Prestige Facilitates Major Continuation Vehicle Transaction with TriSpan and Lead Edge
Deal News | Feb 27, 2025 | Goodwin
In a significant financial maneuver, Goodwin advised both TriSpan and Lead Edge Capital on a single-asset continuation vehicle transaction involving Prestige PEO Holdings LP, the parent company of PrestigePEO. Providing outsourced human resource services to small and mid-sized businesses in the U.S., Prestige has expanded since TriSpan's initial investment in 2020 through organic growth and five strategic acquisitions. This transaction, bolstered by diverse existing investors and significant investment from TriSpan affiliates, aims to support Prestige in its ongoing growth and value creation. TriSpan, based in New York and London, focuses on growth in business services and healthcare, among others, having invested approximately $5bn in over 130 companies globally. Lead Edge Capital, a prominent growth equity firm with a $5 billion portfolio in tech-enabled businesses worldwide, leverages a vast network of executives for strategic advice. The TriSpan deal team included key figures like Zac Davidson and Nat Kubik, highlighting the collaboration's strategic importance and expected long-term benefits.
Sectors
- Private Equity
- Human Resources
- Business Services
Geography
- United States – PrestigePEO, the target company, operates in the U.S., providing HR services to local businesses.
- New York – TriSpan is headquartered in New York and played a pivotal role in the transaction.
- United Kingdom – TriSpan also operates an office in London, marking its international presence and influence.
Industry
- Private Equity – The article describes a continuation vehicle transaction led by private equity firms TriSpan and Lead Edge Capital, highlighting their role in strategic growth and investment.
- Human Resources – PrestigePEO provides comprehensive outsourced HR services to small and mid-sized U.S. businesses, marking this as a key industry of interest.
- Business Services – The article discusses strategic growth in business services, which aligns with TriSpan's focus on buy and build strategies in this sector.
Financials
- c.$5bn – Approximate amount invested by TriSpan in 130+ companies across 5 continents.
- $5 billion – The fund size of Lead Edge Capital, investing in tech-enabled companies globally.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| TriSpan | Private Equity Firm | Company | A private equity firm with offices in New York and London, focusing on growth in small to mid-cap companies. |
| Lead Edge Capital | Growth Equity Firm | Company | A $5 billion growth equity firm investing in tech-enabled companies and utilizing a vast network of executives for strategic growth. |
| Goodwin | Legal Advisor | Company | A legal firm advising TriSpan and Lead Edge Capital on the transaction. |
| PrestigePEO | Target Company | Company | Provides outsourced human resource services to small and mid-sized businesses in the U.S. |
| Zac Davidson, Nat Kubik, Zach Lupu, George Davis, Erika Pey, Ai Tajima | Deal Team Members | People | Members of the TriSpan deal team involved in the transaction. |