December 04 2018
L2 Capital Partners LP and Lakewood Capital LLC acquired Orion ICS LLC and its wholly owned subsidiary Novotus LLC.
The transaction closed Dec. 3; terms were not disclosed. All executives will remain in the same positions and with the same titles.
Orion launched in 1991 as a staffing firm specializing in the placement of former military personnel. Although military recruiting remains its core and an integral part of its growth strategy, the company now provides a range of talent solutions for several industries. The company, which last year changed its name to Orion Talent, in 2016 acquired Novotus, a recruitment process outsourcing and recruiting services provider in 2016.
“Our new partnership with L2 and Lakewood is a critical step in Orion’s path as we expand the scope of our operations,” Orion CEO Michael Starich said.
Orion Talent is headquartered in Cary, NC, and counts has more than 200 recruiting professionals. It operates nationwide with offices in San Diego; Austin, Texas; Cincinnati; Raleigh, NC; and Virginia Beach, Va.
L2 Capital Partners is a lower middle-market private equity family office that makes controlling or minority investments in business service, consumer product and manufacturing companies with enterprise values up to $65 million. Lakewood Capital teams with operating management to make control investments in private companies active in the lower middle market.