OKC-Based Virgo Capital Buys OKC-Based Accord Human Resources
Brus, Brian, THE JOURNAL RECORD
Accord Human Resources has been acquired by the Virgo Capital private equity firm, the two Oklahoma City-based businesses announced Wednesday.
In addition to Virgo, which manages the $50 million Virgo Capital Fund I, investors in the deal included McClendon Venture Co. headed by Chesapeake Energy Chief Executive Officer Aubrey McClendon, also of Oklahoma City, company spokespeople said.
Financial terms of the transaction were not disclosed Wednesday. Spokespeople for Virgo and Accord said the goal of the acquisition was to capitalize Accord's growth and expansion.
Accord is among the country's 10 largest, privately held professional employer organizations, providing human resource services involving employee benefits, workers' compensation and payroll management. The company serves about 11,000 client employees nationwide.
Accord spokesman John Gifford said the company was established in 1992 under Price Edwards & Co., one of Oklahoma's biggest commercial real estate management firms. It has since been listed several times in Inc. magazine as one of the country's fastest-growing companies. Accord's annual revenues have risen at an average pace of 70 percent per year. The company's 2006 revenues totaled $450 million, Gifford said.
"We're in growth mode right now and this just allows us to take our products and services and our technology expansion to the next level," Gifford said. …