Private equity firm Stone Point Capital LLC agreed to acquire Situs, a staffing provider and financial services firm serving the commercial real estate industry. Situs’ staffing services include direct hire recruitment; permanent and temporary placements for on-site and off-site platform staffing; on-demand and project-based staffing; and recruitment process management.

Stone Point is acquiring the company from Ranieri Partners and WL Ross & Co. The transaction expected to close in the first quarter of 2015 and terms were not disclosed.

Situs’ existing management will remain in place, although President Steve Powel will take over the role of CEO from D. Keith Johnson, who is stepping down.

“We are excited to have entered into this partnership with Stone Point,” said Powel. “Their commitment as a strategic capital partner, along with the innovative solutions and services that Situs provides, will allow us to further expand our capabilities to benefit our clients. Given the current solid market conditions in our industry, I look forward to leading the Situs executive management team through this galvanizing high-growth stage.”

Situs is headquartered in Houston and has offices throughout the United States, Europe and Asia.