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.