Technology-focused investor Accel-KKR LLC agreed to sell a majority equity stake in Cielo to a company backed by funds managed by global private equity firm Permira for an undisclosed sum.
Cielo founder and CEO Sue Marks and the entire management team will keep meaningful ownership and remain in their roles in the company.
The deal with Permira Advisers Ltd. is slated to close in January 2019. The investment is expected to help Cielo with its next phase of strategic expansion.
Accel-KKR's representatives on Cielo's board including Dean Jacobson, Rob Palumbo, Greg Williams and David Cusimano will be replaced by John Coyle, Stefan Dziarski, John Mulflur and Dominik Pozny from Permira.
Cielo provides recruitment process outsourcing solutions to clients in the financial and business services, consumer brands, technology and media, engineering, life sciences and healthcare sectors.
Barclays Capital Inc. was exclusive financial adviser to the Permira funds and provided committed financing, while Skadden Arps Slate Meagher & Flom LLP served as legal adviser. Kirkland & Ellis was legal adviser to Accel-KKR.