Private equity firm Horizon Capital was looking to launch a new global employment solutions buy-and-build platform, starting with the simultaneous acquisitions of TopSource and PEO Worldwide. TopSource provides end-to-end payroll services in the UK, India, and Ireland, as well as cloud and mobile HR solutions. PEO Worldwide is an ‘Employer of Record’ and outsources HR solutions business, with nine international offices providing HR, payroll, legal and employee benefits support. The combination of the two creates a high-growth employment solutions group with contracted revenue, over 900 clients and global service delivery capability.
Horizon Capital wanted to take advantage of the attractive market dynamics to accelerate strong organic growth and engaged our Debt Advisory team, with whom they have worked extensively with on numerous other projects, to take them through the process of raising funds to support the acquisitions. Our team also worked to secure additional facilities to fund the ongoing acquisition strategy of the newly formed group which involved presenting to potential lenders, structuring the deal, securing credit approvals, negotiating terms, and handling all the banking legal documentation.
The team successfully advised Horizon Capital a debt raise despite the complexities of the simultaneous acquisition of two businesses to form the buy-and-build platform and the wide geographic spread of the group’s combined operations. FRP worked closely with all parties to craft a debt funding solution that met the requirements of all parties. The founders of both TopSource and PEO will remain with the business and have reinvested.
The number of global clients for the new employment solutions platform launched by the private equity investor.