Phaidon International has announced a dividend recapitalisation, proceeds of which will support a payout to existing shareholders and management. The dividend recapitalisation is led by existing lenders Wells Fargo and Pinebridge and comes just three years following a management buyout (MBO) backed by Quilvest Capital Partners in 2018. This milestone is the result of continued outperformance across each of Phaidon’s five brands and 12 offices.
In addition to funding a dividend to shareholders and management, the new credit facilities, which total approximately $100 million, will help the business continue its global expansion and growth.
Harry Youtan, chief executive officer of Phaidon commented: “We are proud of the performance of our global business, which we attribute to our unique business model and world-class group of employees. Over the last three years, we have continued to scale our platform, opening offices in Berlin, Charlotte and Los Angeles in order to support our global clients. We believe this dividend recapitalisation is a strong endorsement of our story and of the next phase of our exciting journey.”
Jay Takefman, co-Head lead Private Equity at Quilvest Capital Partners added: “Phaidon continues to deliver exceptional results, consistently outperforming the industry. Since our investment in 2018, Phaidon’s revenue and profit have nearly doubled. We could not be more thrilled with our partnership with Phaidon, Harry and the Phaidon management team and are extremely pleased to reward our investors and management with this dividend recapitalisation.”
“Phaidon has continued to deliver above and beyond even during a period of global uncertainty, which we believe speaks to Phaidon’s niche specialisation,” says Doug Lyons, managing director at Pinebridge. “We are excited to lead this dividend recapitalisation and to continue supporting management as they look to execute on their strategy.”
Phaidon currently ranks 12th on the SIA’s Largest Direct Hire Firms, and has also been recognised as one of the Fastest Growing Staffing Firms by SIA.
