Mirus Advises Novations on Sale of VMS Financial Services
Boston, MA, Oct 31, 2005 – Mirus Capital Advisors, Inc., announced today that it has advised Novations Group, Inc., a global consulting and training organization owned by DBM Japan, on the divestiture of its financial services staffing unit, VMS Financial Services. The division was acquired by Eliassen Group Inc., a national specialty technology staffing firm. VMS Financial Services is a staff augmentation business providing business analysts, quality assurance specialists and other professionals to leading financial institutions in metro New York.
Eliassen Group will maintain VMS’ offices outside Manhattan as a base of operations in the city. “This is a ‘match made in heaven’ on many levels – the services offered by VMS Financial Services compliment Eliassen Group perfectly and our business model matches extremely well with theirs,” states Flory Netsch Hiatrides, the VMS Financial Services executive who originally founded the company in 1986 as the Executive Education Institute (EEI). Hiatrides is being retained by Eliassen Group as part of the transaction.
“Adding VMS Financial Services talent to the Eliassen Group team provides clients with a seamless, full service approach to finding, building, and implementing the very best IT software solutions,” states Tom Nunn, Eliassen Group Chief Operating Officer.
“This transaction completes the realignment of Novations’ core practices,” said Tadao Otsuki, Chairman and CEO of Novations Group, Inc. “By separating the staffing business from Novations core training business, we have enabled the total integration of our six soft skills offerings, and by extension, improved our ability to build the capacity of our customers’ organizations.”
About Novations Group, Inc.
Novations Group, Inc. is a world-wide human capital training and consulting firm providing solutions to increase the capacity of individuals and organizations in six integrated practices: selection, development, communications, diversity & inclusion, project management, and sales & service. The Company primarily serves the large and medium enterprise (LME), including some 53% of the Fortune 500 since 2003, delivering services directly throughout North America and worldwide through licensing and franchises. For more information on Novations’ offerings for building the capacity of individuals and organizations, see www.novations.com.
About Mirus Capital Advisors
Mirus Capital Advisors provides investment banking solutions to corporate clients in human capital management, technology, business services, and manufacturing. Since 1987, Mirus has provided corporate finance advisory services on engagements including mergers, acquisitions, divestitures, recapitalizations, and valuations. For additional information, visit www.merger.com.Back to Transactions