Home / News / MCG Global, with Management, Acquires Boston-based Novations Group,
Leading Corporate Training and Development Provider
August 21, 2006
MCG Global, with Management, Acquires Boston-based Novations Group,
Leading Corporate Training and Development Provider
BOSTON, August 21, 2006 —
MCG Global, LLC, a Westport, CT, middle-market private
equity firm, announced today the acquisition of
Boston-based Novations Group, Inc., a leading provider of
consulting and training services to organizations on four
continents.
MCG Global teamed with members of senior management to
acquire Novations Group from Meitec and Drake Beam
Morin-Japan. Terms were not disclosed.
Founded in 2002, Novations is a pace-setting professional
services organization committed to building the capacity of
individuals and organizations worldwide. The company brings
to bear a broad array of consulting and training services
that addresses today’s business issues. Novations has
six practice areas: diversity & inclusion, selection,
development, communications, sales & service, and
project management.
"Novations has a strong track record in key
specializations as well as a roster of blue-chip client
organizations," said S. Garrett Stonehouse, principal
and co-founder of MCG Global, who will serve as Chairman of
Novations’ Board of Directors. "Novations is a
great brand with extremely talented people and MCG has the
skills and experience to leverage the firm’s
strengths and build even greater value."
"Our acquisition by MCG is the culmination of
Novations’ strategy to emerge as a first-tier player
in the global training and development marketplace,"
said Mike Hyter, who will remain as Novations President and
also assume the role of CEO. Hyter along with other members
of the company’s Executive Leadership Team will have
an ownership position as a result of the sale.
"We wouldn’t have moved forward with the
acquisition if we hadn’t been deeply impressed with
the intelligence and dedication of Novations’
leadership and staff," said Stonehouse. "We also
believe we’re a good match for Novations. We push for
expansion and new ideas. Together we can create success for
both Novations and its client organizations."
Formed in 1995 by S. Garrett Stonehouse and Vincent A.
Wasik, MCG Global (www.mcgglobal.com) is
a private equity firm leading leveraged buyout acquisitions
and growth capital investments in undervalued middle-market
companies. The firm’s strategy is based on the
principals’ active involvement in the post-closing
strategic direction and operational improvement of its
portfolio companies and the implementation of its Value
Creator Model. MCG Global believes that its ability to draw
on a global network of senior financial and operational
executives provides it with unique expertise in adding
value to targeted enterprises.
Contacts:
S. Garrett Stonehouse, MCG Global, LLC, 203-226-7664,
stonehouse@mcgglobal.com
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Pat FitzGerald, Novations Group, Inc., 617-787-2163,
pfitzgerald@novations.com
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