M&A Deal Summary

RFE Investment Partners and Weave Growth Partners Acquire Congruity HR

On February 25, 2021, private equity firm RFE Investment Partners and growth capital firm Weave Growth Partners acquired staffing company Congruity HR

Acquisition Highlights
  • This is RFE Investment Partners’ 2nd and Weave Growth Partners’ 1st transaction in the Staffing sector.
  • This is RFE Investment Partners’ 25th and Weave Growth Partners’ 1st transaction in the United States.
  • This is RFE Investment Partners’ 2nd and Weave Growth Partners’ 1st transaction in North Carolina.

M&A Deal Summary
Date 2021-02-25
Target Congruity HR
Sector Staffing
Buyer(s) RFE Investment Partners
Weave Growth Partners
Deal Type Recapitalization

Target

Congruity HR

Winston-Salem, North Carolina, United States
Congruity HR PEO delivers comprehensive HR solutions to small and mid-sized businesses nationwide, sharpening their competitive advantage. Comprised of respected industry executives and certified HR professionals, Congruity HR provides hands-on, expert human resource services to reduce administrative burdens, ensure compliance with employer regulations, and effectively manage employment cost. The company’s extensive HR service offering includes a full range of health and workers’ compensation insurance products, tax administration, risk management services, and advanced technology. Congruity HR was founded in 2011 and is based in Winston-Salem, North Carolina.

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Buyer(S) 2

Buyer

RFE Investment Partners

Westport, Connecticut, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1979
Size Large
Type Sector Agnostic
DESCRIPTION

RFE Investment Partners is a private equity firm focused on investing in lower middle-market service, manufacturing and healthcare service businesses. Prospective companies are generally profitable with annual cash-flow of at least $5 million. Target businesses also have proven management, defensible market positions, and 'a clearly identified and growing market'. RFE looks to commit $10 to $35 million of equity capital per transaction to support acquisitions, management led buyouts, and recapitalizations. RFE is licensed as a SBIC and was formed in 1979. RFE Investment Partners is based in New Canaan, Connecticut.

DEAL STATS #
Overall 25 of 29
Sector (Staffing) 2 of 2
Type (Recapitalization) 4 of 5
State (North Carolina) 2 of 2
Country (United States) 25 of 28
Year (2021) 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-01-01 ThreeBridge Solutions

Minneapolis, Minnesota, United States

ThreeBridge Solutions is a provider of information technology and business consulting services. ThreeBridge is focused on serving the growing market opportunity between global strategic consulting firms and local staffing companies. ThreeBridge Solutions was founded in 2009 and is based in Minneapolis, Minnesota.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-04-26 PCX Aerostructures

Newington, Connecticut, United States

PCX Aerostructures is a manufacturer of flight-critical and other essential components for rotorcraft and fixed-wing aerospace platforms serving military and commercial markets. PCX Aerostructures is based in Newington, Connecticut.

Sell -
Buyer

Weave Growth Partners

Investor Investor Investor

Category Growth Capital Firm
Founded 2019
Size Small
Type Sector Agnostic
DESCRIPTION

Weave Growth Partners is a growth capital firm focused on businesses with underutilized data and potential for operational improvement. The Firm prefers control positions in profitable companies with at least $15 million of revenue. Sectors of interest include business services, financial services, healthcare services, and technology. In addition to control investments, Weave Growth will consider minority investments if the company has a history of growth and increasing profitability. Weave Growth Partners was formed in 2019 and is headquartered in Redwood City, California.

DEAL STATS #
Overall 1 of 3
Sector (Staffing) 1 of 1
Type (Recapitalization) 1 of 2
State (North Carolina) 1 of 1
Country (United States) 1 of 3
Year (2021) 1 of 1
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2022-01-18 Knack Global

Woodbridge, New Jersey, United States

Knack Global is a provider of a portfolio of high-quality RCM services that allows healthcare businesses to focus on their core competencies of providing patient care. Knack’s portfolio of services spans the entire RCM value chain from Pre-Claim activities to Accounts Resolutions. Knack Global was founded in 2007 and is based in Woodbridge, New Jersey.

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