TriSpan Secures Continuation Fund for Prestige PEO, Signaling Strategic Growth in HR Services Market
TL;DR
TriSpan LLP announces closing of single-asset vehicle acquiring interests in Prestige PEO Holdings, providing follow-on capital for growth.
Prestige PEO Holdings, parent company of PrestigePEO, offers comprehensive HR services to small and mid-size businesses in the US.
Prestige's partnership with TriSpan and Lead Edge Capital aims to unlock growth potential, deliver value to clients, and simplify HR for businesses.
Lead Edge Capital's $5 billion growth equity firm invests globally in software, internet, and tech-enabled businesses, connecting portfolio companies with industry leaders.
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TriSpan LLP has successfully closed a continuation vehicle for Prestige PEO Holdings, marking a significant strategic investment in the professional employer organization (PEO) market. The transaction, led by growth equity firm Lead Edge Capital, provides critical follow-on capital to support Prestige's continued growth and market expansion.
Since TriSpan's original investment in 2020, Prestige has demonstrated robust growth, completing five strategic acquisitions and expanding into new geographical markets. The company offers comprehensive human resource services to small and mid-size businesses across the United States, utilizing a unique broker-driven model.
Andy Lubash, CEO and Founder of Prestige, emphasized the importance of the continued partnership with TriSpan, highlighting the potential to capitalize on significant market opportunities. Baudoin Lorans, Partner at TriSpan, praised the company's leadership and customer-centric approach as key drivers of its success.
The transaction represents a notable development in the professional employer organization sector, showcasing investor confidence in Prestige's business model and growth potential. By securing additional capital, Prestige is positioned to further expand its market share and enhance its service offerings to small and mid-size businesses.
The continuation vehicle was supported by a diverse group of investors, including substantial investment from TriSpan affiliates, and received financial advisory services from Lazard Frères & Co. LLC and legal counsel from Goodwin Procter LLP.
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