Press Releases

Mirus Capital Advisors Serves as Management Buy-out Advisor for Novations Group, Inc.

08/21/2006 - Boston, Massachusetts

Investment Banking Firm Locates Financing that Enables U.S.-based Management Training Firm to Spin Off from Japanese Parent Company

Mirus Capital Advisors, a middle-market investment bank, announced today that it has advised Novations Group, Inc., a leading provider of consulting and training services to global organizations, and its parent company, Drake Beam Morin-Japan, on the sale of Novations to an investor group lead by the firm’s U.S. management team.

Headquartered in Boston, MA, Novations was formed in 2002 following a number of acquisitions by Drake Beam Morin-Japan, Inc., the largest outplacement firm in Japan. Mirus Capital Advisors began its in engagement with Novations in 2005 and advised the Company on several divestitures before seeking financing for the management buy-out.

The management buy-out was initiated by Michael C. Hyter, President and COO of Novations Group. “From the beginning of the management buy-out process, I hoped to work with an advisor who would be mindful of our interests as ‘management’ along with the interest of the seller,” said Hyter. “Mirus’ exceeded my expectations in this area. Given the fact that this was a new process for me and my management team, we greatly appreciated the effort our investment bankers put into helping us become properly prepared. Everything pretty much played out the way they advised us that it would.”

Mirus Capital Advisors identified prospective investors, advised the management team on strategy, structured a transaction acceptable to both management and DBM-J, and negotiated the deal terms with MCG Global LLC, a private equity firm from Westport, CT, and Webster Bank N.A. out of Stamford.

"Novations has a strong track record in key specializations as well as a roster of blue-chip client organizations," said S. Garrett Stonehouse in a press release. Mr. Stonehouse is a principal and co-founder of MCG Global and will serve as Chairman of Novations' Board of Directors. "Novations is a great brand with extremely talented people and MCG has the skills and experience to leverage the firm's strengths and build even greater value."

About Mirus Capital Advisors
Mirus Capital Advisors provides investment banking solutions to corporate clients in the areas of software, online media, business services and niche manufacturing. Founded in 1987, Mirus provides corporate finance advisory services on engagements including mergers, acquisitions, divestitures, recapitalizations and valuations. Additional information about the firm is available at www.merger.com.

About Novations Group, Inc.
Novations Group, Inc., is a pace-setting professional services organization committed to building the capacity of individuals and organizations worldwide. The company brings to bear a broad array of consulting and training services that addresses today’s business issues. Novations has six practice areas: diversity & inclusion, selection, development, communications, sales & service, and project management. For more information, visit www.novations.com.

About MCG Global
Formed in 1995 by S. Garrett Stonehouse and Vincent A. Wasik, MCG Global (www.mcgglobal.com) is a private equity firm leading leveraged buyout acquisitions and growth capital investments in undervalued middle-market companies. The firm's strategy is based on the principals' active involvement in the post-closing strategic direction and operational improvement of its portfolio companies and the implementation of its Value Creator Model. MCG Global believes that its ability to draw on a global network of senior financial and operational executives provides it with unique expertise in adding value to targeted enterprises.

###

  return to press releases