California-based Blueback Global is a leader in global expansion services, helping businesses that are expanding internationally to employ the talent they need quickly, easily and compliantly. The company supports businesses of all sizes to recruit in more than 180 countries covering 24 time zones, and has offices strategically located in the US, UK, Hong Kong, Japan, Mexico, Singapore and Nicaragua. The company was looking for new owners to enable it to realise its growth potential, and appointed FRP as advisers on the transaction.
FRP Corporate Finance’s team acted as lead sell-side advisers, supporting Blueback Global’s shareholders in negotiating the terms of the transaction and project managing the deal to completion. Horizon Capital backed business, TopSource Worldwide, an employer services, payroll and employer of record service provider, was chosen as the preferred bidder for Blueback Global. FRP’s Debt Advisory team was retained by TopSource Worldwide to advise the company and Horizon Capital on refinancing the group including raising debt to help support the acquisition.
The deal will see Blueback Global, and its founder Arden Ng, join TopSource Worldwide and continue to provide employer of record, entity set-up, entity management, multi-country payroll and global HR solutions to customers worldwide. It provides a transformational opportunity for the enlarged, combined business to take the lead in services to clients seeking to expand to markets around the world, and creates a business with 1,600 clients being served across more than 90 markets worldwide.
This deal demonstrates the appetite from private equity firms for high-quality investment opportunities in the employer and payroll sector.Mark Naughton Corporate Finance