Iron Creek Partners LLC (“Iron Creek”), a private investment firm based in Santa Fe, NM, today announced the recapitalization of Verified Credentials, Inc. (“Verified,” “Verified Credentials” or the “Company”), a leading provider of background screening solutions based in Lakeville, MN. Iron Creek led the investment group, which included Verified’s management team and Main Street Capital Corporation. The transaction, which provided growth capital to the Company’s balance sheet, closed in November 2021.
“We are pleased to have the opportunity to partner with the outstanding management team at Verified Credentials to contribute to the Company’s next phase of growth,” said John Bingaman, Managing Principal of Iron Creek. “Verified has differentiated itself as a leader in the background screening market, centered around a comprehensive set of screening solutions built to meet the unique needs of customers across industries, but particularly in the healthcare and education sectors. We have been impressed with Verified’s exceptional customer service and prompt turnaround times, providing customers with the critical information they need to make informed hiring and staffing decisions. We look forward to supporting Verified’s team as they continue to help their customers succeed.”
“We are excited to partner with Iron Creek to provide even more value to our customers by advancing our technologies and expanding our product offerings,” said Kevin Spang, Verified’s Chief Executive Officer. “Verified was founded in 1984 with the mission of providing a remarkable customer experience with a spirit of service, commitment, and excellence in all we do. Iron Creek has a track record of supporting growing technology and services companies with an emphasis on long-term, patient capital and industry thought leadership, and I’m confident that with their support, we will be well-suited to continue honoring that mission for years to come.”
Spang and his managerial team will continue to lead the Company, and Spang will become a member of the Company’s Board of Directors.
Financial terms of the transaction were not disclosed. Berg Consulting Group acted as financial advisor to Iron Creek, and Locke Lord LLP represented Iron Creek as its legal advisor in the transaction.
Verified Credentials (www.verifiedcredentials.com) is a leading provider of background screening solutions to businesses and individuals. Founded in 1984 and headquartered in Lakeville, MN, Verified has thousands of customers across the healthcare, education, hospitality, staffing, construction, government services, financial, and security 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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