Bahrain-based Investcorp on Saturday announced an agreement to sell Florida-based workforce management firm PRO Unlimited to Harvest Partners for approximately $300m.
The company said the deal represented a 2.5 times increase in value for PRO since its acquisition in late 2014.
Investcorp said it will re-invest in the company alongside Harvest Partners and continue to have a significant minority stake with meaningful influence.
PRO Unlimited provides software and managed services to large enterprises with a specialisation in workforce management.
The company has increased net revenues by 40 per cent and nearly doubled its EBITDA under Investcorp’s ownership, it said.
“In October 2014, our investment thesis for PRO Unlimited was predicated on acquiring a leading company that operates in a sizable and growing sector in which we could create significant value through active ownership,” said Mohammed Alardhi, executive chairman of Investcorp.
“The superior returns generated as a result of this transaction validate our investment thesis for PRO Unlimited and, more importantly, our wider Corporate Investment strategy.”