Daily News: July 2, 2015

Prospect Capital Provides $22.4MM to GES to Support Acquisition


Prospect Capital Provides $22.4 Million of First Lien Senior Secured Floating Rate Debt to Global Employment Solutions

Prospect Capital announced that in the June 2015 quarter it provided Global Employment Solutions, an existing portfolio company of Prospect, with an incremental $22.4 million of first lien senior secured floating rate debt to support the acquisition of Information Technology Engineering Corporation.

Littleton, CO-based GES is one of the fastest-growing providers of specialty staffing solutions in North America, offering contract and permanent placement staffing services, with a strategic focus on the information technology segment. GES operates under two nationwide brands: Global Employment Solutions, which provides professional contract staffing and permanent placement services, and Fahrenheit IT, which provides IT contract and permanent placement staffing solutions.

Founded in 1999 and headquartered in Aurora, Colorado, ITEC is a market leader in delivering cost-effective and individually-tailored technical staffing solutions. As a member of the National Association of Government Contractors, ITEC specializes in providing technical support and solutions for mission-critical engineering, communications, software, and systems development applications.

“Prospect provided the additional capital necessary to fund the complementary business combination of GES and ITEC, which we believe is a best in class staffing firm,” said Jason Wilson, a managing director of Prospect Capital Management. “The combination represents an opportunity for both companies to better serve customers and employees.”