Deal Details

Sale to Blackstone

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Summary

About

Tradesmen International Holdings, LLC (“Tradesmen”), a portfolio company of Wellspring Capital Management LLC (“Wellspring”), was recently acquired by private equity funds affiliated with Blackstone (NYSE: BX). Terms of the transaction were not disclosed.

Tradesmen is the leading agency-based provider of outsourced skilled craftsmen to non-residential construction and industrial contractors in North America. Tradesmen pioneered the concept of outsourcing skilled trade labor in the early 1990s and today is the leading national provider, serving more than 12,000 small to medium sized businesses and a growing number of leading engineering & construction firms. Across Tradesmen’s national network of over 135 local offices, Tradesmen’s industry recruitment experts with multiple years of construction experience identify and screen top craftsmen who are verifiably skilled and safety-trained upon hire. Tradesmen has the largest outsourced skilled craftsmen workforce in the United States, including difficult to source electricians, carpenters, millwrights, welders, plumbers and other craftsmen. Tradesmen is headquartered in Macedonia, Ohio.

Wellspring is a leading middle-market private equity firm that manages more than $3 billion of private equity capital. The firm’s objective is to bring partnership, experience and value creation to each investment. By teaming up with strong management, Wellspring is able to unlock underlying value and pursue new growth opportunities through strategic initiatives, operating improvements and add-on acquisitions. Wellspring functions as a strategic rather than tactical partner, providing management teams with top-line support, M&A experience and financial expertise, and access to resources. Wellspring is headquartered in New York, New York.

Blackstone is one of the world’s leading investment firms. Blackstone seeks to create positive economic impact and long-term value for its investors, the companies in which it invests, and the communities in which it operates. Blackstone’s asset management businesses, with over $360 billion in assets under management, include investment vehicles focused on private equity, real estate, public debt and equity, non-investment grade credit, real assets and secondary funds, all on a global basis. Blackstone is headquartered in New York, New York.

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