Principals from Allen & Co., St. Charles Capital, CAMC and Vestar Capital Partners Lead Investment in Work Options Group
Work Options Group Receives Funding from Investment Group Led by Principals from Allen & Co., St. Charles Capital, Countryside Asset Management Corp. and Vestar Capital Partners; Company Adds Three Board Members and Announces Executive Leadership Change
SUPERIOR, CO – AUGUST 22, 2006 – Work Options Group, the leading provider of backup dependent care services for employers throughout the U.S. and Canada, announced today the completion of a financing transaction led by investments from principals of Allen & Co., St. Charles Capital, Countryside Asset Management Corporation and Vestar Capital Partners. The investment follows the company's recent client additions, which include Microsoft Corporation, Princeton University, Reuters and The Children's Hospital (Denver).
"We are very pleased by the enthusiasm and support of this prominent group of investment professionals," stated Christopher Gatti, CEO of Work Options Group. "Their financial commitment demonstrates their belief in our ability to bring our proven, cost-effective solution to a broad spectrum of the marketplace. The investment enables Work Options Group to further enhance systems and support for the needs of our rapidly expanding client base."
The company also named the following individuals to its Board of Directors: Robert Benson, Chairman of ABMP, former President of Children's World and a former member of the Board of Directors of Bright Horizons; Larry Jones, former CEO of Activant Solutions, MessageMedia and Neodata Services, Inc.; and John Moritz, President of Countryside Asset Management Corporation. Additionally, Christopher Gatti, former President of Work Options Group, assumed the role of CEO and Cynthia Carrillo, founder and former CEO of Work Options Group, assumed the role of President.
The investor group was represented by St. Charles Capital, LLC of Denver, CO.
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About Work Options Group - www.workoptionsgroup.com
Work Options Group's Backup Care Options program enables more than 500,000 employees throughout the U.S. and Canada to get to work when they experience temporary breakdowns in their child, adult and elder care arrangements. Backup Care Options offers temporary care in every location, 24 hours a day, 365 days a year, for infants through the elderly, whether they are healthy or mildly ill. In 2005, Work Options Group arranged more than 124,000 hours of temporary care for client employees, saving client employers millions of dollars in absenteeism and lost productivity costs.