New York-based private equity firm Diamond Castle Holdings has agreed to buy PRC, a company focused on customer relations management, from business operator IAC/InterActiveCorp, for an undisclosed amount, IAC and Diamond Castle said in a statement.
After the transaction, PRC’s current management will remain in place, the statement said: John Hall will keep his post as the CEO. Joseph Livingston, currently the executive vice president and COO, will be the president and COO under the new ownership structure. Lori Sprague will maintain her position as executive vice president of PRC’s business-to-business division.
Founded in 1982 and based in Fort Lauderdale, Florida, PRC has a total of 14,000 employees at 32 locations worldwide, said Alicia Miyares, a media relations representative at PRC. Eight of those centres are offshore in the Philippines, India and the Dominican Republic. Domestic centres are in Florida, Pennsylvania, Iowa, North Carolina, Oklahoma, Texas and Colorado.
“In the past 18 months, we’ve opened six new domestic centers to complement our expanded operations offshore,” Livingston said in the statement.
Larry Schloss, the former global head of Credit Suisse First Boston (CSFB) Private Equity and former chairman of DLJ Merchant Banking Partners, founded Diamond Castle in 2004 with four of DLJ’s former managing directors. The firm has made four other investments with its $2.5 billion debut fund, Diamond Castle IV. Most recently, Diamond Castle acquired NES Rentals, an industrial equipment leasing company, for approximately $850 million in May.
Diamond Castle specialises in investments in the power, financial services, media and telecommunications, healthcare and industrial sectors.