The FINANCIAL -- Investment funds managed by Morgan Stanley Global Private Equity (MSPE) announced on October 6 that they have completed an investment in 24 Seven, Inc., one of North America’s largest creative and digital human capital management firms. MSPE is partnering with the founder, Celeste Gudas, and the current management team who will remain in place and retain a significant equity stake.
24 Seven is one of North America’s preeminent human capital management firms specializing in the placement of freelance and full-time creative, marketing and digital talent. Through a network of nine U.S. offices and two international offices, the company delivers advertising, creative, marketing and interactive / digital professionals for freelance and permanent placements. Clients include a combination of corporate marketing departments and marketing agencies. Morgan Stanley Global Private Equity believes 24 Seven attracts and places high quality talent through a consultative relationship driven approach, and has demonstrated consistently strong growth and increasing profitability, according to Morgan Stanley.
Adam Shaw, Executive Director of Morgan Stanley Global Private Equity, said, “24 Seven is an exceptional, high-growth player in the attractive creative and digital staffing end market. Morgan Stanley Global Private Equity was uniquely positioned to evaluate the opportunity on a proprietary basis and we, together with the founders, believe Morgan Stanley Global Private Equity is the ideal partner to continue 24 Seven’s impressive growth.”
Jim Howland, Managing Director and Operating Partner of Morgan Stanley Global Private Equity, added, “We are delighted to partner with 24 Seven. The company’s strong brand and dedication to client service have positioned 24 Seven as a leading player in the creative and digital staffing industry. We look forward to supporting management in implementing targeted strategic initiatives to supplement the company’s successful track record of achieving outsized growth, continuing to build 24 Seven into one of the nation’s leading staffing platforms.”
Celeste Gudas, Founder and Chief Executive Officer of 24 Seven, said, “We are excited to partner with Morgan Stanley Global Private Equity and enter a new phase of growth. We are proud of the brand and market presence we have established and expect this new partnership to deliver significant value as we build upon our strong foundation.”
This investment is a continuation of Morgan Stanley Global Private Equity's human capital management and business services focus and follows five previous business services sector investments. These include CoAdvantage, a leading PEO that offers small and mid-sized businesses a comprehensive package of outsourced human resources solutions; Creative Circle, a specialized staffing agency representing advertising, creative, marketing, visual communication and digital/interactive professionals; Access Cash, an independent service provider that manages the largest network of ATMs in Canada; EmployBridge, one of the leading providers of light commercial temporary staffing services in the U.S.; and Zenith, a specialist provider of fleet solutions to corporations in the United Kingdom.