Investment Summary

FFL Partners and Ardian Invest In ProService Hawaii

On November 8, 2017, private equity firms FFL Partners and Ardian invested in staffing company ProService Hawaii from Housatonic Partners

Investment Highlights
  • This is FFL Partners’ 1st and Ardian’s 5th transaction in the Staffing sector.
  • This is FFL Partners’ 35th and Ardian’s 39th transaction in the United States.
  • This is FFL Partners’ 1st and Ardian’s 1st transaction in Hawaii.
Investment Fate
  • ProService Hawaii was sold to a consortium of financial buyers in 2023.

Investment Summary

Date 2017-11-08
Target ProService Hawaii
Sector Staffing
Investor(s) FFL Partners
Ardian
Sellers(s) Housatonic Partners
Deal Type Growth Capital
Advisor(s) Lazard (Financial)

Target

ProService Hawaii

Honolulu, Hawaii, United States
ProService Hawaii provides HR solutions & also provides bundled solutions include configured HR technology, payroll, scheduling, HR consultations, health benefits management, administrative & risk management, workers’ compensation, 401(k), and regulatory compliance. ProService Hawaii was founded in 1994 and is based in Honolulu, Hawaii.

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Investor(S) 2

Investor

FFL Partners

San Francisco, California, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1997
PE ASSETS 6.0B USD
Size Mega
Type Sector Focused
DESCRIPTION

FFL Partners (formerly known as Friedman Fleischer & Lowe) is a private equity group focused on majority and minority investments in North American middle-market companies. Prospective businesses generally have revenues of $30 to $400 million and are valued between $50 and $300 million. Target situations include ownership restructurings in closely-held and family-owned companies, management buyouts, PIPEs, growth equity fundings, take privates, special situations, and recapitalizations. Sectors of interest include outsourced business services, education and training, marketing and media, consumer products, healthcare, and financial services. FFL Partners was formed in 1997 and is based in San Francisco, California.


DEAL STATS #
Overall 38 of 54
Sector: Staffing M&A 1 of 1
Type: Growth Capital M&A Deals 10 of 18
State: Hawaii M&A 1 of 1
Country: United States M&A 35 of 50
Year: 2017 M&A 4 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-10-11 Summit BHC

Franklin, Tennessee, United States

Summit BHC provides substance use disorder and acute psychiatric care at 24 facilities across 16 states. Summit BHC was founded in 2013 and is based in Franklin, Tennessee.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2017-12-07 CURO

Wichita, Kansas, United States

CURO is a consumer finance company providing alternative financial services focused on serving unbanked and underbanked customers in the U.S. and Canada. CURO was founded in 1997 and is based in Wichita, Kansas.

Sell -
Investor

Ardian

Paris, France

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1996
PE ASSETS 127.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Ardian is a mega-sized diversified investment group focused on opportunities worldwide. Ardian invests across and manages funds focused on small and mid-sized buyouts, growth capital financings, mezzanine, infrastructure, real estate, and co-investment opportunities. Ardian's small-buyouts group targets controlling interests in French, German, and Italian businesses valued up to €100 million. It's mid-sized buyout group seeks businesses valued up €1.5 billion and does not have any geographic limitations. The Infrastructure team looks for European opportunities and can commit up to €1 billion per transaction. The Mezzanine group supports junior capital commitments of €5 to €80 million. In addition to direct investing, Ardian also manages various private equity fund-of-funds. Ardian was founded in 1996 and is based in Paris.


DEAL STATS #
Overall 308 of 464
Sector: Staffing M&A 5 of 7
Type: Growth Capital M&A Deals 44 of 66
State: Hawaii M&A 1 of 1
Country: United States M&A 39 of 70
Year: 2017 M&A 20 of 24
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-11-06 IU Group

Munich, Germany

IU Group is a provider of private education and personnel development. IU Group offers academic state-approved study programs, certified trainings, and innovative continuous education programs for experts and managers of all industries. IU Group is an e-learning provider in Germany offering a multitude of courses, distance learning modules, company-specific solutions, and services in the field of digital learning. IU Group was founded in 2007 and is based in Munich, Germany.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2017-11-14 Trescal

Rungis, France

Trescal provides a broad range of services for the test and measuring equipment market. Supplementing the standard technical services (verification, calibration and repair of T&M instruments), Trescal provides expertise in the implementation and acquisition of measurement systems, customized equipment pool management software solutions, metrology, technical support, and training. Trescal services customers in various sectors such as Defence, Aerospace, Aeronautics, Automotive, Power Generation & Utilities, Electronics Manufacturing, Communications and Medical & Chemistry. Trescal was founded in 2007 and is based in Rungis, France.

Sell €670M

Seller(S) 1

SELLER

Housatonic Partners

Boston, Massachusetts, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1994
PE ASSETS 1.5B USD
Size Large
Type Sector Agnostic
DESCRIPTION

Housatonic Partners is a private equity firm focused on investing in growing, profitable companies with a preference for businesses generating recurring revenues. Target sectors include services, media, and communications. Housatonic looks to commit $10 to $30 million per transaction to support buyouts and recapitalizations. Prospective companies generally have high gross margins and moderate capital intensity. Housatonic was formed in 1994 and has offices in Boston, Massachusetts and San Francisco, California.


DEAL STATS #
Overall 38 of 44
Sector: Staffing M&A 1 of 1
Type: Growth Capital M&A Deals 2 of 2
State: Hawaii M&A 1 of 1
Country: United States M&A 37 of 42
Year: 2017 M&A 5 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-09-01 FIMC

Sarasota, Florida, United States

FIMC provides financial service companies the ability to engage and retain customers, drive revenue growth, and extend their brand. FIMC helps consumers maintain financial stability and peace of mind by protecting them from many of the most common, yet unexpected, expenses they face everyday. FIMC was founded in 1974 and is based in Sarasota, Florida.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-01-01 OnRamp Access

Austin, Texas, United States

OnRamp Access is a provider of Internet operations support and data center services in the Central Texas market. OnRamp Access was founded in 1994 and is based in Austin, Texas.

Sell -