Morgan Stanley Global Private Equity Completes Majority Investment in CoAdvantage

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The FINANCIAL — Morgan Stanley Global Private Equity (MSPE) announced on October 8 that it has completed a majority investment in CoAdvantage, Inc., one of North America’s largest professional employer organizations (PEOs).  MSPE partnered with the current management team who will remain in place and continue to drive organic and acquisition growth.

CoAdvantage is PEO that offers small and mid-sized businesses a comprehensive package of outsourced human resources solutions enabling them to reduce their administrative burden, ensure compliance with employer regulations, and gain access to affordable employee benefits.  The company integrates payroll and tax processing, employee benefit plan administration, risk management, government compliance and other human resources services into a single vendor solution that is extremely efficient and effective.  Headquartered in Tampa, Florida, CoAdvantage services clients in all 50 states through multiple locations nationwide, including Florida, Texas, Colorado, New Jersey, and New York, according to Morgan Stanley.

Aaron Sack, Managing Director of MSPE, said, “CoAdvantage is a premier PEO in North America led by an impressive and deep management team.  PEOs are becoming increasingly vital to small and mid-sized businesses that want to efficiently manage the growing administrative and regulatory complexity while maintaining a strong focus on their core operations.”

Jim Howland, Managing Director and Operating Partner of MSPE, added, “We are delighted to partner with CoAdvantage.  The company’s talented executives and strong focus on clients have positioned CoAdvantage as a leading player in the human resources outsourcing industry. We look forward to supporting CoAdvantage’s impressive organic and acquisition-fueled growth.”

Mike Maseda, Chief Executive Officer of CoAdvantage, said, “We are excited to partner with Morgan Stanley Global Private Equity and enter a new phase of growth to broaden our market presence and enrich our customer experience.  We are proud of the work already accomplished and expect this new partnership to deliver significant value as we build upon our strong foundation of operational excellence and drive enhanced value to our customers.”

This investment is a continuation of MSPE’s human capital management and business services focus and follows four previous business services sector investments.  These include Creative Circle, a specialized staffing agency representing advertising, creative, marketing, visual communication and digital/interactive professionals; Access Cash, an independent service provider that manages the largest network of ATMs in Canada; EmployBridge, a leading provider of light commercial temporary staffing services in the U.S.; and Zenith, a specialist provider of fleet solutions to corporations in the United Kingdom.


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