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Private equity recapitalizes VMS/MSP provider

PRO Unlimited was recapitalized by private equity firm Harvest Partners, which acquired a stake in the VMS/MSP provider. Citizens Bank announced Tuesday it closed a $450 million asset-based revolver loan to support the recapitalization.

Financial terms of the transaction were not disclosed. However, the deal included also a reinvestment by private equity firm Investcorp, which had owned PRO since 2014. Investcorp now holds a minority stake in PRO.

“This recapitalization provides us continued strong financial backing and long-term focus, allowing us to continue to innovate and expand, while providing our clients the best in class full-service solutions they have grown accustomed to,” PRO Unlimited CEO Andrew Schultz said. “Harvest and Investcorp have agreed to share in the governance of PRO Unlimited from a board level.”

In addition, the board has committed to working with the current management team, Schultz said.

PRO Unlimited is based in Boca Raton, Fla. The company began in 1991, and its VMS product is Wand.

Providence, R.I.-based Citizens Bank had also previously arranged $300 million in financing to support Investcorp’s acquisition of PRO back in 2014.

“We acquired PRO Unlimited because we knew the company had significant growth potential given the strong secular tailwinds and its leading market position,” said Maud Brown, managing director of corporate investment, North America, at Investcorp.

“We worked closely with the company’s committed management team to grow the business, focusing on new enterprise client wins and key investments in technology, marketing and sales,” Brown said. “We continue to have conviction in the long-term market trends and look forward to building upon our relationship with PRO Unlimited and partnering with Harvest to capture additional opportunities.”

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