CVC supports MBO of Japanese staffing agency
CVC has backed a management buyout of the Japanese operations of Prompt Holdings, an employment agency formerly known as Advantage Resourcing, for an undisclosed sum. The buyout facilitates the exit of US private equity firm Cerberus Capital Management, ending a two-year sale process.
The firm will be renamed Technopro Holdings, with closing expected at the end of April. Charles Abadie, chairman of Prompt Holdings, will retain his position in Technopro, while Keith Mitchell, previously the company's COO, will become CEO.
"I am confident that Technopro HD Group companies will continue to contribute to Japanese and Chinese society by providing world-class support to our clients while enabling our employees to reach their career goals and aspirations," Abadie said in a statement.
Technopro, which claims to be the largest technical staffing and technical services company in Japan, provides engineers to clients working in a wide range of technologies including medical research, alternative energy and cloud computing.
In January, Japan's Recruit Co invested $410 million for the US and European operations of Advantage Resourcing.
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