ZRG Acquires Jamesbeck
July 23, 2024 – ZRG, a global talent advisory firm and portfolio company of RFE Investment Partners, has acquired Jamesbeck, a New York City-based recruitment firm specializing in senior-level talent for the broad investment management community across private market and traditional firms. Hunt Scanlon Ventures, a Greenwich, Connecticut-based human capital M&A advisory firm, served as an advisor to ZRG. “This strategic move aims to establish ZRG’s presence in asset management and will support the firm’s existing private markets clients by adding a new channel for senior roles at the management company level across investments, product, and fundraising,” said ZRG.
“Jamesbeck has been at the forefront of decisive changes that have impacted asset management leadership for more than two decades,” said Scott A. Scanlon, CEO of Hunt Scanlon Ventures. “The firm’s acquisition by ZRG will be beneficial to clients across the global investment management space who have come to rely on its network, judgment and guidance around senior-level leadership talent,” he noted.
“The acquisition of Jamesbeck is a game-changer for ZRG,” said Larry Hartmann, CEO of ZRG. “This takes us to a new level in financial services and more specifically investment management and enhances our ability to support private markets firms at both the portfolio company level and the management company level. Our goal is to be a leading partner in all talent matters for private markets firms globally, and this acquisition is a significant step in that direction.”
Jamesbeck specializes in the investment management industry across public and private markets. The firm recruits senior-level talent across investing, distribution, product and C-suite positions on behalf of a range of clients from boutiques to the largest multi-product organizations. Jamesbeck’s Melissa Norris, managing partner, and Beth Rustin, founding partner, will become the co-heads of asset management search at ZRG.
With this acquisition, ZRG enhances its financial services brand by adding a team dedicated to asset management while providing a complement to the breadth of work already underway with private equity portfolio companies through executive search, interim, and RPO solutions.
Related: ZRG Acquires Wiser Partners
“Joining forces with ZRG is an exciting opportunity for Jamesbeck,” said Ms. Norris. “We have always been committed to delivering exceptional talent solutions to our clients across the front office, but being part of ZRG will enable us to broaden our reach and impact, leveraging their extensive resources and innovative approach to talent advisory.”
Inside The Deal: CEO Larry Hartmann Opens Up On ZRG’s Latest Strategic Acquisition
Larry Hartmann is a seasoned veteran of the people business. As the chief executive of ZRG, he leads one of the fastest growing, global talent management hubs in the human capital sector. It wasn’t always this way. Larry founded ZRG 24 years ago on the core principle of building a better recruiting platform. Simple enough. Today, that vision has extended to a $230 million data-driven suite of talent and consulting offerings, including culture transformation, leadership assessment, executive coaching, strategic communications, RPO, and interim solutions.
The acquisition comes on the heels of ZRG completing a $120 million debt raise with Main Street Capital, underscoring the firm’s commitment to growth and its mission to be a disruptive force in the talent advisory and executive recruiting sector. “This significant funding will bolster ZRG’s growth initiatives and enhance its ability to deliver innovative talent solutions to clients worldwide,” the firm said. “It is a great time to acquire niche talent advisory and management businesses and build out our capabilities across executive search, interim, RPO, and consulting,” said Mr. Hartmann. “This additional financing from Main Street Capital, combined with our recent equity raise with a consortium of investors, positions us strongly to achieve our strategic objectives.”
Related: ZRG Acquires Ignata Finance Group in the U.K.
ZRG, founded in 1999, is a mid-sized global executive search firm and one of the fastest growing in the search industry. It provides a full suite of executive, middle management, and customized search solutions through its offices in North America, Europe, South America, and Asia. The firm finds leaders across a broad spectrum of business markets, including aerospace, consumer, education, healthcare services, and solutions, industrial, life sciences, non-profit, private equity and venture capital, and technology. ZRG is based in Rochelle Park, NJ.
The Impact of Female Founders
The Jamesbeck acquisition marks the seventh women-founded, women-led M&A transaction for Hunt Scanlon Ventures. “It is an impressive milestone for our firm,” said Hunt Scanlon managing director Drew Seaman. “Women-owned businesses pack a powerful economic punch – from the revenue they generate for the economy to the millions of jobs they create. They are the backbone of resilient economies around the world,” he noted.
According to data from Wells Fargo, women-owned businesses with under 50 employees average $31.8 million in annual revenue and generate $1.3 trillion in aggregate revenue.
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“The impact that female founders have on our economy and on business is undeniable,” added Mr. Scanlon. “Beth and Melissa have demonstrated fortitude, persistence and adaptability in building and navigating a business in the highly competitive world of financial services. They are true business ‘pioneers’ in every sense of that word,” he said.
Among other visionary female founders that Hunt Scanlon has successfully brought through the M&A process: Jill De Forest of De Forest Search (acquired by TalentoHC); Nancy Racette and Jennifer Dunlap of DRi / Development Resources, Inc. (acquired by Waterstone Human Capital); Carolyn Taylor of Walking the Talk (acquired by ZRG Partners); Joyce Brocaglia of Alta Associates and Executive Women’s Forum (both acquired by Diversified Search Group); and Kristie Nova of Bespoke Partners (acquired by AEA Investors).
Related: ZRG Partners’ Swift and Strategic Road to Expansion
Contributed by Scott A. Scanlon, Editor-in-Chief and Dale M. Zupsansky, Executive Editor – Hunt Scanlon Media
