Investcorp, the alternative asset manager that counts Mubadala Investment Company as its biggest shareholder, completed the sale of its share in US-based workforce management firm Pro Unlimited to EQT Private Equity for an undisclosed sum.
New York-based investment firm Harvest Partners, which also held a stake in Pro Unlimited, has exited the company, Investcorp said in a statement on Thursday. The deal was first announced on June 28, 2021.
Pro Unlimited provides services to address procurement, management and compliance issues related to contingent and temporary workers, including independent contractors, consultants and freelancers. It operates in over 50 countries and provides services to some of the world’s largest companies through its platform.
The sale of the workforce management firm is a “highly successful exit for Investcorp and our investors”, said Warren Knapp, Investcorp's managing director and head of tech-enabled services, private equity for North America.
Bahrain-based Investcorp first acquired Pro Unlimited in 2014 but sold a stake to Harvest Partners in 2017 for $300 million.
Over the course of Investcorp’s investment, Pro Unlimited has “launched new products leveraging its proprietary data assets, invested in sales and marketing, completed two add-on acquisitions and expanded its geographic footprint”, the statement added.
“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 capitalise on opportunities in this region,” Mohammed Alardhi, executive chairman at Investcorp, said.
Investcorp, which has assets worth more than $37bn under management, has made five new private equity investments in the US and Europe, two add-on acquisitions and 11 investments in businesses across Asia in the 12-months to the end of June.
It also spun off six private equity investments and sold several property assets in the US and Europe during the past financial year, it said in August.
On Wednesday, Investcorp and Riverside Investment Company said they sold a stake in Arrowhead Engineered Products to investment firm Genstar.
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Director: Jesse Armstrong
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How will Gen Alpha invest?
Mark Chahwan, co-founder and chief executive of robo-advisory firm Sarwa, forecasts that Generation Alpha (born between 2010 and 2024) will start investing in their teenage years and therefore benefit from compound interest.
“Technology and education should be the main drivers to make this happen, whether it’s investing in a few clicks or their schools/parents stepping up their personal finance education skills,” he adds.
Mr Chahwan says younger generations have a higher capacity to take on risk, but for some their appetite can be more cautious because they are investing for the first time. “Schools still do not teach personal finance and stock market investing, so a lot of the learning journey can feel daunting and intimidating,” he says.
He advises millennials to not always start with an aggressive portfolio even if they can afford to take risks. “We always advise to work your way up to your risk capacity, that way you experience volatility and get used to it. Given the higher risk capacity for the younger generations, stocks are a favourite,” says Mr Chahwan.
Highlighting the role technology has played in encouraging millennials and Gen Z to invest, he says: “They were often excluded, but with lower account minimums ... a customer with $1,000 [Dh3,672] in their account has their money working for them just as hard as the portfolio of a high get-worth individual.”
The bio
Who inspires you?
I am in awe of the remarkable women in the Arab region, both big and small, pushing boundaries and becoming role models for generations. Emily Nasrallah was a writer, journalist, teacher and women’s rights activist
How do you relax?
Yoga relaxes me and helps me relieve tension, especially now when we’re practically chained to laptops and desks. I enjoy learning more about music and the history of famous music bands and genres.
What is favourite book?
The Perks of Being a Wallflower - I think I've read it more than 7 times
What is your favourite Arabic film?
Hala2 Lawen (Translation: Where Do We Go Now?) by Nadine Labaki
What is favourite English film?
Mamma Mia
Best piece of advice to someone looking for a career at Google?
If you’re interested in a career at Google, deep dive into the different career paths and pinpoint the space you want to join. When you know your space, you’re likely to identify the skills you need to develop.
DUBAI WORLD CUP RACE CARD
6.30pm Meydan Classic Trial US$100,000 (Turf) 1,400m
7.05pm Handicap $135,000 (T) 1,400m
7.40pm UAE 2000 Guineas Group Three $250,000 (Dirt) 1,600m
8.15pm Dubai Sprint Listed Handicap $175,000 (T) 1,200m
8.50pm Al Maktoum Challenge Round-2 Group Two $450,000 (D) 1,900m
9.25pm Handicap $135,000 (T) 1,800m
10pm Handicap $135,000 (T) 1,400m
The National selections
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THE BIG THREE
NOVAK DJOKOVIC
19 grand slam singles titles
Wimbledon: 5 (2011, 14, 15, 18, 19)
French Open: 2 (2016, 21)
US Open: 3 (2011, 15, 18)
Australian Open: 9 (2008, 11, 12, 13, 15, 16, 19, 20, 21)
Prize money: $150m
ROGER FEDERER
20 grand slam singles titles
Wimbledon: 8 (2003, 04, 05, 06, 07, 09, 12, 17)
French Open: 1 (2009)
US Open: 5 (2004, 05, 06, 07, 08)
Australian Open: 6 (2004, 06, 07, 10, 17, 18)
Prize money: $130m
RAFAEL NADAL
20 grand slam singles titles
Wimbledon: 2 (2008, 10)
French Open: 13 (2005, 06, 07, 08, 10, 11, 12, 13, 14, 17, 18, 19, 20)
US Open: 4 (2010, 13, 17, 19)
Australian Open: 1 (2009)
Prize money: $125m
