News from FedcapFedcap Combines with Community Work Services, One of Nation's Oldest Charitable Organizations
Fedcap announced today that it has combined with Community Work Services, which provides job placement, training and support services in the Boston area and ranks as one of the oldest charitable organizations in the United States.
The merger represents Fedcap’s fifth in the past 4 years, which in concert with organic growth has enabled it to increase from $65 million in revenue in 2009 to about $130 million today.
Following the combination, Community Work Services’ mission will remain unchanged: to help adults transform their lives through employment. The organization will continue to operate independently under its current management team. Fedcap will provide management, financial and infrastructure support to Community Work Services with the goal of helping the organization grow faster and serve its community better.
“We are pleased to partner with Community Work Services, one of the oldest charitable organizations in the United States. Community Work Services has been serving the Boston community since 1877 and is truly a remarkable organization, with a talented management team, a dedicated board and a laser-sharp focus on its mission. By merging with Community Work Services, we will be able to leverage our infrastructure to help it to grow faster and larger than it could have on its own. This has been a successful recipe for Fedcap, with Community Work Services representing our fifth combination in the past 4 years,” said Christine McMahon, President and CEO of Fedcap.
In combining organic growth with a growth-through-acquisition strategy, Fedcap takes a page from the for-profit sector. It is an emerging idea in the not-for-profit world, where organizations have been squeezed financially as a result of fewer government grants and reductions in private donations. This has caused many smaller organizations to have to curtail their services, making it logical to combine with a larger partner such as Fedcap. In addition to Community Work Services, in the past 4 years Fedcap has acquired ReServe, The Way to Work, Wildcat and certain of the assets of FOCNJ.
“Community Work Services looks forward to becoming part of Fedcap, an organization that has the same commitment to community service we have maintained for the past 136 years. We share a similar mission and each of our organizations will be able to benefit the other through knowledge transfer and joint proposal and development activities. We look forward to Fedcap’s support in continuing to fulfill our core mission of helping Boston-area adults transform their lives through employment,” said Serena Powell, President and CEO of Community Work Services.