EQT Private Equity to acquire PRO Unlimited, a leader in contingent workforce management
– EQT Private Equity to acquire PRO Unlimited, a leading provider of integrated casual workforce management solutions through its holistic platform that includes a managed services program, vendor management software, direct sourcing and capabilities of data and analysis
– PRO Unlimited enables companies to effectively tap the growing market for highly skilled agency work while providing workers with more flexible employment opportunities
– EQT will support the continued growth of PRO Unlimited and the continued development of new products to further expand its integrated platform offering
STOCKHOLM, June 28, 2021 / PRNewswire / – EQT is pleased to announce that EQT IX (“EQT Private Equity”) has agreed to acquire PRO Unlimited Global Solutions Inc. (“PRO Unlimited” or the “Company”), a leading contingent workforce management solutions, from funds managed by Harvest Partners, LP and its affiliates (“Harvest Partners”) and Investcorp. Following the closing of the transaction, EQT Private Equity will become the majority shareholder and the existing management team of PRO Unlimited will continue to operate the business.
PRO Unlimited was established in 1991 to help large companies manage their casual workforce to better attract specialist talent looking for a more flexible working solution. Today, the company’s integrated solutions have grown to incorporate a managed service program, vendor management software, direct sourcing, and data and analytics capabilities. The platform handles the significant complexities of running an effective contingent workforce program on behalf of client companies, accomplishing a multitude of tasks including discovering a client’s staffing needs, researching and candidate assessment, hiring, onboarding, payroll and departure of casual workers. PRO Unlimited is distinguished by its focus on highly skilled workforce, its neutral approach to recruiting and its unique integrated solutions of services, software and proprietary market data. The Company is headquartered at San Francisco with global capabilities and has approximately 1,400 employees in total.
EQT will leverage its extensive experience partnering with technology service companies, in-house digital expertise and network of global EQT advisors to support PRO Unlimited in its next phase of development as the company continues to invest in technology and innovation to expand its integrated platform capabilities.
Kasper Knokgaard, Partner in the EQT Private Equity Advisory Team, said: “EQT is delighted to invest in PRO Unlimited and to partner with the CEO Kevin akeroyd and the entire PRO Unlimited team as the company enters the next phase of continued growth. PRO Unlimited has been at the forefront of developing a comprehensive suite of integrated solutions for businesses to manage their occasional workforce through a combination of services, software and data. We look forward to supporting the continued expansion of the platform to enable more flexible working solutions for the evolving quota industry. “
Andrew Schoenthal, Partner at Harvest Partners, said: “Through multi-year investments in people, technology and data, PRO Unlimited has grown into one of the most comprehensive casual labor platforms for large global companies. We are delighted to see Kevin and his team build on the tremendous success the company has achieved to date and continue to bring new innovations to the market. ”Harvest’s PRO Unlimited investment team is Directed by Ira kleinman, Andrew Schoenthal and David Schwartz.
Kevin akeroyd, CEO of PRO Unlimited, said: “We are proud of what PRO Unlimited has achieved in recent years in collaboration with Harvest Partners and Investcorp. The casual labor industry is experiencing strong growth, fueled by workers’ desire for greater autonomy and flexibility. We are delighted to provide the solutions that enable businesses and the casual workforce to meet their needs. We look forward to partnering with EQT and leveraging their industry expertise, digital capabilities and network of advisors.
The transaction is subject to customary conditions and approvals. It is scheduled to close in the second half of 2021.
EQT Private Equity has been advised by BofA Securities, Sidley Austin LLP, McKinsey & Company and Alvarez & Marsal.
PRO Unlimited, Harvest Partners and Investcorp were advised by Guillaume Blair and White and case.
With this transaction, EQT IX is expected to be invested 50-55% (including closed and / or signed investments, announced public offerings, if any, and minus any expected syndication) depending on the size of its target fund, and subject to customary regulatory approvals. .
EQT is a goal-oriented global investment organization with more than 67 billion euros in assets under management in 26 active funds. EQT funds have portfolio companies in Europe, Asia Pacific and the Americas with total sales of around 29 billion euros and over 175,000 employees. EQT works with portfolio companies to achieve sustainable growth, operational excellence and market leadership.
About PRO Unlimited
Serving hundreds of the world’s best-known brands, PRO Unlimited offers modern workforce management and a partner ecosystem backed by data, software, intelligence and services to meet workforce needs. -flexible work. PRO’s modern workforce management platform can adapt quickly to regional or industrial economic changes and offers the speed, scale, flexibility, transparency and expertise to serve as a platform. holistic form in the modern workforce. Based at San Francisco, PRO has helped global brands and organizations achieve operational and financial success for over 30 years.
More information: www.prounlimited.com
About Harvest Partners, LP
Founded in 1981, Harvest Partners, LP is an established company new YorkPrivate equity investment firm that focuses on investments in middle market companies in the business and industrial services, consumer, healthcare, industrial and software sectors. Harvest’s control strategy builds on the company’s 40 years of experience in financing organic growth and acquisitions.
More information: www.harvestpartners.com.
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