G Squared Advises Cadmus on its Sale to CI Capital Partners


CI Capital Partners LLC (“CI Capital”), a New York-based private equity firm, announced today a majority investment in The Cadmus Group LLC (“Cadmus” or the “Company”), a multi-disciplinary professional services firm that serves government agencies, electric and natural gas utilities, and commercial clients. Financial terms of the transaction were not disclosed.


Cadmus is a leading provider of solutions focused on climate, energy, environment, transportation, security and preparedness, public health, and related areas that strengthen society and the natural world. Cadmus’ teams deploy deep strategic and technical expertise to work closely with clients as they address their most complex, urgent, and important challenges. Through this partnership with CI Capital, Cadmus will have greater means to further develop its existing capabilities and broaden the aperture of its service offerings through both organic growth and acquisitions. Cadmus operates throughout North America and in Europe.


William Swayne, CI Capital Managing Director said, “We are excited to invest in Cadmus and support its outstanding team as we work together to continue building the Company organically and through strategic acquisitions. With exceptional offerings and strong, blue-chip client relationships, Cadmus has become a market leader, providing unmatched expertise to governments, utilities, and other commercial clients on their most pressing issues. With its prior investments in Anteon International and A-T Solutions, CI Capital has extensive experience investing in the government services sector and we see enormous potential in Cadmus. The Cadmus team’s mission of addressing the important issues of sustainability, decarbonization, and public health is well-aligned with our values. We look forward to supporting Cadmus as it expands the depth and breadth of its services in the U.S. and Europe.”


Ian Kline, Cadmus President and CEO said, “We are delighted to join the CI Capital family and to accelerate the expansion of our critical capabilities to better serve our valued clients of today and tomorrow. CI Capital shares the strategic vision that our management team has established and we are fully aligned on the steps that Cadmus will take to achieve compelling value for all stakeholders, including our clients and employees. The demand for the services that Cadmus provides has never been greater and we are committed to continuing to expand our capabilities and expertise through organic growth and strategic acquisitions to further our leadership across each of our core markets.”


As part of the acquisition, Cadmus will add several experienced and influential board members, including Sudhakar Kesavan as Lead Director. Mr. Kesavan previously served as Chairman and CEO of ICF International (NASDAQ:ICFI). Mr. Kesavan said, “I am excited to form this partnership with the Cadmus and CI Capital teams and to work alongside them to execute our shared vision of driving transformative growth across the Company.” Ellen Glover, former head of ICF’s Public Sector group, and David Gee, former head of the North American Energy practice at BCG and former President of North America at AES Corporation (NYSE:AES), will also join the board of directors.


G Squared Capital Partners served as the exclusive investment banker to Cadmus.