Brown Gibbons Lang & Company was the advisor to Tenex Capital Management on its September 2015 acquisition of Progressive Employer Management Company (PEMCO) from Palm Beach Capital.
Sarasota-based PEMCO is a provider of human resource, payroll, employee benefits and workers compensation services to small and medium sized companies (www.progressiveemployer.com).
Clifford Sladnick, the head of BGL’s Business Services practice, led the engagement with Tenex. “The professional employer organization (PEO) industry has reached an inflection point in growth and market penetration, as regulatory complexity and an improving labor market fuel demand for outsourced services in a largely untapped small and medium-sized business market,” said Mr. Sladnick. “PEMCO is well-positioned to capitalize on this growth and increase its market penetration, and we look forward to assisting Tenex in identifying additional quality PEOs to grow its business.” Tenex plans to grow PEMCO through continued organic growth and additional add-on acquisitions.
Brown Gibbons Lang (BGL) is a mid-market investment bank that specializes in mergers and acquisitions advisory services, debt and equity placements, financial restructuring advice, and valuations and fairness opinions. BGL was founded in 1989 and has offices in Chicago and Cleveland and real estate offices in Irvine and San Antonio (www.bglco.com).
For more information on the PEMCO transaction click here – Palm Beach Exits PEMCO
© 2015 PEPD • Private Equity’s Leading News Magazine • 10-5-15