Veronis Suhler Stevenson Announces Majority Investment in Vault.com Inc

Veronis Suhler Stevenson (ìVSSî), a leading private equity investor in the media, communications, information and education industries, today announced the signing of definitive documentation for the acquisition of a majority stake in Vault.com Inc., a leader in online career information for more than 30 professional industries ranging from investment banking, consulting and real estate to law, government and media. Terms of the deal were not disclosed.

VSS is joined by veteran media executive Erik Sorenson, Ledgemont Capital, and the companyís senior management team in making the investment. Sorenson, the former President of MSNBC, will become CEO of the company following the close of the transaction.

The transaction is being financed with funds drawn from VSS Communications Partners IV, L.P., a $1.3 billion private equity fund managed by VSS. All of Vaultís founders and senior executives will remain significant shareholders in the company and will remain part of the management team led by Sorenson.

Vault.com was founded in 1996 by Samer Hamadeh, his brother Hussam Hamadeh, and Mark Oldman. Since that time, the company has grown rapidly, emerging as the leading media company for career and admissions information. Fortune calls Vault.com ìthe best place on the Web to prepare for a job search,î while The New York Times deems it a ìkiller appî.

ìWe are pleased to join with VSS to generate liquidity for our shareholders and position Vault for significant global expansion,î said Vaultís three founders in a joint statement. ìVSSís unique mix of long-term focus, media experience, and M&A competence will allow us to capitalize on the burgeoning trend of career and admissions prep and create a company for the generations.î

Vaultís departing chairman, Eric Ober ñ a former president of CBS News and 35-year media executive ñ said, ìVSSís commitment creates a remarkable opportunity for Vault to capitalize on its expertise and credibility and become the dominant cross-platform player in the job and career space.î

Added Sorenson, ìCareer choices and career development are critical to people of all ages, especially those between the ages of 18 and 34. Vaultís content for this audience is unsurpassed, making it a tremendous platform for building a world-wide, world-class digital media business benefitting consumers, recruiters and advertisers.î

ìWe are delighted to be partnering with Vaultís current senior management team, Erik Sorenson and Ledgemont Capital in the next phase of Vaultís growth. Vault is a very well recognized leader in the online career information sector and we believe the company has significant growth prospects, both internally and through strategic add-on acquisitions,î commented VSS Managing Director Trent Hickman.

The acquisition of Vault is a new platform investment for VSS. Together with Vaultís three founders, experienced senior managers and Erik Sorenson, VSS will work to further enhance the companyís market leading products and services. Following a ìbuy-and-buildî investment approach, VSS identifies and acquires platform companies that hold a strong market position in attractive verticals, and then builds scale aggressively, both through internal expansion, organic growth, and strategic acquisitions.

VSS received legal advice on the transaction from Proskauer Rose LLP and accounting advice from KPMG LLP. Vault received legal advice on the transaction from Black & Associates and Hughes Hubbard & Reed LLP.