MorganFranklin acquired by talent services firm
- By Ross Wilkers
- Aug 07, 2019
MorganFranklin Consulting has agreed to be acquired by Vaco, a global talent and professional services firm, in a deal the companies see as creating a $750 million-annual revenue business with large footprints in all sectors including government.
Terms of the transaction were undisclosed, but Vaco said in a release Wednesday that MorganFranklin will retain its brand and identity with Chris Mann remaining in charge of the business as CEO. Mann will work with Vaco CEO Jerry Bostelman on bringing the businesses together, the companies said.
Washington, D.C.-based MorganFranklin’s public sector work covers federal defense and civilian clients, plus state and local agencies in areas such as risk management, audit readiness, data accessibility and human capital.
Technology is also an area of focus for MorganFranklin in the federal market and its offerings there include data management and analytics, intelligent automation, financial data and performance management, and chief information officer advisory services.
The company went through significant changes throughout the past decade, such as the 2012 sale of its national security business to the former SRA International. Mann became chief executive of the firm in 2017 to succeed then-CEO C.E. Andrews, who led the firm in the four years prior to that transition.
In 2016, MorganFranklin transitioned to a 100-percent employee stock ownership plan after nearly two years as a limited liability company with a plan for company executives to become partial owners.
Nashville-based Vaco is a portfolio company of private equity firm Olympus Partners. The acquisition of MorganFranklin closed on July 31.
Jefferies LLC served as financial adviser to MorganFranklin. Winston & Strawn served as the primary legal adviser to MorganFranklin. Kirkland & Ellis served as legal adviser to Olympus Partners and Vaco.
Ross Wilkers is a senior staff writer for Washington Technology. He can be reached at firstname.lastname@example.org. Follow him on Twitter: @rosswilkers. Also connect with him on LinkedIn.