Mill Rock Capital, a growth and operations oriented private investment firm, has invested in The Execu Search Group, a full-service recruitment firm, in partnership with Intermediate Capital Group plc. TESG’s founder Ed Fleischman will maintain a significant minority investment in the business and remain on the board of directors. 

“This is an exciting development for TESG’s clients and dedicated team members.  We are eager to build upon our strong momentum and continue to grow as a leading specialty staffing firm,” said TESG chief executive officer Larry Dolinko.

“This transaction will facilitate the achievement of our growth objectives, continued geographic expansion and enhancement of our service capabilities with new and existing clients,” added TESG president Kyle Mattice.

“We are delighted to partner with Larry, Kyle, and the entire TESG team as they continue to build upon the Company’s strong and technologically advanced platform,” said incoming executive chairman and senior partner of Mill Rock, Charles Heskett. “We have been impressed by TESG’s long term performance, most recently amidst the pandemic, during which the company rapidly scaled to meet critical healthcare requirements in more than a dozen states.”

“TESG is a client-centric firm with a differentiated business model, and we are thrilled to partner with Mill Rock and management to support the next stage of growth and national expansion,” said Justin McDougall, ICG principal on the strategic equity team and incoming member of TESG’s board of directors.

ICG Operating Partner, Thomas Staudt, will also join the board of directors. In addition to Dolinko, Fleischman, Heskett, McDougall, Staudt and Mattice, Blair Johnson, Jeffrey Long, Adi Pekmezovic and Christopher Whalen have joined TESG’s board of directors.

William Blair & Company, Houlihan Lokey, Credit Suisse Securities (USA) LLC and Covington & Burling LLP advised Mill Rock Capital on the transaction. Weil, Gotshal & Manges LLP advised ICG.  Houlihan Lokey, Latham & Watkins, Citrin Cooperman, Kelley Drye & Warren LLP and Zukerman Gore Brandeis & Crossman LLP advised the company.