TriSpan LLP, a private equity firm with bases in New York and London, has successfully closed a single-asset continuation vehicle aimed at acquiring interests in Prestige PEO Holdings LP. This strategic move, spearheaded by growth equity firm Lead Edge Capital and bolstered by a consortium of existing investors including TriSpan affiliates, is set to inject follow-on capital into Prestige. This funding is earmarked for propelling the company through its forthcoming growth phase and enhancing value creation.
Prestige PEO Holdings LP, the parent entity of PrestigePEO, specializes in offering comprehensive, outsourced human resource solutions tailored for small and mid-sized businesses across the United States. Since TriSpan's initial investment in 2020, Prestige has not only expanded organically through its unique broker model but has also executed five strategic acquisitions, thereby extending its footprint into lucrative markets.
Andy Lubash, CEO and Founder of Prestige, expressed enthusiasm about the ongoing collaboration with TriSpan, highlighting the partnership's pivotal role in the company's achievements and its readiness to seize market opportunities. Baudoin Lorans, Partner at TriSpan, commended Prestige's leadership and its innovative broker channel strategy, which has been instrumental in driving the company's robust performance and customer retention rates.
Tim Bemer, Partner at Lead Edge, also shared his excitement about the partnership with Prestige and TriSpan, noting Prestige's consistent record of growth and client satisfaction over the years. The transaction saw Lazard Frères & Co. LLC acting as financial advisor and Goodwin Procter LLP serving as legal counsel to TriSpan, with additional legal support provided to Lead Edge by a separate Goodwin Procter LLP team. Atlantic Global Risk LLC facilitated the R&W insurance brokerage, while Houlihan Lokey Capital Inc. offered a fairness opinion for the deal.
For more details on PrestigePEO, visit https://www.prestigepeo.com.
