Palm Beach Capital has sold its portfolio company Progressive Employer Management Company (PEMCO), a provider of human resource, payroll, employee benefits and workers compensation services to small and medium sized companies.
Palm Beach Capital initially invested in PEMCO in August of 2004 through its first fund and made a second investment in February 2006 through its second fund.
“PEMCO was able to grow revenues and its customer base by over 350% during Palm Beach Capital’s ownership. On behalf of everyone at Palm Beach Capital, we want to thank the employees of PEMCO and our partners at Brookwood Associates, Goldman Sachs, and Ackerman for their roles in this investment with us,” said Nate Ward, Co-Founder and General Partner of Palm Beach Capital
Palm Beach Capital makes control and non-control investments of $3 million to $20 million in companies with enterprise values from $10 million to $100 million and that have a minimum EBITDA of $3 million. The firm is both industry and location agnostic. Since founding in 2001, Palm Beach Capital has made investments in 42 companies and has approximately $325 million in total assets under management. The firm has offices in West Palm Beach and Tampa (www.pbcap.com).
PEMCO is headquartered in Sarasota, FL (www.progressiveemployer.com).
© 2015 PEPD • Private Equity’s Leading News Magazine • 9-22-15
