Bahrain’s leading global manager of alternative investment products, Investcorp has completed the sale of PRO Unlimited to EQT Private Equity, a global investment firm.
The transaction, which was done in coordination with funds managed by Harvest Partners, a New York-based private equity firm, was first announced by Investcorp in June.
Investcorp originally acquired PRO Unlimited in October 2014 and retained a significant minority share following the sale to funds managed by Harvest Partners in May 2017. Over the course of Investcorp’s partnership with its management team, PRO Unlimited realized significant growth and expansion.
During the partnership company launched new products leveraging its proprietary data assets, invested in sales and marketing, completed two add-on acquisitions, expanded its geographic footprint and strengthened the executive team to drive continuous transformation.
PRO Unlimited, headquartered in the US, 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. The company operates in more than 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.
“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 capitalize 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.”
“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,” Mr. Kevin Akeroyd, CEO at PRO Unlimited, stated.
“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,” added Mr. Andrew Schoenthal, Partner at Harvest Partners.