Investcorp completes sale of US group PRO Unlimited
INDUSTRIAL NEWS
Investcorp, a leading global provider and manager of alternative investment products, has completed the sale of its company PRO Unlimited to EQT Private Equity, a global investment firm.
Founded in 1991, PRO Unlimited delivers a full range of services to address procurement, management and compliance issues related to contingent and temporary workers, including independent contractors, consultants and freelancers.
It operates in over 50 countries and provides services to some of the world’s largest and most prestigious companies through its integrated, vendor-neutral software and services platform.
The transaction, which was done in co-ordination with funds managed by Harvest Partners, an established New York-based private equity firm, was first announced by Investcorp in June.
The Bahrain-based investment group had originally acquired PRO Unlimited in 2014 and retained a significant minority stake following the sale to funds managed by Harvest Partners in 2017.
Over the course of Investcorp’s partnership with its management team, PRO Unlimited realized significant growth and expansion.
The company launched new products leveraging its proprietary data assets, invested in sales and marketing, completed two add-on acquisitions, expanded its geographic footprint and bolstered the executive team to drive continuous transformation.
On the successful sale, Executive Chairman Mohammed Alardhi said: "Our private equity business in North America is one of our longest standing businesses and continues to be a priority for us as we expand and capitalise on opportunities in this region."
"Our partnership with the PRO Unlimited team has demonstrated an ability to nimbly innovate in the workforce management industry and gain a leadership position which is one we believe the company will continue to hold in the future," he added.
Lauding the Investcorp team for their support and guidance for the last 7 years, Kevin Akeroyd, CEO at PRO Unlimited, said: "We look forward to our next chapter and partnership with EQT and Harvest Partners, who bring industry insights and a strong network to help us achieve our next phase of growth and ambitions to continue bringing innovative solutions to the labor industry."
Warren Knapp, the Managing Director and Head of Tech-Enabled Services, Private Equity (North America) at Investcorp, said the sale of PRO Unlimited represents a highly successful exit for Investcorp and its investors.
"Over the past 7 years, PRO Unlimited has continued to build on its foundation as a pioneer in the contingent workforce management industry. Through a combination of sustained world-class client delivery and the introduction of several new value-added solutions, PRO Unlimited has solidified its position as the leading player in the sector," he noted.
Andrew Schoenthal, Partner at Harvest Partners, said: "We are proud of the progress PRO Unlimited has made over the past several years and are looking forward to the next phase of growth in this evolving industry."
"The last 16 months have shown that a professional workforce management partner is integral to the success of any company, and we believe PRO Unlimited’s strengths have positioned the company to take a leading role in meeting the growing demands of this new reality," he added.
Investcorp, Pro Unlimited and the selling Harvest Partners funds were advised by William Blair and White & Case. The acquiring Harvest Partners fund was advised by Evercore Group and Kirkland & Ellis.-TradeArabia News Service
