CareerBuilder’s private equity owners are continuing the business of “parting out” the company, selling off yet another significant piece of the pie.
The company announced that it would offload its CareerBuilder Employment Screening (CBES) business to competitor Accurate Background, based in Irvine, Calif. CBES, which was previously called Aurico, is a background check and drug screening business. When CareerBuilder acquired the company in 2016, it had a staff of just 200. However, the company claims that CBES has experienced significant growth in the years since.
At the same time, CBES’s next phase of growth “requires additional scale and focus outside CareerBuilder’s core talent acquisition offering,” according to a statement from the company.
Apax Digital helped finance the acquisition by Accurate. Apax Digital is an affiliate of Apax Partners, one of the leading investment companies in the field of marketplaces, including ownership interests or full ownership of Idealista in Spain; Trade Me in New Zealand; Boats Group in the U.S.; SouFun in China; Baltic Classifieds Group, and other major marketplaces.
The sale, expected to close before the end of this quarter, continues a downsizing trend that started when CareerBuilder was acquired by private equity firm Apollo Global Management in 2017.
In April 2018, the company sold its Economic Modeling Specialists International business to the nonprofit Strada Education Network for an undisclosed sum. A few months later, CareerBuilder sublet a reported 38% of its office space at its Chicago headquarters.
And last July, CareerBuilder was said to be in the throes of an “exodus of executives and very pivotal types” spurred by fears that the company was “trying to prep everything to chop up and sell.”
Most recently, reports surfaced in November that CareerBuilder was looking to sublease two floors in a prime office tower in the Atlanta suburb of Buckhead. At the time, however, a CareerBuilder representative said its local staffing was “unaffected by recent moves to maximize space usage there.”