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The Wicks Group of Companies, L.L.C. Completes the Sale of The Gordian Group, Inc.
Contact:
Daniel M. Kortick, Managing Partner
The Wicks Group of Companies, L.L.C.
212.838.2100
daniel.kortick@wicksgroup.com
www.wicksgroup.com
The Wicks Group of Companies, L.L.C. Completes the Sale of The Gordian Group, Inc.
New York, NY (March 28, 2012): The Wicks Group of Companies, L.L.C. ("Wicks"), a New York-based private equity firm, today announced that it has completed the sale of its interests in The Gordian Group, Inc. ("Gordian" or the "Company"), a provider of database, information, and construction procurement products and services, to an affiliate of Warburg Pincus, LLC ("Warburg"), a global private equity firm focused on growth investing. The terms of the transaction were not disclosed but Wicks' investment in Gordian is expected to generate gross returns of approximately 3.3x invested capital, and a gross IRR of approximately 32%.
Gordian has developed what it believes to be the largest database of construction task pricing in the world, and has established itself as one of the leading providers of full-service job order contracting solutions to Federal, State and municipal governmental authorities. Gordian's clients use its products and services to procure an estimated $1.5 billion in construction projects annually. Gordian was founded in 1990 and is headquartered in Mauldin, South Carolina.
Commenting on the announcement, Daniel Kortick, a Managing Partner at Wicks, said, "Our partnership with Gordian over the last several years has been a great one. Harry Mellon, Robert Coffey and the entire Gordian team have built a powerful position in their markets, and have done an outstanding job growing the Company through a challenging economic time. Their focus on delivering measureable time and cost savings has brought significant value to the Company's growing client base. We wish Harry, Robert and the employees at Gordian lasting success as they continue to take Gordian to higher levels."
Harry Mellon, Gordian's co-founder and Chairman, added, "The last several years have been an exciting time for Gordian, and have been among the most fulfilling of my career. I look forward to the continued success of The Gordian Group with our new partners at Warburg." Robert Coffey, Gordian's co-founder and Chief Executive Officer, added, "Gordian has always prided itself on exceptional client service, which we are committed to maintaining in the next chapter of our Company's history."
Bingham McCutchen served as legal counsel to Wicks on the transaction, and Wicks acted as its own financial advisor. |
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