GP Strategies Corp. has completed a private placement of 2.86 million shares of common stock with Sagard Capital Partners LP at a price of $7 per share, generating gross proceeds to GP Strategies of $20 million. Sagard’s equity investment equates to an ownership interest of approximately 15.4 percent.
“We are extremely pleased that an investor like Sagard Capital Partners shares our vision and we view their investment as a tangible sign of confidence in the direction GP Strategies is heading,” says Scott N. Greenberg, chief executive officer of GP Strategies. “In expanding GP Strategies’ platform as a leading customer training and performance improvement company, we will continue to look for opportunities to make strategic acquisitions and to fund internal growth, and this investment by Sagard strengthens our ability to do both.”
In connection with the equity investment, Daniel Friedberg was elected to the board of directors of GP Strategies.