Tritium Partners has closed its recapitalization of Nashville-based Inova Payroll, a payroll and human resources service provider. No financial terms were disclosed. In conjunction with this transaction, Inova Payroll has merged with Atlanta-based Payroll Strategies, a payroll services provider.
NASHVILLE, Tenn., Nov. 15, 2017 /PRNewswire/ — Inova Payroll, an award-winning payroll and human resources service provider, announced the completion of a recapitalization with Tritium Partners, a leading growth-focused private equity firm. Concurrent with this transaction, Inova Payroll also announced its merger with Atlanta-based Payroll Strategies. The combination, which will continue to operate under the Inova Payroll brand, is now positioned for accelerated growth and expansion into the future.
“This transaction brings together two complementary businesses, along with a significant capital investment to fund our expanding services and national footprint,” said Farsheed Ferdowsi, Inova Payroll’s founder, President and CEO. “I am very excited to begin this next chapter by adding the talented Payroll Strategies team to Inova. The combination of Inova Payroll and Payroll Strategies is well-matched, bringing together entities with comparable technology, processes, and an unrelenting commitment to exceptional service.”
Payroll Strategies’ founder and CEO, Mary Leveridge, CPA, will work closely with Ferdowsi as Executive Vice President of Inova Payroll. “Farsheed and I worked diligently over the past several months to plan for this successful merger of our companies, and I am delighted to bring our teams together today,” said Leveridge. “Payroll Strategies’ clients will see us transition to the Inova Payroll name over the next three months; however, our staff, services and office location will not change.”
“A business combination of this magnitude does not come about easily,” said Ferdowsi. “Mary and I appreciate Tritium Partners, who provided the necessary funding for this complex transaction along with additional capital to support our growth plans. Their deep domain knowledge and strategic support will be beneficial as we execute on both our organic and acquisition strategies. This is an exciting time for Inova and all of our team members.”
About Inova Payroll
Combining a dedication to employer success with innovative service and technology, Inova Payroll provides smart payroll and HR solutions to employers across the United States. The company’s services range from simple payroll for businesses with tens of employees to robust human capital management solutions for those with 1,000+ employees. In 2016 and 2017 Inova Payroll earned a spot on the Inc. 5000 list of fastest growing companies. Inova Payroll is headquartered in Nashville, Tennessee, with offices in Knoxville and Chattanooga in Tennessee and Lancaster, Pennsylvania.
For more company information, call 888-244-6106 or visit inovapayroll.com.
About Payroll Strategies
Payroll Strategies, LLC was founded in 2003 by a CPA who was a principal in a prestigious Atlanta CPA firm. The initial goal of the company was to provide existing clients a higher level of service than was customary in the payroll industry. This exceptional customer service, combined with in-depth accounting knowledge and state of the art technology has created a successful business providing payroll, time & labor, and HRIS functionality to more than 1,000 clients nationwide.
About Tritium Partners
Founded in 2013, Tritium Partners (www.tritiumpartners.com) is a private equity firm focused on buyouts of growth companies in the lower middle market. For over a decade, the founders of Tritium have deployed over $750 million of equity capital while partnering with talented founders and executives to build market-leading companies. Tritium’s investment approach emphasizes acquiring majority positions in profitable companies and creating long-term value through internal growth initiatives and acquisitions, with a particular focus on three core sectors: Internet and information services, supply chain and logistics, financial and business services.