Snow Phipps Group, a New York-based mid-market firm, has hired ADP executive Campbell Langdon as an operating partner to focus primarily on investments in business services.
Langdon was formerly president of ADP’s major accounts services, the company’s flagship payroll and HR outsourcing business, with over $2 billion in revenue. He was also responsible for ADP’s Canadian operations.
Snow Phipps managing partner Ian Snow said in a statement that business services has been “a core investment sector” for the firm, and that Langdon’s appointment would “lead to many successful transactions”.
The firm closed its debut fund on $620 million in 2007. Snow Phipps held a first close on $308 million for its second fund earlier this year, according to a filing with the US Securities and Exchange Commission. Fund II has reportedly been targeting $700 million.
Snow Phipps was founded by former Ripplewood managing director Ian Snow and Ogden Phipps, of the Phipps family group, in association with Guggenheim Partners, a diversified financial services company. The firm completed its first private equity deal in 2006 by acquiring a controlling interest in FiberVisions, a textile producer, for $109 million.