New York, New York – September 9, 2015 – Tenex Capital Partners, L.P. has closed the acquisition of Progressvie Employer Management Company (“PEMCO”), a human resource, payroll, employee benefits, and workers’ compensation provider for small and mid-sized companies. Tenex is a leading private equity fund that uses its deep operating experience to collaborate with management teams to capitalize on business and market opportunities.
“I am extremely excited to announce the news of our transaction with Tenex. We have further fortified our position as an industry leader and a company poised for growth,” said Clinton Burgess, President and CEO of PEMCO.
The acquisition was effective on September 1, 2015, allowing the award winning PEO to be in a strong position for the future. Burgess added, “We remain operationally focused on our customer each day as well as strategically focused on growing our company year over year.”
Chad Spooner, Managing Director and Principal at Tenex Capital Management said, “PEMCO is a company led by a deep and experienced management team spearheaded by Clint Burgess and Peter Grabowski. The Tenex team is excited about partnering with a business with such great growth potential.”
PEMCO also announced financing from The Goldman-Sachs Group following a secured credit facility in August 2014. “We’re gratified to continue to be supported by Goldman-Sachs, which highlights the success we have seen in the last 12 months,” said Peter Grabowski, CFO of PEMCO. “We look forward to even bigger and better things in 2016.”
Tenex Capital Management is a private equity fund that invests in middle-market companies. Tenex utilizes an in-house team of hybrid investment professionals skilled in operational leadership, investing and capital markets structuring to maximize long-term value creation. Tenex’s deep operating experience allows the firm to collaborate with management teams to capitalize on business and market opportunities. Tenex has established a successful track record investing in diverse industries, including industrials, manufacturing, and health and business services. For additional information, please visit www.tenexcm.com.
About Progressive Employer Management Company
Progressive Employer Management Company (PEMCO) is one of the fastest growing professional employer organizations (PEO) in the nation. PEMCO is a full service provider of payroll administration, workers’ compensation, employee benefits, and human resource management. Since 1999, PEMCO’s philosophy for becoming one of the largest PEOs in the U.S. has been to “Focus on the Customer” while allowing uncompromising integrity and relentless attention to detail to drive growth. PEMCO is headquartered in Sarasota, Florida, with additional offices in Orlando, Cape Coral, Pensacola, Punta Gorda, Tampa, and Fort Lauderdale, Florida; and Irving, Texas. For more information, visit http://www.progressiveemployer.com or call 888.925.2990.