Iron Creek Partners LLC (“Iron Creek”), a private investment firm based in Santa Fe, NM, today announced the recapitalization of Midwest Backgrounds, Inc. (“MBI,” “MBI Worldwide,” or the “Company”), a leading Consumer Reporting Agency offering employment background screening solutions to small, medium, and large corporations across the United States. Iron Creek led the investment group, which included MBI’s management team and Main Street Capital Corporation. The transaction, which provided growth capital to the Company’s balance sheet, closed in September 2021.
“MBI’s leadership team has done an outstanding job building a leading background screening provider, and we are delighted to have the opportunity to partner with the team to help the Company continue to grow,” said John Bingaman, Managing Principal of Iron Creek. “MBI has carved out a strong position in the Consumer Reporting Agency industry, and we believe the Company is poised to continue its run of success. We have been particularly impressed by MBI’s high-touch customer service, attention to detail, and flexibility in meeting customer needs from the beginning to end of each screening process. We’re excited to help MBI’s team maintain this level of excellence as the business continues to evolve.”
“This recapitalization is an exciting opportunity for MBI, and we are pleased to be able to partner with Iron Creek as we continue to deliver superior customer service to our clients,” said Brian Chapman, MBI Worldwide’s President. “Iron Creek has a history of supporting growing companies like ours, and I feel confident that under their guidance and leadership, we are in good hands. MBI has established itself as a dependable, trusted resource and partner to our many great customers, and with the support of Iron Creek, we will be able to continue providing the highest level of service to those customers as we build towards the future.
“I believe we are just getting started,” Chapman added. “MBI has routinely been recognized as one of the top employment screening providers in the nation, and with additional capital at our disposal, we will have the opportunity to expand our operations and fuel new growth without sacrificing on quality. This partnership represents an exciting inflection point for MBI, our employees, and most importantly, our customers.”
Brian Chapman will remain in his current position and will become a member of the Company’s Board of Directors.
Financial terms of the transaction were not disclosed. Locke Lord LLP advised Iron Creek in the transaction.
MBI Worldwide (www.mbiworldwide.com) is a leading Consumer Reporting Agency offering employment background screening solutions to small, medium, and large corporations globally. With over 22 years of experience, MBI has hundreds of customers across the healthcare, staffing, manufacturing, aerospace and defense, consumer, and financial services industries.
Iron Creek (www.ironcreek.com) is a sector-focused, stage-independent private investment firm based in Santa Fe, NM, seeking attractive investment opportunities primarily in the software, data, communications, and business services industries. Iron Creek seeks to partner with strong management teams and to support its portfolio companies’ growth by leveraging its network of relationships and its sector experience.
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