Boathouse Capital Announces Investment in Accurate Background, Inc.
April 9, 2013
Boathouse Capital is pleased to announce an investment in Accurate Background, Inc. (“Accurate Background” or the “Company”) on March 26, 2013.
Boathouse Capital invested subordinated debt to support the working capital needs associated with Accurate Background’s continued rapid growth and to facilitate its future strategic plans, including add-on acquisitions.
Headquartered in Irvine, CA, Accurate Background offers a complete set of on-demand employment screening services, including criminal, motor vehicle, and other public records searches, employment history, education and professional license verifications, credit checks, and drug and health screening services.
As one of the largest providers in the $2.6 billion background screening market, Accurate Background operates across the globe servicing large Fortune 500 public companies as well as midsize, family-owned businesses. The Company is recognized throughout the industry for its technologically-advanced solutions and deep customer relationships within the retail/consumer, technology, and distribution industries. Accurate Background’s ability to streamline processes and increase productivity has helped the Company to develop durable relationships with its customers that have enabled it to enjoy an impressive 97% customer retention rate and annual revenue growth of 26% over the past three years.
Dave Dickerson, President and CEO of Accurate Background, said “We are delighted to bring on Boathouse Capital as a partner that not only understands and appreciates the value of our business but also shares our excitement about the potential for the Company’s bright future. I look forward to entering the next phase of Accurate Background’s development with Boathouse.”
Bill Dyer, Partner at Boathouse Capital, added “Dave Dickerson and the Accurate Background team have done a fantastic job of creating a well-respected and highly differentiated business model within the fragmented background screening industry. We have been most impressed by the Company’s ingrained focus on achieving high customer satisfaction by offering flexible product solutions and top quality customer service. We look forward to supporting Accurate Background with its growth initiatives as it continues to roll out new products and services to its customer base.”
As part of the investment, Bill Dyer will join Accurate Background’s Board of Directors.