HR Outsourcing Holdings Inc, a portfolio company of Clarion Capital Partners LLC, has closed its buy of Fortune Financial Inc. Financial terms weren’t announced. Tampa, Florida-based Fortune Financial is a professional employer organization and human resources outsourcing company that provides small and mid-sized companies with payroll administration, human resources administration and compliance, workers’ compensation and benefits administration solutions.
New York, January 5, 2016 – HR Outsourcing Holdings, Inc. (“HROI”), a portfolio company of Clarion Capital Partners, LLC (“Clarion”) has completed the acquisition of Fortune Financial, Inc. (“Fortune”), a Florida based professional employer organization (“PEO”), on December 29, 2015. HROI provides outsourced human resource services and is led by Carl Guidice, Jr. and Anthony Danon, the former CEO and COO of Strategic Outsourcing, Inc., a former Clarion portfolio company.
The acquisition of Fortune provides HROI with a broader platform to accelerate the company’s growth. The company will have offices in Florida, Georgia, Texas, California, New York, North Carolina, Kansas, and Ohio. The combined entity will have over 25,000 worksite employees and over 750 clients.
“Fortune’s team has done an excellent job driving growth and building a company with outstanding customer service and industry leading vendors,” said Carl Guidice, HROI’s CEO. “We are excited to continue Fortune’s success.”
“The acquisition of Fortune significantly augments HROI’s existing PEO operations and provides the combined company with a scalable platform for continued expansion,” said Jon Haas, Managing Director at Clarion. “HROI also will continue to consider additional acquisitions.”
“HROI and Clarion are the right partners to guide Fortune into the next phase of its institutional development,” said Phil Nick, Fortune’s Chairman. “We are looking forward to creating an industry leader under their guidance and through this partnership.”
About Fortune Financial, Inc.
Founded in 1997, Fortune is a Tampa, Florida headquartered professional employer organization and human resources outsourcing company that provides small and mid-sized companies with payroll administration, human resources administration and compliance, workers’ compensation and benefits administration solutions. Fortune offers PEO services in 46 states. (www.fortune-hr.com)
HROI is a professional employer organization and administrative services organization based in Lawrenceville, Georgia, providing human resources outsourcing to small and medium sized businesses. The company specializes in payroll administration, safety and risk management, workers’ compensation, human resource administration, compliance and benefits administration. (www.hroi.com).
About Clarion Capital Partners, LLC
Clarion Capital Partners is a New York based middle market private equity firm. Clarion invests in growing companies in a variety of industries including Business Services, Healthcare Services, Consumer Products, Specialty Retail, Media & Entertainment, and Specialty Financial Services. Additional information on Clarion can be found at www.clarion-capital.com.