HR consultancy Buck completes sale to H.I.G. Capital
The sale of Conduent HR Services to private equity firm H.I.G. Capital, announced in May, closed earlier this month. The global HR consultancy has been rebranded as Buck, and will be headquartered in New York. The frequently acquired and rebranded consultancy (since the turn of the millennium, at least) traces its roots back to 1916.
There and Buck again
Buck traces its roots back to 1916, when George B. Buck Sr. started an actuarial firm in New York City. Over the years, the firm expanded its services across the category of human resources, remaining independent until 1997 when it was bought by Mellon Financial. The first of a series of name changes came in 2003 when Buck Consultants was rolled into Mellon Human Resource and Investor Solutions. Two years later, Mellon’s HR business was acquired by Affiliated Computer Services (ACS), and reintroduced as Buck Consultants. Xerox acquired ACS in 2010, and later rebranded Buck Consultants as ‘Buck Consultants at Xerox.’
In 2017, Xerox spun off its Business Services division (which included Buck Consultants at Xerox) as Conduent. As such, Buck’s name was changed to Conduent HR Services. The brand switch wouldn’t hold for long: in May of 2018, Conduent HR Services was sold off to private equity firm H.I.G. Capital. With the closing of the deal earlier this month, the HR consultancy has now been rebranded simply as ‘Buck.’
The transaction’s completion relaunches an independent, global, integrated HR consulting, benefits administration, and technology services firm. The firm will be headquartered in New York; in its previous incarnation the consultancy had about 1,500 employees across North America and Europe in 2016.
"As an independent entity operating under the relaunched Buck brand, we are well-positioned to grow across all aspects of our business,” said Jack Freker, Chief Executive Officer at Buck. “With global scale and best-in-class technology, combined with our deep bench of experienced and passionate professionals, we are proud to continue serving as a trusted partner to our clients.”
“Buck is uniquely positioned amongst its competitors as a nimble, agile, and client-centric provider for customized solutions to drive positive health, wealth, and career outcomes for employees. We are eager to embark on this new chapter of accelerated growth and investment in our organization, employees, technology, and capabilities."
The rebranded HR consultancy is backed by H.I.G. Capital, a private equity firm based out of Miami, which has about $25 billion in equity capital under management. The firm was founded 25 years ago by Sami Mnaymeh and Tony Tamer – a former partner at Bain & Company. The company invests in management buyouts, recapitalizations, and corporate carve-outs of both profitable and faltering manufacturing and services firms.
"Buck is an excellent platform within the integrated HR consulting and outsourcing space,” remarked Matt Lozow, Managing Director at H.I.G. “We've invested in an exciting organization with a full suite of services, differentiated technology, global scale, an exceptionally talented group of employees and leaders, and unparalleled client tenure."
"We look forward to further helping Buck scale its existing services and build new solutions for a dynamic marketplace."
According to Buck’s website, the consultancy will be focusing on investing in new technology, solutions, and lines of business, while also introducing new ideas, approaches, and ways of thinking. More details about the new Buck are expected to be released in October.
