MSX International, which operates the Geometric Results Inc., managed service provider, was acquired by Bain Capital Private Equity. Detroit-based MSX International also operates other business lines aimed at the automotive industry.
The price was not announced, but MSX International’s executive team and brand will remain in place. The deal closed Friday.
“It shows a demonstrable interest in workforce solutions as an area of growing importance as the workforce becomes more global and legislation becomes more complex,” said Bryan Peña, senior VP, contingent workforce strategies at Staffing Industry Analysts. “Companies will be looking for partners with deep expertise to create the workforce solutions.”
Automotive News reported Geometric Results had $5 billion in contract staffing spend under management. MSX International was formerly owned by several private equity investors, including Court Square Capital Partners, Prudential Financial Inc., Ardian and Falcon Investment Advisors, according to the company.
MSX International had acquired the MSP operations of VMS provider IQN in 2014.
Reuters reported in November that Bain lined up a $323 million loan to acquire MSX International.
“I am delighted that Bain Capital Private Equity will support us in our next stage of expansion and believe that their financial and operational resources will enable us to focus even more on innovation,” said Fred Minturn, president and CEO of MSX International. “Bain Capital have a long history of accelerating the growth of companies that they invest in and have consistently demonstrated a deep understanding of our business, which makes them the ideal partner for us.”
Bain has 14 offices worldwide with approximately $75 billion of assets under management.