TopBloc Transitions to ASGN in New Acquisition
Deal News | Feb 05, 2025 | BV Investment Partners
BV Investment Partners, a well-established middle-market private equity firm, has announced a definitive agreement to sell TopBloc, a successful tech-enabled Workday consultancy, to ASGN Incorporated. TopBloc, founded in 2016 and headquartered in Chicago, has grown rapidly under BV's ownership since 2020, providing services like Workday deployment and support in areas such as human capital and financial management. The consultancy's consistent expansion is highlighted by its over 300 Workday installations for medium and large enterprises throughout North America. The transaction, which will integrate TopBloc's 500 consultants into ASGN's Consulting Services, marks a strong conclusion to BV's strategy of enhancing TopBloc's technological capabilities and scaling its services. The deal, pending customary closing conditions and regulatory approval, is anticipated to conclude in Q1 2025.
Sectors
- Private Equity
- Tech-Enabled Business Services
- Software and IT Services
Geography
- North America – TopBloc's primary market for Workday services and BV Investment Partners' location and operational focus.
- Chicago, USA – The headquarters of TopBloc, the company being sold in this transaction.
- Boston, USA – The location of BV Investment Partners' headquarters.
Industry
- Private Equity – BV Investment Partners' role as a private equity firm managing investments and executing exits in strategic industries.
- Tech-Enabled Business Services – TopBloc's focus on providing technology-enabled consultancy services, particularly around Workday platform installations.
- Software and IT Services – The industry focus of TopBloc's services and the target industries of BV Investment Partners.
Financials
- 1.75 billion – The capital commitments closed by BV's 11th private equity fund in September 2023.
- 5.6 billion – The total amount invested by BV Investment Partners since its founding.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| TopBloc | Target Company | Company | A tech-enabled consultancy providing Workday deployment services. |
| BV Investment Partners | Selling Company | Company | A private equity firm investing in tech-enabled businesses, selling TopBloc. |
| ASGN Incorporated | Bidding Company | Company | The acquiring company listed on NYSE, expanding its Consulting Services by acquiring TopBloc. |
| Christopher Skinner | Executive | Person | CEO of TopBloc, leading the company through its acquisition by ASGN. |
| Matt Kinsey | Managing Partner | Person | Managing Partner at BV Investment Partners, overseeing TopBloc's sale. |
| Chris Tofalli Public Relations, LLC | PR Firm | Company | The public relations firm involved in handling communications for the transaction. |