CoAdvantage, a portfolio company of Morgan Stanley Private Equity, has acquired Florida-based Progressive Employer Management Company, a provider of payroll administration, workers’ compensation, employee benefits and human resource solutions for businesses. No financial terms were disclosed.
TAMPA, Fla., Oct. 10, 2017 /PRNewswire/ — CoAdvantage Corporation (“CoAdvantage”), a leading national provider of strategic human resource solutions for small to mid-sized companies, announced today that it has acquired Florida-based Progressive Employer Management Company (“PEMCO”). The merger of the two companies will expand CoAdvantage’s footprint, while accelerating the company’s growth and further strengthening its position in key markets. The combined platform will serve more than 4,000 clients and 85,000 worksite employees with a range of HR outsourced solutions to small and medium sized businesses.
“PEMCO is a large, growing, and skillfully managed Professional Employer Organization (PEO) that has experienced rapid transformation into one of the country’s quality providers,” said Mike Maseda, CoAdvantage President and CEO. “PEMCO has benefited from the stewardship of CEO Clint Burgess, and CFO Peter Grabowski, who will each assume integral roles at the combined company as COO and CFO, respectively,” he added. “We are excited for Clint and Peter to join our senior team and build on our common vision of providing the marketplace with excellent local service supported by outstanding technology and scale,” he said.
PEMCO, located in Sarasota, Florida, is one of the country’s largest private PEOs and has established a strong market position in the state. “Merging with CoAdvantage solidifies our leading presence in Florida, and continues our mission of providing high quality outsourced HR solutions,” said CEO Clint Burgess, who re-joins CoAdvantage having formerly worked with Mike Maseda and team prior to running PEMCO.
The acquisition and merger dramatically increases CoAdvantage’s scale, while adding strong management talent with similar client-focused operating strategies. The transaction follows CoAdvantage’s acquisition of Denver’s Discovery Outsourcing and New Jersey based Compensation Solutions in 2014.
Headquartered in Tampa, Florida, CoAdvantage Corporation is a leader in human resource solutions, providing Professional Employer Organization (PEO) services including payroll, benefits, risk management and HR support to small and medium-sized businesses nationwide. A portfolio company of Morgan Stanley Private Equity, the company has offices throughout Florida and Texas, as well as Colorado, New York and New Jersey, now serving approximately 85,000 worksite employees nationwide. For more information, visit www.coadvantage.com.
About PEMCO: Progressive Employer Management Company (PEMCO) is a Florida-based Professional Employer Organization (PEO) with over 20 years of experience in providing payroll administration, workers’ compensation, employee benefits and human resource solutions to all size businesses at a national level. Founded in 1999 with the mantra to “Focus on the Customer,” PEMCO is one of the fastest growing companies in Florida, serving approximately 33,000 worksite employees with locations across Florida, as well as Dallas, TX. For more information, visit www.progressiveemployer.com.