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An investor group led by a U.S. private equity firm and a Canadian pension fund have agreed to acquire a majority share of job board and talent acquisition solutions company CareerBuilder for an undisclosed sum, according to media reports.
New York City-based Apollo Global Management LLC, along with the Ontario Teachers' Pension Plan Board are expected to be the majority owners of the legacy brand when the deal closes later this year. Apollo is one of the largest asset firms in the U.S., and includes companies like Hostess Snacks, Norwegian Cruise Lines and Caesar's Entertainment in its portfolio, according to ERE.
CareerBuilder's current owners—television station operator Tegna and media publishers Tribune Media Company and The McClatchy Company—will retain about 24 percent of the company when the deal closes.
Tegna reportedly will sell about 40 percent of its 53 percent share for $250 million; Tribune will sell 24 percent of its 32 percent share for $157 million; and McClatchy will let go of about 11 percent of its 15 percent for $68 million.
"This is an exciting next chapter for CareerBuilder," said CareerBuilder CEO Matt Ferguson. "We are very proud of the work we did during our partnership with Tegna, Tribune and McClatchy, and we look forward to collaborating with Apollo and Ontario Teachers' to continue the successful transformation of our business."
Still one of the leading online job boards, CareerBuilder has recently rebranded into a more comprehensive talent acquisitions software solutions provider. "CareerBuilder has been quietly acquiring technology in recent years and has built a solid company with loads of potential for the right investors," said William Tincup, SHRM-SCP, an expert on recruiting technology, commenting in April when news broke that CareerBuilder had entered discussions with another investment firm.
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"Most people perceive CareerBuilder as a job board," said Tincup, the president of recruitment media company RecruitingDaily. "That's just one spoke of their wheel. Behind the veil at CareerBuilder is one of the deepest and widest talent acquisition platforms in the world."
Tincup added that CareerBuilder serves both small and mid-sized businesses and some of the largest companies in the world, with products and services that range from sourcing, applicant tracking and labor market analysis to staffing services, background screening and talent management. CareerBuilder acquired background screening and drug testing provider Aurico and cloud-based benefits and HR compliance software platform Workterra, both in 2016.
Apollo Senior Partner David Sambur suggested that the new owners intend to expand CareerBuilder's HR and recruiting services. "Matt Ferguson and his team have done an exceptional job capitalizing on CareerBuilder's iconic brand to create an integrated solutions software-as-a-service platform, and we look forward to working with the team to support the company's continued growth and innovation," he said.
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