TMG Search Canada Acquires VX Search Group
March 29, 2023 – Acquisitions and consolidations continue to make news in the recruiting industry, with a number of notable purchases in recent months. TMG Search Canada, a division of search firm The Mullings Group (TMG), recently acquired VX Search Group, an executive search firm located in Okanagan-Shuswap, Canada, servicing local communities across a diverse variety of industries. Financial terms of the deal were not disclosed.
“As part of our expansion strategy into Canada, our intention is to grow thoughtfully through acquisition with like-minded and trusted partners,” said Emily Phair, president of TMG Search Canada. “We see tremendous synergies and value in the successful vision and infrastructure built by Adam Currie, founder and president of VX Search Group. We are extremely excited to integrate and continue to support their team members, partnerships, and clients.”
“We continue to expand our brand and our footprint around the world,” said Joe Mullings, chairman and CEO of The Mullings Group Companies. “In search, we are growing both organically and through acquisition. The acquisition of VX Search and bringing their team on is super exciting for us.”
“The Mullings Group Canada’s acquisition of VX Search Group Inc. is a unique and tremendous opportunity for us to expand on our mission of providing a bespoke local service to our clients in Western Canada while offering them a global reach,” said Mr. Currie. “TMG Canada is bringing a wealth of resources in recruitment operations, expertise in specialty sectors, storytelling capabilities, and a U.S. footprint for our many Canadian customers with U.S. operations. While we were not actively seeking a deal, it was the unprecedented alignment between our mission and the TMG vision that brought us together and made the deal happen.”
“Together, as we look to the future, we see a search sector in Canada ready for disruption, displacement, and change,” Mr. Currie said. “Our customers want to be heard, not told what to do. They want to share their unique brand stories and recognize new ROI as they look to community-focused search partners that understand the importance of culture, brand, diversity, and changing generational needs. In this acquisition, it is not only our voice that will be amplified, but our customer’s voice and that is truly exciting.”
Related: Hunt Scanlon Media Launches M&A Advisory Service for Recruiters
“This acquisition will make it easy to bring executive search services to industries, organizations, and roles that have previously not had access, especially in our local Western Canadian markets,” said Adrianna Stange, managing consultant, VX Search Group. “The enhanced data analytics capacities, branding and marketing capabilities, and industry experts this acquisition is bringing to our local markets in Canada will fill a growing demand for targeted talent acquisition. Our team at VX Search Group is thrilled to partner with The Mullings Group to provide top-tier executive search services in Canada.”
Serving Canada
TMG Search Canada is an extension of The Mullings Group with established operations based in Western Canada, providing executive search services to organizations and individuals across a diverse range of industries nationally.
M&A Activity for Recruiting and Talent Platforms Expected to Heat Up In 2023
Acquisitions made big news in the recruiting industry this past year, and for good reason. Outside investors caught on to the sector’s expansion potential and long growth runway ahead. Top search leaders also found ways to maximize profit (cutting back on office space helped every search firm achieve a better bottom line in 2022). That made them highly attractive to private equity firms seeking platforms they could accelerate, and scale.
The big question has been: Will M&A activity within the talent sector continue its robust march forward in 2023? Generally-speaking, M&A across global business markets slowed significantly last year – a result of numerous factors. “For the second half of 2022, firms broadly adopted a ‘wait and see’ approach to M&A,” said Cody Crook, the newly installed chief strategy and investment officer at Hunt Scanlon Ventures. “Volatile market conditions, rising interest rates, and historic levels of inflation led to a significant M&A slowdown as uncertainty loomed large in the minds of would-be acquirers and sellers,” he added.
With offices in the U.S., Canada, and the U.K., TMG has been responsible for over 8,000 searches in the medical & health technology, life sciences, and emerging high-tech industries. The firm has a network of over 800 clients, including multi-billion-dollar companies and emerging tech organizations worldwide.
VX Search Group is a team of consultants that live and work in the cities and small towns of British Columbia and Alberta and is headquartered in British Columbia’s Okanagan region. VX’s team members work across the sectors of mining, oil and gas, clean technology, forestry, retail, manufacturing, and real estate development. Their portfolio of clients includes established multi-billion-dollar brands to pre-revenue start-ups emerging from accelerator programs with headquarters located from Vancouver, BC, to Calgary, AB, up to Edmonton, down to Nelson, Victoria.
Related: Will Hot M&A Recruiting Market Cool and Reset Valuations
Contributed by Scott A. Scanlon, Editor-in-Chief; Dale M. Zupsansky, Managing Editor; and Stephen Sawicki, Managing Editor – Hunt Scanlon Media
