Citizens Commercial Banking closed a new $450 million asset-based revolver to support a recapitalization of PRO Unlimited by Harvest Partners, a middle-market private equity firm, and Investcorp, a global provider and manager of alternative investment products.
As part of the transaction, Investcorp, which has owned the business since 2014, re-invested in the company, taking a minority stake in the new capital structure. Financial terms of the transaction were not disclosed. Citizens had previously arranged a $300 million financing to support Investcorp’s acquisition of Boca Raton, FL-based PRO Unlimited in 2014.
PRO Unlimited is a provider of software and managed services to large enterprises, enabling its clients to manage their contingent workforce. Since its founding in 1991, all of PRO Unlimited’s growth has been organic. A pioneer in vendor-neutral contingent workforce management, PRO Unlimited services are enhanced by its vendor management software services.
“PRO Unlimited is a great client and we’re pleased to be able to help the management team and the sponsors, Harvest Partners and Investcorp, achieve their strategic and financial goals,” said Chris Carmosino, head of business capital at Citizens Bank. “Providing asset-based financing to facilitate acquisitions is just one of the ways that Citizens delivers value for clients at every stage of their business life cycle.”
Andrew Schoenthal, senior managing director at Harvest Partners, said, “We are excited to partner with the PRO Unlimited team to provide additional financial and strategic resources to continue to build on a long track record of successful growth. PRO Unlimited’s vendor-neutral MSP and VMS software provide the most compelling solution to large corporations seeking to more effectively and economically manage their contingent workforce. We appreciate the Citizens team’s hard work and efficient execution on this new deal and look forward to the partnership going forward.”