Investcorp Announces Completion of Highly Successful Sale of PRO Unlimited

Founded in 1991, PRO Unlimited delivers a full range of services to address procurement, management and compliance issues related to contingent and temporary workers, including independent contractors, consultants and freelancers. PRO Unlimited operates in over 50 countries and provides services to some of the world's largest and most prestigious companies through its integrated, vendor-neutral software and services platform.

Investcorp originally acquired PRO Unlimited in October 2014 and retained a significant minority stake following the sale to funds managed by Harvest Partners in May 2017. Over the course of Investcorp's partnership with its management team, PRO Unlimited realized significant growth and expansion. The company launched new products leveraging its proprietary data assets, invested in sales and marketing, completed two add-on acquisitions, expanded its geographic footprint and bolstered the executive team to drive continuous transformation.

Mohammed Alardhi, Executive Chairman at Investcorp said, "Our private equity business in North America is one of our longest standing businesses and continues to be a priority for us as we expand and capitalize on opportunities in this region. Our partnership with the PRO Unlimited team has demonstrated an ability to nimbly innovate in the workforce management industry and gain a leadership position which is one we believe the company will continue to hold in the future."

"I would like to thank the team at Investcorp for their support, commitment and guidance over the past 7 years," said Kevin Akeroyd, CEO at PRO Unlimited. "We look forward to our next chapter and partnership with EQT and Harvest Partners, who bring industry insights and a strong network to help us achieve our next phase of growth and ambitions to continue bringing innovative solutions to the labor industry."

"The sale of PRO Unlimited represents a highly successful exit for Investcorp and our investors," said Warren Knapp, Managing Director and Head of Tech-Enabled Services, Private Equity - North America at Investcorp. "Over the past 7 years, PRO Unlimited has continued to build on its foundation as a pioneer in the contingent workforce management industry. Through a combination of sustained world-class client delivery and the introduction of several new value-added solutions, PRO Unlimited has solidified its position as the leading player in the sector. We are proud of the role we played throughout our partnership and wish Kevin and the entire PRO Unlimited team continued success in their next phase of growth."

"We are proud of the progress PRO Unlimited has made over the past several years and are looking forward to the next phase of growth in this evolving industry. The last 16 months have shown that a professional workforce management partner is integral to the success of any company, and we believe PRO Unlimited's strengths have positioned the company to take a leading role in meeting the growing demands of this new reality," added Andrew Schoenthal, Partner at Harvest Partners.

Investcorp, Pro Unlimited and the selling Harvest Partners funds were advised by William Blair and White & Case. The acquiring Harvest Partners fund was advised by Evercore Group L.L.C. and Kirkland & Ellis.

About Investcorp

Investcorp is a global investment manager, specializing in alternative investments across private equity, real estate, credit, absolute return strategies, GP stakes and infrastructure. Since our inception in 1982, we have focused on generating attractive returns for our clients while creating long-term value in our investee companies and for our shareholders as a prudent and responsible investor.

We invest a meaningful portion of our own capital in products we offer to our clients, ensuring that our interests are aligned with our stakeholders, including the communities that we operate within, towards driving sustainable value creation. We take pride in partnering with our clients to deliver tailored solutions for their needs, utilizing a disciplined investment process, employing world-class talent and combining the resources of a global institution with an innovative, entrepreneurial approach.

Investcorp has today presence in 12 countries across the US, Europe, GCC and Asia, including India, China and Singapore. As of June 30, 2021, Investcorp Group had US $37.6 billion in total AUM, including assets managed by third party managers, and employed approximately 430 people from 45 nationalities globally across its offices. For further information, visit www.investcorp.com and follow us @Investcorp on LinkedIn, Twitter and Instagram.

About Harvest Partners, LP

Founded in 1981, Harvest Partners, LP is an established New York-based private equity investment firm that focuses on investments in middle-market companies in the business services & industrial services, consumer, healthcare, industrials and software industries. Harvest's control strategy leverages the firm's 40 years of experience in financing organic and acquisition-oriented growth. For more information, please visit www.harvestpartners.com.

About PRO Unlimited

Servicing hundreds of the world's most recognizable brands, PRO Unlimited offers modern workforce management and a partner ecosystem supported by data, software, intelligence, and services to meet flexible workforce needs. PRO's Modern Workforce Management Platform can adapt quickly to regional or industry economic shifts, and provides the speed, scale, flexibility, transparency, and expertise to serve as the holistic platform for the modern workforce. Headquartered in San Francisco, PRO has helped global brands and organizations achieve operational and financial success for more than 30 years.

More info: www.prounlimited.com

Media Contacts:
Prosek Partners
Katherine Segura
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SOURCE Investcorp