CHICAGO (PRWEB) June 11, 2018
The Planet Group (“Planet”), a leading provider of outsourced human capital and consulting solutions, announced today that it has entered into an agreement to acquire R121, an international IT consulting firm. Mike Stomberg, CEO of Planet, said that the acquisition is a significant milestone in Planet’s strategic initiative to diversify its portfolio of service offerings and drive continued growth.
Established in 2003, R121 is an internationally recognized IT consulting services firm. In 2015, the management team implemented organizational changes which have enabled the company to achieve significant growth. Over the years, R121 has solidified its reputation as a flexible, reliable, and professional business partner to some of the most recognized corporations throughout the United States.
R121 will continue to be led by Chris Holcroft, Founder and CEO. Chris is an industry veteran with a strong history of building successful businesses. Chris commented, “We are beyond excited. The opportunity to partner with Planet and its outstanding leadership team, who value their customers as much as we do, was too good to miss. Michael, myself, and our leadership teams recognize that combining the organizations will allow us to unlock enormous opportunities for our respective customers.”
Mike Stomberg added, “R121 is a dynamic partner for Planet. Chris and his team bring a breadth of experience and depth of knowledge that will both complement and expand our global footprint. Both organizations are driven by a passion for leadership and a commitment to building a world class organization.”
MidOcean Partners, a premier middle market private equity firm, made a significant investment in Planet in January 2018 to accelerate the company’s strategic initiatives and drive continued growth. Planet will look to continue to accelerate its growth through future M&A activity.
Transact Capital Partners, LLC acted as the exclusive advisor to R121.
About The Planet Group
The Planet Group is a diversified professional services organization focused on providing high-value outsourced human capital solutions and niche consulting services to Fortune 500 and other leading clients in the fastest growing and most in-demand sectors. The Planet Group consists of six related entities and has been purposefully built to address the professional services needs of leading companies in the life sciences, diversified energy & engineering, healthcare and digital marketing industries. The Company was founded in 2009 and is headquartered in Chicago, Illinois.
R121 provides IT consulting services specializing in SAP, Big Data, and Cloud Technologies. Committed to innovation and customer service, R121 has a unique validation process that connects the right people to the right assignment. Servicing over 500 clients since inception, R121 primarily supports projects for; Life Science, Aerospace & Defense, Media, Technology, and Retail sectors. For more information, please visit R121’s website (R121.com).
The Planet Group Media Relations
The Planet Group
R121 Media Relations
MidOcean Investor Relations