Chicago, IL – The Planet Group d/b/a Planet Forward, Planet Pharma, Planet Interactive, Planet Healthcare, PFES and Treximo (together “Planet” or the “Company”), has received a significant equity investment from New York-based MidOcean Partners (“MidOcean”). FocalPoint Securities, LLC (“FocalPoint”) served as exclusive investment banker to the Company. Financial terms of the transaction were not disclosed.
Planet is a leading global provider of specialized outsourced human capital and niche consulting primarily to the Life Sciences, Diversified Energy & Engineering, Healthcare and Creative industries. This transaction represents the third deal that FocalPoint has closed with the Planet team, having initially advised them on the sale of a predecessor entity in 2005 and subsequently raising growth capital for Planet in 2012. After achieving rapid growth in its outsourced human capital and niche consulting entities across each of its industries of focus, the Company sought a strategic partner to accelerate Planet’s strategic initiatives for continued growth. Understanding the intricate industry dynamics and recognizing the Company’s unique growth potential, MidOcean worked closely with FocalPoint and the Company’s management team to quickly and efficiently effectuate a successful transaction.
Michael Stomberg, Co-founder and CEO of Planet, commented, “This partnership with MidOcean will enable us to dedicate additional resources to build out our existing infrastructure and expand Planet’s offerings into other professional service areas both organically and through M&A activity. We have been very impressed with MidOcean’s collaborative approach to developing and helping implement a growth strategy for Planet. Together, we will be able to take Planet to the next level.”
Michael added, “We value our long-standing relationship with FocalPoint and the success of this transaction is a testament to the value of working with a trusted advisor who not only understands the unique value drivers of our business, but also how to position them best for an optimal result.”
Tim Bauwens, Co-founder and CFO of Planet, stated, “Our goal in this process was to secure a partner for growth that would continue to support Planet’s culture and business model that are the foundation of this Company. FocalPoint ran a process that exceeded our expectations, which in the end created numerous alternatives and drove significant shareholder value.”
Elias Dokas, Managing Director at MidOcean, said, “We are very excited to partner with Mike and Tim who are proven leaders in the outsourced human capital space. We intend to work closely with Planet’s leadership team to capitalize on these opportunities and thoughtfully expand the Company. Ni shen and the entire team at FocalPoint did an excellent job on this transaction. We very much appreciate all of their efforts and high level of professionalism throughout the process.”
Regarding the transaction, Nishen Radia, Managing Partner at FocalPoint, commented, “We are thrilled to announce this closing as it represents another successful transaction for our dedicated Business Services group. Mike and Tim are extraordinary entrepreneurs who have built a fantastic Company and we are honored to have advised them on a third transaction. We are proud of the process we ran and the partner we found in MidOcean and we look forward to the future success of the Planet Group.”
About The Planet Group
Headquartered in Northbrook, Illinois and with offices across the United States and in the United Kingdom, Planet is a leading global provider of specialized outsourced human capital and niche consulting primarily to the Life Sciences, Diversified Energy & Engineering, Healthcare and Creative industries. Planet specializes in placing highly skilled positions to pharmaceutical, biotechnology and medical device companies, as well as engineers, project managers and project controls professionals to the utility, manufacturing, oil & gas, power engineering and technology sectors. Planet also offers consulting services related to facility optimization and remediation, performance improvement and program and project management to help improve operational and quality environments, ensure compliance with industry standards and control costs.
About MidOcean Partners
Established in 2003, MidOcean Partners is a premier New York-based alternative asset manager that specializes in middle market private equity and alternative credit investments. Since inception, the focus of the private equity funds has been on high-quality middle market companies with attractive strategic, operational and financial growth opportunities in the consumer and business services sectors. For more information about MidOcean Partners, visit midoceanpartners.com.
About FocalPoint Partners
FocalPoint is an independent investment bank specializing in mergers and acquisitions, private placements, financial restructurings and special situation transactions. With offices in Los Angeles and Chicago, the firm serves middle market clients throughout the U.S. and has a dedicated focus on the business services sector. For more information about FocalPoint Partners, visit focalpointllc.com.