New State Capital Partners, a private equity firm, has bought AFIMAC Global Inc., a provider of specialty business continuity services, as part of a carve-out from its parent company, Dalton First Financial Inc.
AFIMAC offers staffing, security and logistics services for a range of Fortune 500 firms within food and beverage, consumer, business services, and specialty manufacturing end markets. The deal represents New State’s fifth acquisition in nine months and its fourth platform investment from its New State Capital Partners Fund III LP.
“We are excited to add AFIMAC to our portfolio and to partner with Joe and his outstanding team,” said Daniel Han, senior principal at New State. “As a sector, business continuity services are well-positioned for growth, and AFIMAC stands out among its peers for its long-standing reputation for quality and responsiveness.”
Morgan, Lewis & Bockius acted as legal advisors and Piper Sandler and Moelis provided financial advisory services to New State. The Gelfand Group and Carleton McKenna & Co acted as financial advisors for the Company.