Private equity firm Veronis Suhler Stevenson said Tuesday, September 25,
that it will acquire a majority stake in New York-based Vault.com Inc.—a
publisher of college and career search content—as it plans to move into video
and expand its international presence.
All of Vault’s founders—Samer Hamadeh, his brother Hussam Hamadeh and Mark
Oldmann—and its senior executives will remain significant shareholders in the
company and will retain their spots on the management team.
Erik Sorenson, former president of MSNBC, will become chief executive of
Vault.com following the close of the transaction.
“We’ve been strong online and in print, and we recently got into live
events,” says Hussam Hamadeh, co-founder of Vault. “Now it is our goal to create
content via video, including long-form and television programming, where there
is a lot of possibility.”
Hamadeh said that with the help of Veronis Suhler Stevenson, the company will
grow through acquisitions. To date, VSS equity and structured capital funds have
invested in more than 54 platform companies, which have in turn completed 230
add-on acquisitions.
“We believe the company has significant growth prospects, both internally and
through strategic add-on acquisitions,” Trent Hickman, managing director of VSS,
said in a statement.
Terms of the deal were not disclosed, but sources have valued the company
between $60 million and $85 million.
Vault says it will be hiring additional staff in Manhattan, where it plans to
double its headcount over the next three years, and is looking for new office
space.
The company, a 2005 Crain’s Small Business Award winner, is also preparing
for a big international push, and expects it will more than double its workforce
in London and Hong Kong over the next three years.
“Right now, 10 percent of our revenue comes from our international business,”
Hamadeh says. “It should be 90 percent of our business.”
Filed by Diane Hess of Crain’s New York Business, a sister publication of
Workforce Management. To comment, e-mail editors@workforce.com.