Chicago, IL – The Planet Group of Companies, d/b/a Planet Forward and Planet Pharma, (“Planet” or the “Company”) announced the successful closing of a credit facility with Northbrook Bank & Trust Company, a subsidiary of Wintrust Financial Corporation (“Wintrust”). FocalPoint Securities, LLC (“FocalPoint”) served as exclusive financial advisor to the Company. Planet is a leading provider of staffing and project-based outsourcing solutions to the energy, engineering, environmental, information technology, pharmaceutical and biotechnology industries. With offices in Northbrook, IL, San Francisco, CA and Cleveland, OH, the Company utilizes a 100% paperless business model and is regarded as the first “green” staffing company in the state.
This transaction represents the second deal that FocalPoint has closed with the Planet team, having advised them on the sale of their prior business, and the relationship has remained close as the Planet platform has grown. On the strength of its business model, the Company quickly ascended in prominence and outgrew its credit facility. To continue its aggressive growth strategy, the Company sought a longer-term capital partner with an ability to provide adequate liquidity for future growth. Understanding the intricate dynamics of the staffing industry and recognizing the Company’s unique growth potential, Wintrust worked closely with the Company’s management team to quickly and efficiently effectuate a successful transaction.
Michael Stomberg, CEO of Planet Forward and Planet Pharma commented, “The FocalPoint team did a fantastic job in securing the capital we need for growth. Their confidence and market understanding allowed us to aggressively pursue the best possible options and they delivered exactly as promised.”
Nishen Radia, Managing Director at FocalPoint, said, “We are proud to have delivered another successful outcome for Mike and his team and look forward to working with them again. Particularly in the staffing industry, it is the management team that makes the business, and the Planet team epitomizes the entrepreneurial spirit that we look for in our clients”.
Thomas Mills, Managing Director at FocalPoint commented, “We are pleased to have partnered these strong Chicago-based institutions, and I’m certain that Planet will continue to execute its impressive growth strategy. FocalPoint has worked closely with Wintrust over the years, and we are thrilled to be able to work with their team again on this transaction.”
About Planet Forward and Planet Pharma
The Planet Group of Companies, d/b/a Planet Forward and Planet, is a leading provider of staffing solutions serving the energy, engineering, environmental, information technology, pharmaceutical and biotechnology industries. The Company, through its subsidiaries, also provides project-based outsourcing solutions. The Company was founded in 2009 and is headquartered in Northbrook, Illinois.
About Wintrust
Wintrust Financial is a financial services holding company based in Rosemont, Illinois, with assets above $17 billion. The Company engages in the business of providing middle-market commercial banking services, traditional community banking services, wealth management services, commercial insurance premium financing, mortgage origination, short-term accounts receivable financing, and certain administrative services, such as data processing of payrolls, billing and treasury management services. The Company provides community-oriented, personal and commercial banking services to customers located in the greater Chicago, Illinois and southern Wisconsin metropolitan areas through its 15 wholly owned banking subsidiaries.
About FocalPoint
FocalPoint is an independent investment bank with offices in Los Angeles and Chicago, specializing in mergers and acquisitions, private placements (both debt and equity), and financial restructurings/work-outs. The firm’s primary focus is working with middle-market companies. This transaction represents another successful business services transaction for the firm, and in particular, its staffing industry coverage efforts.
Please contact Thomas Mills at (312) 508-5777 or Nishen Radia at (310.405.7040) with any questions about this transaction.