MidOcean Partners has backed the Planet Group, an outsourced provider of consulting and capital services. The private equity firm’s investment will be used to “accelerate the company’s strategic initiatives and drive continued growth.”

Founded in 2009, Planet is a staffing and consulting company that consists of three verticals: Planet Pharma, Planet Healthcare and Planet Interactive. The Western Springs, Illinois-based target provides outsourced services for businesses in the utility, manufacturing, biotechnology, oil and gas, power engineering and technology sectors. Planet expanded into the healthcare and digital marketing industries in recent years.

Established in 2009, MidOcean is a middle-market PE firm and has previously invested in the outsourced human capital industry with prior investment including System One and Global Knowledge, which the firm exited in October 2016 and January 2015, respectively. In general, the private equity firm targets the consumer, industrial and business services sectors.

“MidOcean has tremendous resources and experience building successful business services platforms with founder-owned businesses and a deep understanding of the professional staffing industry which makes them an ideal partner for Planet,” states Planet cofounder Mike Stomberg. “This partnership with MidOcean will enable us to dedicate additional resources to build out our existing infrastructure and expand Planet’s offerings into other professional service areas both organically and through M&A activity.”

Related deals involving the human capital sector, includes: Olympus Partners’ acquisition of executive search firm Vaco from Quad-C Management; TPG Growth purchasing a stake in information technology staffing firm Frank Recruitment Group; and staffing provider Randstand paying $429 million for jobs website owner Monster Worldwide Inc. (NYSE: MWW).

Kirkland & Ellis acted as legal adviser to MidOcean. FocalPoint Partners LLC acted as financial adviser to Planet, while Barack Ferrazzano Kirschbaum & Nagelberg LLP acted as legal advisor.

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