M&A Deal Summary

Goldman Sachs Merchant Banking Acquires PeopleStrong

On April 15, 2025, private equity firm Goldman Sachs Merchant Banking acquired staffing company PeopleStrong from Multiples Alternate Asset Management

Acquisition Highlights
  • This is Goldman Sachs Merchant Banking’s 3rd transaction in the Staffing sector.
  • This is Goldman Sachs Merchant Banking’s 6th transaction in India.

M&A Deal Summary

Date 2025-04-15
Target PeopleStrong
Sector Staffing
Buyer(s) Goldman Sachs Merchant Banking
Sellers(s) Multiples Alternate Asset Management
Deal Type Secondary Buyout

Target

PeopleStrong

Gurgaon, India
PeopleStrong is a multi-process HR outsourcing and HR technology company. PeopleStrong was founded in 2006 and is based in Gurgaon, India.

Search 214,107 Deals Now

SEARCH BY

  • Buyer Type (PE or Strategic)
  • Deal Size ($10M to $10B+)
  • Sector (60 Sectors)
  • Deal Type
  • Geography
  • & More

Try Free

Buyer(S) 1

Buyer

Goldman Sachs Merchant Banking

New York, New York, United States

Investor


Category Private Equity Firm
Founded 1986
PE ASSETS 155.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Goldman Sachs Merchant Banking Division is the investment arm of Goldman Sachs. The primary corporate investment group within the Merchant Banking Division is Goldman Sachs' direct investment arm. GS's direct investment arm consists of GS Capital Partners, GS Mezzanine Partners, and GS Growth Partners. GS Capital Partners is the direct corporate equity investment group which seeks LBO, recapitalization, and growth investments to help fund acquisitions, expansions, recapitalizations, restructurings, buyouts, and take privates. GS Capital Partners looks to invest between $50 and $800 million in opportunities in North/South America, Europe, Asia. GS Mezzanine Partners is the junior capital arm of Goldman Sachs. GS Mezzanine looks to invest between $200 million and and $800 million in transactions valued up to $10 billion. Investment proceeds are used to fund leveraged buyouts, expansion financings, recapitalizations, acquisitions, and restructurings. GS Growth looks to invest in growth equity transactions. The unit seeks to commit $20 to $200 million per investment. Other units within GS's merchant banking division include Real Estate, Infrastructure, and Urban Investments. Goldman Sachs Merchant Banking Division is based in New York City.


DEAL STATS #
Overall 189 of 189
Sector: Staffing M&A 3 of 3
Type: Secondary Buyout M&A Deals 68 of 68
Country: India M&A 6 of 6
Year: 2025 M&A 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2025-01-16 Infinidat

Waltham, Massachusetts, United States

Infinidat provides data storage technology and services. Infinidat helps customers empower data-driven competitive advantage at a multi-petabyte scale with over 6EB shipped worldwide. Infinidat was formed in 2011 and is based in Waltham, Massachusetts.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2025-04-25 Splash Car Wash

Milford, Connecticut, United States

Splash Car Wash is an operator of car washes with 18 locations in New York and Connecticut. The Company offers full service, hand wash, express, and self-service alternatives, as well as oil and lube services at premier locations. Splash Car Wash was formed in 1981 and is based in Milford, Connecticut.

Sell -

Seller(S) 1

SELLER
DESCRIPTION

Multiples Alternate Asset Management is a private equity firm focused on opportunities throughout India. The Firm does not have any sector preferences and will consider a range of opportunities, from minority stakes to buyouts. Multiples was formed in 2009 and is headquartered in Mumbai.


DEAL STATS #
Overall 8 of 9
Sector: Staffing M&A 1 of 1
Type: Secondary Buyout M&A Deals 1 of 1
Country: India M&A 8 of 8
Year: 2025 M&A 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2025-02-08 QBurst

Thiruvananthapuram, India

QBurst is a product development and consulting company. QBurst serves a diverse, worldwide clientele across a broad range of industries, offering comprehensive digital solutions. QBurst’s capabilities span a wide spectrum of digital solutions, encompassing cloud enablement, data and AI development, digitalization services (including mobility, CRM, and enterprise solutions), end-to-end product development leveraging microservice architecture, DevOps, and cybersecurity best practices, digital marketing strategies, and SaaS implementations. QBurst was founded in 2004 and is based in Thiruvananthapuram, Kerala.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2025-06-30 MoEngage

San Francisco, California, United States

MoEngage is an intelligent customer analytics and cross-channel engagement platform that enables hyper-personalization at scale across multiple channels like mobile push, email, in-app, web push, On-site messages, and SMS. MoEngage was founded in 2014 and is based in San Francisco, California.

Sell -