Daily News: August 25, 2015

BMO Harris Agents Amendment to Support Patriot Acquisition

Patriot National, a provider of technology and outsourcing solutions, closed the previously announced acquisition of Global HR Research (GHRR). Fort Myers, FL-based GHRR provides pre-employment background screening, assessment and acquisition solutions that augment Patriot’s broad employer service offerings, enabling its corporate clients to improve front-end risk management and reduce the costs of doing business.

Patriot said the aggregate purchase price paid at closing was $24 million in cash and $18 million in stock. The cash portion was funded using Patriot’s revolving credit facility.

According to a related 8-K filing, on August 14, 2015, Patriot entered into a credit agreement amendment with BMO Harris Bank as administrative agent for a lender group that provided an additional $50 million of term loans plus a conditional $50 million accordion.

“We are very excited to have GHRR and its outstanding management team as an integral part of the Patriot organization,” said Steven M. Mariano, CEO of Patriot National. “With the acquisition of GHRR, we can now offer pre-employment screening that has become a mandatory requirement for employers in managing upfront employment risk, which is critical to ensuring safer and more profitable workplaces.”