Private equity firm GTCR and The Adecco Group completed the sale of VMS provider Beeline to New York-based private equity firm New Mountain Capital LLC.

The deal, announced last month, was subject to regulatory approval. The process is now complete and New Mountain is Beeline’s sole owner, effective yesterday.

Adecco had owned 43% of Beeline after selling a majority stake to Chicago-based private equity firm GTCR in December 2016. GTCR held a majority stake in VMS provider IQN and merged the two operations under the Beeline brand last year. Beeline now counts about 350 clients.

Adecco expected a gain on sale of approximately €110 million (US$128.7 million) and after-tax cash proceeds of approximately €172 million (US$201.2 million). No further terms of the transaction were announced.

Beeline's executives and leadership will remain with the firm.