PSI Services LLC Announces Growth Equity Investment and Partnership with Waud Capital Partners
March 01 2015 - 3:00PM
Business Wire
Partnership Based on Strength of PSI’s Superior Business and
Financial Performance
PSI Services LLC (“PSI” or the Company), a worldwide,
industry-leading professional testing services provider to
corporations, Federal and State government agencies, professional
associations and certifying bodies, today announced that it has
entered into a partnership with Waud Capital Partners (“WCP” or
Waud Capital), a leading middle-market private equity firm.
PSI provides various solutions through its multiple business
channels including talent assessments (of job-seeking candidates as
well as employee development programs), licensure testing and
license management services (for government regulatory agencies)
and certification credentialing services (for professional
associations). PSI offers clients various solutions to measure,
assess and identify the skills, abilities, traits and identities of
individuals seeking jobs, licensure or certification
credentials.
Stephen Tapp, PSI’s Chief Executive Officer, noted, "Based on
the excellent growth and diversity of PSI's business portfolio,
combined with its superior financial performance over the past four
years, Waud Capital has made a significant equity investment in the
company. The interest of such a highly respected financial partner
is a real testimony to our management team, our client and partners
worldwide and our future growth strategy for high-stakes testing
and assessment solutions. We are excited about our new partnership
with Waud Capital, building on our continued commitment to
providing the best possible customer service, world-class
technology and expanded solution offerings.”
Matt Clary, Partner at Waud Capital, commented, "We are in the
business of creating long-term value. We do it with a clear focus
and vision. We look to partner with talented executives possessing
successful track records of building market-leading companies with
diverse business portfolios and global infrastructures. We are
thrilled to partner with the PSI team and we have significant
equity capital available to support and enhance the Company’s
service offering and continue building the business. PSI is an
exceptional platform and we look forward to a partnership full of
exciting growth potential."
“Today’s changing testing environment calls for solutions that
are flexible; testing anywhere, anytime, accurately and reliably to
serve test takers, test owners and the public and private sector,”
said Tapp. “Our client-centric focus has served PSI well, by
creating real measurable value for our clients. We have grown our
user base and testing volume by more than 300% in the last four
years allowing PSI to deliver a full lifecycle of services faster,
better and cheaper than other providers in the industry. We look
forward to continuing this growth with our new equity partner."
David Lowenberg, Executive Partner at WCP who will join the
Board of PSI as Executive Chairman, added, “I welcome the
opportunity to work with Steve Tapp and his management team to
continue PSI’s success in servicing its clients, adding to its
value proposition and growing the business.”
About PSI Services LLC
PSI Services LLC has over 65 years of experience providing
worldwide testing solutions to corporations, Federal and State
government agencies, professional associations and certifying
bodies. PSI offers a comprehensive solutions approach from test
development to delivery to results processing, including pre-hire
employment selection, managerial assessments, licensing and
certification tests, license management services and professional
services.
For additional information on PSI, visit www.psionline.com.
About Waud Capital Partners
Waud Capital Partners is a private equity investment firm
founded in 1993 that partners with exceptional management teams to
invest in middle-market growth equity investments, buyouts,
industry consolidations, and recapitalizations. The firm seeks to
invest $20 million to $100 million in private companies and focuses
on healthcare services and business and related services.
Typically, the companies in which WCP invests have enterprise
values between $30 million and $300 million. The firm has
successfully completed more than 160 investments since its founding
and currently has approximately $1 billion of capital under
management.
For additional information on WCP, visit
www.waudcapital.com.
PSI Services LLCGreg Becker, Executive Vice President(818)
847-6180gbecker@psionline.com