SANTA FE, N.M.--(BUSINESS WIRE)--Iron Creek Partners LLC (“Iron Creek”), a private investment firm based in Santa Fe, NM, today announced the recapitalizations of Career Team, LLC (“Career Team”) and Career Edge, LLC (“Career Edge”) (together, “Career TEAM” or the “Companies”). Together, the Companies provide workforce development services and learning and case management software solutions to regional workforce development boards, federally and state-funded work programs, and higher learning institutions across the country. The Companies are based in North Haven, CT. Iron Creek led the investment group, which included Career TEAM’s management team and Main Street Capital Corporation. The transaction, which provided significant growth capital to the Companies’ balance sheets, closed in December 2021.
“We are delighted to have the opportunity to partner with the outstanding teams at Career Team and Career Edge to support the Companies through their next phase of growth,” said Jeff Montagna, Managing Director of Iron Creek. “Career Team has been providing high-quality, innovative workforce development services for over twenty years, and the Career Edge software suite is a differentiated offering that not only enhances those services, but also allows Career TEAM to bring its unique blend of professional development and case management to public sector and higher education customers throughout the country. We look forward to supporting the management team as they continue to develop innovative solutions to help their customers, participants, and students succeed.”
“This is a tremendous opportunity for Career TEAM, and we are excited to be partnering with Iron Creek,” said Chris Kuselias, founder and CEO of Career TEAM. “Career TEAM was founded with the intention of helping to close the opportunity divide, reducing unemployment, and promoting financial stability for program participants, and I believe that the Iron Creek team is perfectly positioned to help us expand without losing sight of those values. In Iron Creek, we have found a partner alongside whom we can continue to grow, innovate, and invest in our people to provide the highest level of service to students, job seekers, and employers across the country for years to come.”
The Companies announced that there would be no managerial or staff changes associated with the transaction. Kuselias will remain in his current position as CEO and will become a member of the reorganized Companies’ Board of Directors.
Financial terms of the transaction were not disclosed. McGuireWoods LLP advised Iron Creek in the transaction. Carter Morse & Goodrich provided financial advice to the Companies and Shipman & Goodwin LLP served as legal counsel to the Companies in the transaction.
Career TEAM (www.careerteam.com) is a leading provider of workforce development services and learning and case management software solutions to regional workforce development boards, federally and state-funded work programs, and higher learning institutions across the country. Founded in 1996 and headquartered in North Haven, CT, Career TEAM serves thousands of job seekers, students, and employers every year.
Iron Creek (www.ironcreek.com) is a sector‐focused, stage‐independent private investment firm based in Santa Fe, NM, seeking attractive investment opportunities primarily in the software, data, communications, and business services industries. Iron Creek seeks to partner with strong management teams and to support its portfolio companies’ growth by leveraging its network of relationships and its sector experience.
