December 2018


New York, NY, December 17, 2018 – ZRG Partners, one of the fastest growing global executive search firms, today announced that it has completed a recapitalization with RFE Investment Partners, a lower middle market private equity firm with a 38 year history of investing in growth companies. ZRG’s current capital partner, Northcreek Mezzanine, is successfully exiting the investment after four years. During this period, ZRG has experienced a compound annual growth rate exceeding 38%.

JEGI (, the leading independent investment bank for the global media, information, marketing, software and tech-enabled services sectors, headquartered in New York, NY, represented ZRG Partners in this transaction.

ZRG CEO Larry Hartmann related, “We are excited about the next chapters of growth for ZRG as we continue our ascent to becoming an even more significant player in the global executive search market and broadening our offering to other areas of human capital services. Our data driven approach to human capital and our commitment to delivering seamless services around the globe with our highly collaborate team have been pillars in our growth strategy.   We are looking forward to continuing our growth with an investor that has significant capital to invest behind our proven core growth strategy in tandem with looking at strategic acquisitions to broaden our talent offerings”.

Michael Rubel, Managing Director at RFE Investment Partners said, “We believe the human capital services market is ripe for disruption and fresh thinking. And we are convinced that ZRG Partners is approaching the market with the right blend of experience, leadership and disruptive technology which clearly is resonating with clients who want to acquire top talent globally.  We also believe that our firm is uniquely positioned to assist Larry and the ZRG team in expanding ZRG’s service offerings and helping fulfill their vision as a significant provider of human capital services through continued hiring, key acquisitions and add-on investments.“

About ZRG Partners
ZRG Partners is a progressive mid-sized global executive search firm that uses a proven, data-driven approach. For 19 years, clients have trusted ZRG Partners to recruit top talent around the world. ZRG Partners is recognized as one of the fastest growing executive search firms in the world driven by the firm’s client focused, results driven approach grounded in technology and innovation. For more information, visit

About RFE Investment Partners
With more than 35 years of experience successfully investing in growth companies and partnering with strong management teams in the lower middle market, RFE Investment Partners makes investments in businesses with initial enterprise values of $20 million to $100 million. For more information, visit

About JEGI
JEGI has been the leading independent investment bank for the global media, information, marketing, software and tech-enabled services sectors for over 30 years. Headquartered in North America, with offices in New York City and Boston, as well as London and Sydney (through its partnership with CLARITY), JEGI has completed more than 650 high‐profile M&A and financing transactions, serving global corporations; middle‐market and emerging companies; entrepreneurial owners and founders; and private equity and venture capital firms. For more information, visit

“Working with JEGI in our recap was an outstanding experience. The team was responsive, was able to quickly provide value add in our thinking around capital and valuation and then executed our process quite well. It’s great to have a banker that has the courage to challenge a business to think outside the box and stretch but always have the shareholders interest at heart through the process. We look forward to working with JEGI again in the next chapters of our journey.”
– Larry Hartmann, CEO, ZRG Partners