Aquiline Capital Partners Enters Into Agreement to Acquire HR Outsourcing Provider CoAdvantage

July 26, 2019

Willkie represented Aquiline in the transaction.

On July 24, CoAdvantage, one of the nation’s top privately held professional employer organizations (PEO) and provider of strategic human resource (HR) solutions for small to mid-sized companies, announced a definitive agreement to be acquired by Aquiline Capital Partners from investment funds managed by Morgan Stanley Capital Partners (MSCP), which have owned the company since 2015. 

Founded in 1990, CoAdvantage offers a comprehensive HR outsourcing offering for small and medium sized businesses. With proprietary technology and client-dedicated support specialists, CoAdvantage assumes the risk, administration, and compliance associated with a range of functions including payroll, tax filings, healthcare and ancillary benefits, and workers compensation. Headquartered in Tampa, Florida, CoAdvantage, Inc. serves more than 4,500 clients with 90,000 work site employees across all 50 states. 

Longtime client Aquiline Capital Partners is a New York and London-based private equity firm investing in businesses across the financial services sector in banking and credit, insurance, investment management, and financial technology and services. 

The Willkie deal team was led by partners Jeffrey Poss and Gregory Astrachan and included associate Thomas Sharkey.