DULUTH, GA / CONCORD, CA – ACS Group (formerly American Cybersystems) has completed the acquisition of The Ascent Services Group, Inc. (“Ascent” or “the Company”), a national provider of specialized information technology and life science consulting and staffing services. The transaction closed in December 2019. Terms were not disclosed.
Ascent was founded in 2000 by a team led by Joe Nordlinger, CEO. Joe and his team will continue in key roles within the ACS Group going forward. With the help of the Company’s financial sponsor, Sycamore Hill Capital Partners, Ascent grew to rank among the top 1% of North American Staffing Firms by bringing a turnkey, consultative approach to its core staffing offerings.
The acquisition of Ascent propels ACS Group towards the $1 billion revenue milestone while significantly expanding their geographic presence in key markets, as well as strengthening its IT and life science skill sets. ACS Group is one of the largest minority-owned staffing firms in the U.S., and was ranked 6th in Staffing Industry Analysts’ Largest IT Staffing Firms in the U.S. in 2019.
Fairmount Partners, a leading middle-market investment bank serving the needs of Consulting and Technology Services clients, served as the exclusive financial advisor to Ascent and Sycamore Hill throughout the transaction.
Dick Thatcher, Managing Director at Fairmount Partners, noted, “Our Fairmount team was very pleased to work with Joe and his team and Sycamore Hill to achieve this highly successful transaction. The market responded very strongly to this opportunity, the end result of which was that ACS stood out as the best long-term partner.”
Andrew Brown, Director with Fairmount Partners, commented, “Joe and his team have built a culture of growth through a combination of training, technology, mentorship, network and client focus, and mutual accountability. While their success and achievements to date are remarkable, we think the future is even brighter as they continue to grow supported now by their partnership with the ACS Group.”
Legal counsel was provided to Ascent and Sycamore Hill by Scott and Salmanowitz LLP. Dentons served as ACS Group’s legal counsel, and BDO provided tax and accounting advice.
About Fairmount Partners
Fairmount Partners is an independent merger and acquisition advisory firm focused on emerging growth and middle market companies. Fairmount helps its clients complete mergers and acquisitions; raise funds for growth, acquisitions and liquidity; and design and improve their corporate development strategies. Fairmount’s clients include successful entrepreneurs, private equity-sponsored enterprises, and global public companies. Since 2003, Fairmount has completed more than 225 transactions, representing over $10 billion in aggregate value, in 20 countries throughout North and South America, Europe, Asia and Australia. Further information is available at www.fairmountpartners.com.
Ascent is a nationally ranked and recognized staffing and professional services firm that focuses on tactical and strategic consulting and workforce management solutions. Ascent works in the Life Sciences, Technology, and Business Professional talent categories to meet the talent needs of mid-market and large enterprise clients across its core market verticals: Financial Services, Technology, Healthcare, and Life Sciences as well as a variety of other sectors. For more information on Ascent, please visit the company’s website at www.ascentsg.com.
About ACS Group
ACS Group is a leading global information technology, consulting and business solutions organization that has been a trusted partner to mid-market and enterprise clients around the world in their digital transformation journey for over 20 years. ACS Group’s industry vertical based domain expertise, passion for innovation, combined with the power of technologies in cognitive sciences, cloud computing, data sciences, product engineering, robotic process automation, machine learning, and block chain, helps clients envision, build and run their businesses more efficiently. Headquartered in the U.S., ACS Group has grown to over $900 million in revenue with more than 17,000 employees and consultants worldwide. Recognized by ACG as the #1 Fastest Growing Company in the State of Georgia, ACS Group continues its journey of innovation and excellence along with being a highly respected and responsible corporate citizen, generously giving back to the communities they serve. For more information on ACS Group, please visit the company’s website at www.acsicorp.com.