dechert as legal counsel. Further Global was advised by Kirkland & Ellis as legal counsel. Debt financing for the transaction was provided by Churchill Asset Management.
Specific financial terms are not disclosed.
Quilvest is pleased to announce that it completed the sale of Prospect Innovation Campus, a 23-building, ~505k square foot (“sf”), flex office and industrial portfolio located in Fort Collins, Colorado.
In April 2017, Quilvest formed a partnership to acquire the 23-building campus. The business plan focused on capturing some current yield, while leasing vacant space, marking rents to market and securing long-term lease extensions. The multi-tenant and multi-building campus was also believed to offer the potential for opportunistic divestitures throughout the investment period of individual buildings, or sub-portfolios whenever stabilization was achieved; enhancing the investment’s return profile.
Between September 2019 and January 2021 three buildings were sold in two separate transactions whose net sale proceeds returned all the invested equity capital.
Throughout the hold period, ~430k sf of leasing was completed through which the portfolio reached an ~96% occupancy rate and NOI was increased by ~30%. In addition to operational improvements, investor demand for the subject property type has strengthened over time which further increased the portfolio’s valuation.
Prospect Park was the second investment in the theme. Quilvest looks forward to building on this success with the new themes it targets in 2022.