Transaction Marks Company’s Entry into North Carolina Market and Brings a More Robust Service Offering to Small and Medium-Sized Local-area Businesses
PrestigePEO, one of the nation’s largest professional employer organizations (PEO), announced today its acquisition of PathGoal Employer Services, from Headway Workforce Solutions, a national provider of technology and process-driven human resources (HR) solutions and staffing services. Similar to Prestige, PathGoal is a PEO providing integrated, end-to-end HR solutions to small and medium-sized businesses (SMBs).
PathGoal was founded by Raleigh-based Headway Workforce Solutions within its Employer of Record Division. Throughout its eight years in operation, PathGoal developed an expertise in providing a range of PEO services such as employee benefits management, payroll administration, workers’ compliance, and HR guidance, among others. PrestigePEO will bring a broader PEO services and solutions offering to SMBs throughout the Raleigh, North Carolina area as well as statewide.
Effective August 16, 2021, PathGoal became a wholly owned subsidiary under the PrestigePEO umbrella. PrestigePEO will bring its extensive service offering and enhanced technology platforms to PathGoal clients. The PrestigePEO vision is to invest in PathGoal’s workforce, infrastructure and benefits and expand the resources available to SMBs in the Southeast region.
“This acquisition affords PrestigePEO the opportunity to introduce our services and broaden our service offering in North Carolina SMBs. PEOs have gained significant traction over the past few years as SMBs increased their outsourcing of the types of HR administrative services we provide, including, but not limited to, HR support, employee benefits management, payroll administration and compliance. We will look to grow our brand statewide with our integration with PathGoal,” said Andrew Lubash, PrestigePEO founder and chief executive officer.
Baudoin Lorans, partner of TriSpan, an investment firm which forged a partnership with PrestigePEO in early 2021, added: “One of the goals we set for PrestigePEO earlier this year was to develop the Company’s footprint and create local penetration in markets with strong SMB presence. The acquisition of PathGoal meets that criterion and will complement PrestigePEO’s growing business. We will continue to identify strategic acquisitions that will allow us to further strengthen PrestigePEO’s core expertise and business.”
Adam Doman, PathGoal president, will remain with the company. He also commented: “We decided to partner with an established national PEO to bring our client base a broader offering. In short, PrestigePEO fits that bill. Since its founding, PrestigePEO quickly grew and has since evolved into one of the nation’s top PEOs, based on its breadth, depth, and unparalleled client service. Together, we can deliver a complementary menu of services to clients throughout Raleigh/Durham and North Carolina, which will prove beneficial to all stakeholders.”
Headway Workforce Solutions’ Executive Chairman J.P. Sakey said: “We retained TransAct Capital as our financial advisor and conducted a national search before determining that PrestigePEO and its primary investor, TriSpan, were the right partners for PathGoal. Together, they can capitalize on the solid business foundation and regional brand name PathGoal built to accelerate its growth. PathGoal and PrestigePEO share many synergies and combining them under the new PrestigePEO umbrella will significantly strengthen the PathGoal offering.”
Headquartered in Raleigh, N.C., PathGoal is a PEO offering end-to-end human resources (HR) solutions to small and medium-sized businesses (SMBs), including, but not limited to, employee benefits management, payroll administration, compliance, and HR guidance. To learn more, visit www.pathgoal.com.
About TriSpan LLP and TriSpan (USA) LLC (collectively “TriSpan”)
Founded in 2015, TriSpan is a private equity firm with offices in London and New York. TriSpan invests in lower mid-cap companies in North America, Europe, and the United Kingdom with annual revenues typically ranging from $20-100 million and/or EBITDA of $2-20 million. The firm focuses on control investments in the growth and buy and build space, creating value by providing significant operational and M&A resources to help drive growth, synergies, and financial performance in its portfolio companies. Since inception, the firm has invested in 15 platforms totaling more than 50 companies. TriSpan is committed to implementing best social, governance and environmental practices out of conviction that this also helps drive better investment outcome. For more information on TriSpan, please visit www.trispanllp.com
Melville, N.Y. based PrestigePEO, also known as Prestige Employee Administrators LLC, provides integrated, end-to-end human resources (HR) solutions to small and medium-sized businesses (SMBs) for managing all integral human resources operations. This includes support for employee benefits management, payroll administration, compliance, and HR guidance, among others. PrestigePEO’s full spectrum of HR services and solutions helps SMBs lower employee benefit costs, reduce administrative workloads and manage critical HR functions.
PrestigePEO is among only one percent of PEOs accredited by the Employer Services Assurance Corporation (ESAC), certified (CI) through Workers Comp Risk Management and classified as a Certified Professional Employer Organization (CPEO) by the IRS – demonstrating financial stability and strict adherence with a diverse range of regulatory and security standards.