New Mountain Capital, New York private equity firm with $20B assets, is investing in W2O Group as CEO Jim Weiss plots the next phase of growth for the San Francisco-based healthcare PR firm.
Launched in 1999 by Jim Klinsky, co-founder of Goldman Sachs’ leveraged buyout group and general partner of Forstmann Little, New Mountain replaces Denver’s Mountaingate Capital, which is exiting as a W2O investor.
In 2016, W20 partnered with Mountaingate to bankroll its strategic plan, which included the acquisitions of Pure Communications, Marketeching and Sentient. The firm more than doubled revenues ($200M-plus) and employment (800 people) during that time. “We achieved in three years what we planned to do in five, so we were looking for a new partner that could help us maintain our momentum,” said Weiss.
He expects the New Mountain investment will accelerate growth of W2O’s digital/analytics offerings and expansion in US and overseas markets.