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Transactions / E••••• P••

K••••••• • C•••••• to Acquire Majority Stake in E••••• P••

Exit to a strategic buyerannouncedannounced Aug 9, 2023Fact
What happened
Platform
not an add-on on record
Control
unknown
Share acquired
unknown
Industry
unknown
Target location
unknown
Seller kind
Sponsor
Rollover
unknown
Values, only where disclosed
Enterprise value
Not disclosed
Purchase price
Not disclosed
Equity value
Not disclosed
Target revenue
Not disclosed
Target EBITDA
Not disclosed
Multiple
Not disclosed
Parties and roles
11 named
Buy side
  • K••••••• • C•••••• to Acquire Majority Stake in E••••• P••
  • “L•••••••• proactively identified E••••• as an asset within the PEO space that was poised for substantial growth, and we were excited to see that our thesis came to life during our ownership,” stated J•• C••••••••, Managing Director of L••••••••.
  • M••• V•••••••, Managing Partner of L••••••••, added, “Our investment in E••••• is a great example of L••••••••’s thematic sourcing and partnership approach.
Sell side
  • As part of this transaction, K••••••• will acquire a majority stake and partner with existing investor L•••••••• C•••••• L•• (“L••••••••”), and the E••••• management team, both of which will retain a minority investment, to further accelerate the company’s strong growth trajectory. | published on L•
Advisory side
  • P•••• S•••••• • C••Buy-side adviserconfirmed
    P•••• S•••••• • C•• served as financial advisor and R•••• • G••• L•• acted as legal counsel to K•••••••.
  • B••• S••••••••• I•••Financial adviserconfirmed
    BofA S••••••••• served as financial advisor to E••••• and Davis Polk & Wardwell LLP served as legal counsel to E••••• and L••••••••.
  • R•••• • G••• L••Legal adviserconfirmed
    P•••• S•••••• • C•• served as financial advisor and R•••• • G••• L•• acted as legal counsel to K•••••••.
Side not stated
  • “K••••••• has studied the PEO industry and business model for over a decade, and the key drivers of growth for PEOs align squarely with the long-term themes within our Financial & Compliance Services Core Practice Area,” said S••• H••••••••, Partner at K••••••• • C••••••.
  • “This transaction marks a significant milestone for E••••• and our clients and we are excited to partner with the K••••••• team for our next phase of growth,” said J•• S•••••••, Chief Executive Officer of E•••••.
  • A••• F•••••Managementconfirmed
    “E••••• provides a truly differentiated PEO service offering that delivers unique value to its clients and channel partners,” said A••• F•••••, Managing Director at K••••••• • C••••••.
  • K••••••• • C•••••• to Acquire Majority Stake in E••••• P••
Evidence
K••••••• • C•••••• to Acquire Majority Stake in E••••• P••
K••••••• • C•••••• to Acquire Majority Stake in E••••• P•• | Private Equity Intelligence | DFX