Bowstring Advises ettain group on its Investment and Partnership with New MainStream Capital
March 4, 2014 | Atlanta, GA
ettain group, inc. (“ettain”), a national IT staffing and IT Talent Solution company, and New MainStream Capital (“NMS”), a New York- and Dallas-based private equity firm, today announced that they have entered into a partnership to support and build upon ettain’s growth strategy. In connection with the transaction, NMS will invest in ettain alongside management, and provide additional capital to further support ettain’s future growth through incremental resources, expanded service offerings and strategic acquisitions.
Founded in 1996 by Jeff Harris and Brian Deblitz and headquartered in Charlotte, N.C., ettain currently has eight offices in the Southeast, Mid-Atlantic and Texas. With revenues now exceeding $100 million, ettain is a leader in the industry, having been named to Inavero’s Best of Staffing list in each of the last three years. Financial details of the transaction were not announced.
“We had conversations with over 50 potential investors in the last 24 months. NMS supports our vision, mission, values and growth strategy, which led us to enthusiastically choose to work with them. NMS has established an impressive track record in the staffing industry, and we believe their understanding of our business and the IT staffing market will allow us to accelerate the growth of ettain,” commented Jeff Harris, Co-founder and CEO of ettain.
Alan Bugler, Director at Bowstring Advisors, commented, “We were delighted to work with such an impressive management team. The partnership with NMS sets in motion the next stage in the evolution of ettain to become one of the most successful staffing companies in the U.S.”
In the last two years, Bowstring Advisors has advised on 22 transactions, making it the preferred investment bank to the business and technology services sector. Bowstring was also one of eight finalists for Boutique Investment Bank of the Year in 2013, by the M&A Advisor. The transaction closed on February 27th 2014.
We were delighted to work with such an impressive management team. The partnership with NMS sets in motion the next stage in the evolution of ettain to become one of the most successful staffing companies in the U.S.