HONOLULU (November 8, 2017)—ProService Hawaii, the State’s leading HR management firm, is proud to announce that FFL Partners (“FFL”) has acquired a majority stake in the company. This investment, one of the largest-ever in a Professional Employer Organization (PEO), positions ProService for significant growth and continued improvement in its service offerings for Hawaii employers. Terms of the transaction were not disclosed.
ProService chose FFL Partners for its experienced team and clear alignment with ProService’s vision for serving Hawaii employers. Ben Godsey continues as president & CEO and key owner, and the executive team remains in place. Housatonic Partners, a ProService investor since 2005, has exited its investment.
Ben Godsey, president & CEO and key owner
ProService was founded in Kailua-Kona in 1994 and was purchased by Godsey and others in 2005. Since then, ProService has grown consistently by focusing on being the best at HR in Hawaii and improving its service every year, garnering the highest customer retention and customer advocacy levels in the nation. As a result, ProService has grown more than ten-fold and now serves 2,100 Hawaii employers and 35,000 employees on all islands and in all industries; client companies range in size from 2 to 1,000 employees.
Powered by its purpose of making it easier to be an employer in Hawaii, ProService’s long-term goal is to serve 5,000 employers and 100,000 employees in Hawaii.
“FFL’s commitment to our vision for serving Hawaii employers will enable us to accelerate our investments in products, service and great people. We will be investing heavily in building our team, in new technology and services, and in new partnerships that make it easier to be an employer in Hawaii,” Godsey said. “ProService is committed to delivering the best local service, hiring and developing great people, and bringing to market products and services that save Hawaii employers money and make them better employers.”
Cas Schneller, a Partner at FFL, said, “We have been searching for a great team to partner with in HR services, and we are thrilled to ally with Ben and his management team to help drive continued growth in the years to come. ProService has the best service model we’ve seen anywhere in the industry.”
Lazard Middle Market acted as exclusive financial advisor to ProService with respect to this transaction.
About ProService Hawaii
ProService is the state’s leader in HR management. The company provides a comprehensive suite of HR solutions including strategic HR, payroll, human resource services, health benefits management, workers’ compensation and 401(k) management, as well as risk management and regulatory compliance, for 2,100 local businesses representing 35,000 employees statewide. It is accredited by the Employer Services Assurance Corporation (ESAC).
ProService is headquartered on Oahu at 6600 Kalanianaole Hwy., Ste. 200, Honolulu HI 96825. Additional offices are located in Kona, Kahului and Kapaa. Telephone: (808) 394-3100. On the web at www.proservice.com.
About FFL Partners
FFL Partners is a San Francisco-based private equity firm with over $4.5 billion under management. For over fifteen years, the firm has helped build industry-leading companies, providing capital and advice to exceptional management teams to grow businesses and unlock value. FFL has deep experience in investing and operations, and has brought large-company best practices and professional networks to smaller companies. Business growth has provided over 75% of the value created by FFL for its investors. FFL invests in business services, industrials, consumer products and services, financial services, and healthcare services. For additional information about FFL, please visit FFL’s website at www.fflpartners.com.