CDI Corporation

CDI Corporation is a privately-held multinational company providing engineering, information technology and staffing services to clients in a range of industries including energy, chemical, aerospace, defense, transportation and financial services. As of 2016, the company employed 900 staffers and approximately 7,500 billable employees.[1] The company is headquartered in Philadelphia, PA.

CDI Corporation
TypePrivate
IndustryEngineering, Technology, Staffing
Founded1950
Headquarters
Philadelphia, Pennsylvania
,
United States
Key people
Walter R. Garrison, Chairman of the Board;
Michael Castleman, President and interim CEO
Revenue $ 985 million (FY 2015)[1]
$ -28.596 million (FY 2015)[1]
$ -37.003 million (FY 2015)[1]
Total assets $ 339.097 million (FY 2015)[1]
Total equity $ 221.243 million (FY 2015)[1]
Number of employees
900 (December, 2015)[1]
Websitewww.cdicorp.com

History

CDI Corporation was founded in Philadelphia in 1950 as Comprehensive Designers, Inc.[2] The company provided temporary technical services to manufacturing industries, including servicing the growing automotive and defense industries. In 1956, Walter R. Garrison, an aerospace engineer with Boeing, joined the company as its Chief Engineer. In 1961, Garrison and two colleagues bought the company, and Garrison became CEO.[2]

In 1972, the company diversified into the field of job placement by buying Management Recruiters International, a firm that focused on providing permanent management talent for clients.[3]

In 1973, Comprehensive Designers, Inc. changed their name to CDI Corporation.[2]

In 1991, the company began further diversification into temporary staffing services of clerical and unskilled workers by acquiring temporary placement agency Today's Staffing.[4]

By the end of 1994, the company reported over $1 Billion in revenue in the three core areas of technical services, temporary services and Management Recruiters, with approximately 3,000 customers.[5]

In March 1997, the company elected Mitch Wienick to the position of CEO and President, to replace the retiring Walter Garrison. Garrison remained on the company's board of directors.[6] In 1999, CDI purchased executive headhunting firm Humana International, further expanding its mid-level management search and recruitment services through the addition of Humana's 136 franchised offices in Europe and Asia.[7]

In 2001, Mitch Wienick announced his retirement and Roger H. Ballou was elected as CDI's new president and CEO.[2]

In 2003, CDI announced the acquisition of AndersElite, a United Kingdom-based provider of building and construction professionals on a permanent and temporary basis.

In September 2007, the company announced the sale of Today's Staffing to Spherion for $40M.[4]

In July 2010, the company announced the acquisition of L. Robert Kimball & Associates, Inc. (L.R. Kimball), a 550-person professional services firm that provided architecture, civil and environmental engineering, communication technology and consulting services. The firm was integrated into what was then called CDI Engineering Solutions.[8]

In 2011, Paulett Eberhart, a veteran of Electronic Data Systems,[9] was announced as CDI's new President and CEO, replacing the retiring Roger Ballou.[10]

In August 2014, the company announced a new CEO, former Investcorp, Sears and Lehman Brothers executive Scott J. Freidheim.[11]

In October 2015, CDI acquired Boston, Massachusetts-based EdgeRock Technologies LLC, a private IT staffing company, for $30 Million.[12]

In September 2016, CEO Scott Freidheim resigned, and chief financial officer Michael Castleman was promoted to president and interim CEO.[13]

In September 2016, CDI sold its UK-based subsidiary, CDI AndersElite Ltd. (“Anders”), to the Anders management team and employees.[14]

In 2017, it was taken private by AE Industrial Partners, LLC; at the time of the transaction, it traded in the NYSE under the CDI ticker.[15]

In 2018 Artech acquired the talent and technology services business unit of CDI.[16]

Divisions

CDI Corporation operates with three business units: Global Engineering and Technology Services (GETS), Professional Staffing Services (PSS)[17] and Management Recruiters International (MRI).[18]

Awards and recognition

CDI was named #25 on ENR.com's list of the top 500 Engineering design firms.[19] CDI was selected as the 2013 Outsourcer of the Year by HDI, a professional association and certification body for technical service and support professionals. CDI was honored for "its commitment to excellence, efficiency and service quality."[20] CDI's Virginia security team was honored by the Department of Defense with the James S. Cogswell award for providing Outstanding Industrial Security.[21]

References
  1. "CDI Corp. Reports Fourth Quarter and Full Year 2015 Results" (PDF). investor.shareholder.com. Archived from the original (PDF) on 2016-03-10. Retrieved 2016-03-09.
  2. "CDI Corporation History". fundinguniverse.com. Retrieved 2013-11-27.
  3. "MRINetwork Recruiting Pioneers". mrinetwork.com. Archived from the original on 2013-11-26. Retrieved 2013-11-27.
  4. "CDI to sell office-temp Dallas unit Todays Staffing will go to Spherion Corp. for $40 million". Philly.com. 2007-09-21. Retrieved 2015-03-19.
  5. "10-K Annual Report". investor.shareholder.com. 1995-03-02. Archived from the original on 2013-12-03. Retrieved 2013-11-27.
  6. "Form 10-Q Quarterly Report". investor.shareholder.com. 1997-08-08. Archived from the original on 2013-12-03. Retrieved 2013-11-27.
  7. "CDI acquires Humana International". Philadelphia Business Journal. 1999-04-04. Retrieved 2013-11-27.
  8. "L.R. Kimball acquired by CDI Corp". PABusinessCentral.com. 2010-07-16. Archived from the original on 2014-10-27. Retrieved 2014-10-27.
  9. "Corner Office". NYTimes.com. 2013-06-08. Retrieved 2015-03-19.
  10. "PhillyInc: Eberhart tapped as CDI Corp. chief". Philly.com. 2011-01-10. Retrieved 2015-03-19.
  11. "CDI taps ex-Sears, Lehman boss as new CEO". Philly.com. 2014-08-13. Retrieved 2014-10-07.
  12. "CDI acquires IT staffing provider EdgeRock for $31 million". staffingindustry.com. 2015-10-06. Retrieved 2016-03-09.
  13. "CEO of engineering staffing company CDI resigns". philly.com. 2016-09-16. Retrieved 2016-12-02.
  14. "CDI Corp. Announces Sale of AndersElite UK Subsidiary". CDI Corp.
  15. Corp, C. D. I. "CDI Corp. to be Acquired by AE Industrial Partners for $8.25 Per Share in Cash". www.prnewswire.com. Retrieved 2020-06-22.
  16. https://www.themiddlemarket.com/news/m-a-wrap-midocean-partners-florida-food-products-riverside-co-charlesbank-capital
  17. "Spencer Group appoints CDI AndersElite as recruitment partner". Recruitment International UK. 2014-04-24. Retrieved 2014-10-09.
  18. "CDI Corporation 2013 Annual Report" (PDF). CDICorp.com. 2014-04-06. Archived from the original (PDF) on 2014-10-16. Retrieved 2014-10-09.
  19. "The Top 500 Design Firms". ENR.com. 2014-04-14. Retrieved 2014-10-07.
  20. "HDI Team Excellence Award". HDI. Archived from the original on 2013-12-03. Retrieved 2013-11-27.
  21. "CDI Corp.'s Security Team in Portsmouth, Virginia Honored By Department of Defense for Outstanding Industrial Security". PR Newswire. 2013-06-27. Retrieved 2013-11-27.
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