TAMPA — Aquiline Capital Partners, a private equity firm that invests in financial services and technology companies, has acquired CoAdvantage, a Tampa-based human resources outsourcing firm. New York-based Aquiline bought CoAdvantage from investment funds managed by Morgan Stanley Capital Partners, which owned the company since 2015, according to a statement.
Financial terms of the transaction weren’t disclosed. The management team, led by CoAdvantage President and CEO Clint Burgess, will remain in place following completion of the transaction.
Founded in 1990, CoAdvantage is a professional employer organization (PEO). CoAdvantage, according to the statement, assumes the risk, administration and compliance associated with a range of functions including payroll, tax filings, health care and ancillary benefits and workers compensation. The company has more than 4,500 clients.
“Aquiline Capital Partners has expertise in the insurance, benefits and human resources administration industries that will be valuable to our business as we continue executing our growth strategy while maintaining the company’s independence,” Burgess says in the release. “CoAdvantage has benefitted immensely from Morgan Stanley Capital Partners’ support over the years, and they have helped to position our company for ongoing success. We sincerely thank them for their partnership in strengthening the business.”
CoAdvantage has become one of the largest private PEOs in North America through organic growth acquisitions. The company has completed three acquisitions since 2015, including the 2017 purchase of south Manatee County-based Progressive Employer Management Services, which significantly transformed its scale and capabilities.