| Industry: |
Customer Care Services |
| Investment date: |
April 1998 |
| Acquired by: |
Onex |
| Investment: |
$251 million |
| Ownership: |
68% |
| Status: |
Unrealized |
| Head office: |
Nashville, Tennessee |
| Annual revenues (2011): |
$1.4 billion |
| Website: |
www.sitel.com |
In January 2007, Onex’ operating company, ClientLogic, acquired and merged with SITEL Corporation to create one of the largest customer care providers in the world. The merged company is now operating as Sitel Worldwide Corporation.
Sitel provides world-class solutions from on-shore, nearshore and offshore locations across more than 120 facilities in 25 countries throughout North America, South America, Europe, Africa and the Asia Pacific region. The company provides fully integrated services that include customer care, technical support, sales programs, risk management, retention strategies, customer acquisition, back-office processing and collections and receivables.
More detail is available in our
case study.
Sitel Worldwide – Case Study
Creating global leadership in customer support from the ground up
Onex formed ClientLogic Corporation in 1998 following the purchases of North Direct Response and SOFTBANK Services Group. Our intention was to create an industry leader that could take advantage of the growing trend to outsourced customer support services.
From 1999 through the end of 2006, we assisted ClientLogic in completing seven acquisitions, a strategic alliance and a joint venture. These transactions enabled the company to grow into a leading business process outsourcer serving customers in a variety of industries around the world. During this period, revenues grew from $50 million to $660 million.
In January 2007, ClientLogic completed the acquisition of and merger with SITEL Corporation, a NYSE-listed company, for about $450 million. The new company – renamed Sitel Worldwide – created the world’s second-largest provider of customer support services. Sitel Worldwide has approximately 58,000 employees and more than 120 contact centres in 25 countries throughout North America, South America, Europe, Africa and Asia Pacific. It handles more than 2 million customer interactions a day across a broadly diversified product offering. Total revenues for the new company exceeded $1.4 billion in 2011.
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