Shanghai, China April 22, 2020 - CGP has announced a strategic investment from a fund managed by Midea Capital. This investment compliments the previous investment made in 2018 by a fund managed by Morgan Stanley Private Equity Asia. As one of the fastest growing and disruptive online to offline (O2O) recruitment solutions firms in China and the greater Asia-Pacific region, CGP will further grow their service offerings of permanent mid to C-level recruitment, contracting, enterprise solutions, RPO and their offline to online strategies. In addition, the company recently expanded in Japan and will further their geographic expansion in the US and Europe.
“As a leadership team we are very honored and excited to partner with one of the premiere global companies to strengthen our global strategy.” said Chris Watkins, CEO of CGP Holdings. “As an employee owned company it was very important for us to select the right partner for our next phase of growth and we are grateful to have aligned with such a first-class team and firm.”
Fred Li, Chairman of Midea Capital says: “The recruitment solution industry has seen significant growth over the past 5 years in Greater China and Asia-Pacific and the demand for talent will remain a strategic priority for multi-national and domestic companies in the region. We believe in CGP’s dynamic leadership team and multi-brand, multi-geographic and multi-service line technology enabled business model. With the world economic environment changing quickly, a diverse and mature leadership team is more critical than ever. We are confident that CGP will be well positioned in this long-term strategic growth industry and our investment is strategically aligned with our current and future portfolio.”
Alex Zhou, Managing Director of Morgan Stanley Private Equity department commented: “We are excited to have Midea as a strategic investor in CGP with their long track-record of experience across many industry sectors as both an investor and operator.”
Watkins adds: “Our industry remains highly fragmented with few companies regionally or globally being able to offer a full suite of integrated recruitment solutions to their clients and candidates. In addition, we believe that a technology enabled multi-brand, multi-geographic and diverse service line portfolio solution is the future of this industry.”