Stone-Goff Partners announced today that it has acquired NAS Recruitment Communications from Interpublic Group. The transaction was completed in partnership with NAS' senior management team.
Based in Cleveland, Ohio, NAS is a leading marketing services agency specializing in media buying, human resources marketing and communications, and employment branding. NAS serves over 2,000 clients out of its 19 sales offices and Cleveland headquarters, including brands such as Toyota, Hyatt, US Cellular, Supervalu, Wendy's, Providence Healthcare, and the Children's Hospital Boston. Drawing on an understanding of relevant media channels, NAS designs successful engagement strategies for its clients' hiring needs.
As media channels proliferate, NAS helps employers address an increasingly complex landscape for locating, attracting, and developing talent, said Hannah Stone Craven, Partner at Stone-Goff Partners. NAS' longstanding client relationships and the team's ability to help their clients navigate a complex media and recruiting environment provide a meaningful opportunity to accelerate growth."
NAS Chairman Jim Miller noted, "With the ownership and strategic direction of our agency now in the hands of management and private equity partners, we will be even better positioned in the marketplace. Interpublic has been a great owner and partner over the last decade, however, under this new structure, NAS will be more nimble and better able to adapt to a constantly evolving set of dynamics in our space."
Laurens Goff, Partner of Stone-Goff added, "The opportunity to acquire NAS is an excellent match for Stone-Goff's strategy of investing in strong niche businesses with established track records and experienced management teams. We believe the opportunity to work with this team on new product development and strategic initiatives will deliver significant growth and value-creation."
CEO James Miller and Senior Vice Presidents Patty Van Leer and Matthew Adams, along with other key management members, will remain with the company in their current roles. Senior debt financing for the transaction was provided by First National Bank of Pennsylvania. MESA (Media and Entertainment Strategy Advisors) advised the seller. This transaction represents the third portfolio acquisition for Stone-Goff Partners.