Lead Edge Capital Leads Continuation Vehicle for PrestigePEO

TriSpan, a New York and London based private equity firm, announced the closing of a single-asset continuation vehicle that acquired interests in Prestige PEO Holdings LP. The transaction was led by growth equity firm Lead Edge Capital, and supported by a diverse group of existing investors, including a substantial investment from affiliates of TriSpan. The transaction will provide follow-on capital to support Prestige through its next phase of growth and value creation.

Prestige is the parent company of PrestigePEO, a provider of comprehensive, outsourced human resource services to small and mid-size businesses in the United States. Since TriSpan’s original investment in 2020, Prestige has grown organically utilizing its differentiated broker model while also successfully completing five strategic acquisitions and expanding into attractive geographies.

“We are excited to partner with Prestige and TriSpan on this next phase of expansion,” said Tim Bemer, Partner at Lead Edge. “For over two decades, Prestige has demonstrated an impressive track record of efficient growth and high client satisfaction, driven by a strong leadership team and unique go-to-market strategy.”

“We are thrilled to continue our collaboration with TriSpan as we continue to capitalize on a tremendous market opportunity in our next phase of growth,” said Andy Lubash, CEO and Founder of Prestige. “Our partnership with TriSpan has been core to our success and we believe we are well-positioned to continue to gain market share and unlock the full growth potential of the platform.”

“Prestige’s talented leadership team and its ability to access the broker channel for new client acquisitions has driven strong performance to-date and will continue to be an accelerator of growth in the future,” said Baudoin Lorans, Partner at TriSpan. “The Company’s high-touch, customer centric approach delivers substantial value to its clients and leads to impressive retention. We are delighted to continue our partnership with the Company and its leadership team.”

Lazard Frères & Co. LLC served as financial advisor and Goodwin Procter LLP served as legal counsel to TriSpan. A separate team of attorneys at Goodwin Procter LLP served as legal counsel to Lead Edge on the transaction. Atlantic Global Risk LLC served as the R&W insurance broker for the transaction and a fairness opinion was provided by Houlihan Lokey Capital Inc.