DHI Group Inc. completed the sale of its Hcareers hospitality business to Virgil Holdings Inc. for about $16.5 million in cash.
The company will use the proceeds from the transaction in accordance with its stated capital allocation strategy, including the reduction of the balance on its revolving credit facility, support of strategic initiatives and potential return of capital to shareholders. Houston-based private equity firm Genesis Park led the funding.
AGC Partners served as the exclusive financial adviser for the transaction.
In May 2017, DHI revealed plans to divest four of its nontech businesses as part of a strategy to focus on its tech business. The completion of Hcareers' sale completes the divestiture process for its nontech businesses.
