Caldwell Sells IQTalent Partners to WinMil for $4.7 Million
October 27, 2026 – Toronto-based Caldwell has completed the sale of substantially all of the net operating assets of its wholly owned subsidiary, IQTalent Partners, Inc., to WinMil, Inc. WinMil will continue to operate the business under the IQTalent name and brand. In 2020, Caldwell acquired IQTalent to broaden its service offerings into technology-enabled recruiting solutions at the professional level. After nearly six years, Caldwell determined that the business was not meeting the firm’s strategic objectives and that a sale would better align its portfolio with its long-term priorities.
“Divesting IQTalent enables us to sharpen our focus on what Caldwell does best: delivering elite executive search and advisory services to our clients,” said Chris Beck, chief executive officer of Caldwell. “IQTalent has been an important part of our portfolio, and we are proud of the innovative team and platform we helped build. We believe the business is well-positioned to succeed under WinMil’s ownership, and we look forward to continuing a collaborative relationship through our referral partnership.”
The transaction included the sale of substantially all of the net operating assets of IQTalent. Under the terms of the agreement, total consideration at closing was approximately $4.7 million, consisting of $3.2 million in cash, subject to exchange rate changes and a net working capital adjustment; and 1.45 million Caldwell common shares held by David Windley and Tom Milic, who are owners of WinMil and former employees of IQTalent.
The shares were valued at approximately $1.5 million, based on a simple average price of $1.05 per Caldwell share over the 20 days prior to closing. The shares have been cancelled by Caldwell, reducing total shares outstanding by approximately 4.9 percent. All dollar amounts are presented in Canadian dollars.
Caldwell retains its minority equity interest in the recruitment software company HootRecruit (formerly known as IQRecruit). Caldwell also retains the ability to utilize IQTalent’s remaining deferred tax assets to apply against future taxable ordinary income generated by Caldwell in the U.S.
Caldwell and WinMil have also entered into a two-year referral agreement to connect clients with the firms’ complementary executive search and recruiting services. Caldwell’s board of directors will evaluate the use of the cash proceeds as part of its capital allocation planning and expects to provide an update with the release of Caldwell’s next quarterly earnings.
Related: Caldwell Appoints Leader of Global HR Practice
Caldwell Partners is a retained executive search and leadership advisory firm headquartered in Toronto that recruits board, CEO, and other senior executive leaders for clients across multiple industries in North America and Europe. The firm is publicly traded on the Toronto Stock Exchange.
New COO and Regional Managing Partner Structure
Caldwell recently named John Blank as chief operating officer. The firm has also established a new regional managing partner structure designed to support the firm’s continued growth, strengthen operational effectiveness, and enhance coordination across its global platform. In his new role, Mr. Blank will oversee Caldwell’s business and people operations, including regional leadership, talent and people operations, operating effectiveness, and the firm’s professional leverage model. Working closely with president and CEO Chris Beck, the regional managing partners, and the firm’s practice leaders, he will focus on strengthening execution, communication, accountability, and collaboration across the organization.
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As part of this leadership structure, Peter Reed has been named regional managing partner, United States; Drew Railton has been named regional managing partner, Canada; Alex Alcott has been named regional managing partner, Europe; and Rob Wilder has been named regional managing partner, Middle East & North Africa (MENA).
“John is a highly respected leader who has already played an important role in strengthening collaboration, partner recruitment, onboarding, and leadership engagement across the firm,” said Mr. Beck. “As Caldwell continues to grow globally, this appointment reflects our commitment to building a more connected, accountable, and scalable organization. John combines strong operational leadership with a deep understanding of our business, culture, and clients, and I look forward to working closely with him and our regional leadership team as we continue to strengthen the way we operate across regions, practices, and offices.”
“This structure allows our practice leaders to remain focused on serving clients, growing their markets, developing strategic relationships, and driving revenue growth, while John and our regional leadership team focus on strengthening how we operate and execute as a firm,” Mr. Beck continued. “The regional managing partner structure establishes clear leadership accountability across Caldwell’s global operations.”
Related: Caldwell Expands Financial Services and Real Estate Practices
Contributed by Scott A. Scanlon, Editor-in-Chief and Dale M. Zupsansky, Executive Editor – Hunt Scanlon Media
