1/5/16
HROI Acquires Fortune Financial, Inc. HROI Acquires Fortune Financial, Inc.
New York, January 5, 2016 – HR Outsourcing Holdings, Inc. (“HROI”), a portfolio company of Clarion Capital Partners, LLC (“Clarion”) has completed the acquisition of Fortune Financial, Inc. (“Fortune”), a Florida based professional employer organization (“PEO”), on December 29, 2015. HROI provides outsourced human resource services and is led by Carl Guidice, Jr. and Anthony Danon, the former CEO and COO of Strategic Outsourcing, Inc., a former Clarion portfolio company.
The acquisition of Fortune provides HROI with a broader platform to accelerate the company’s growth. The company will have offices in Florida, Georgia, Texas, California, New York, North Carolina, Kansas, and Ohio. The combined entity will have over 25,000 worksite employees and over 750 clients.
“Fortune’s team has done an excellent job driving growth and building a company with outstanding customer service and industry leading vendors,” said Carl Guidice, HROI’s CEO. “We are excited to continue Fortune’s success.”
“The acquisition of Fortune significantly augments HROI’s existing PEO operations and provides the combined company with a scalable platform for continued expansion,” said Jon Haas, Managing Director at Clarion. “HROI also will continue to consider additional acquisitions.”
“HROI and Clarion are the right partners to guide Fortune into the next phase of its institutional development,” said Phil Nick, Fortune’s Chairman. “We are looking forward to creating an industry leader under their guidance and through this partnership.”
About Fortune Financial, Inc.
Founded in 1997, Fortune is a Tampa, Florida headquartered professional employer organization and human resources outsourcing company that provides small and mid-sized companies with payroll administration, human resources administration and compliance, workers’ compensation and benefits administration solutions. Fortune offers PEO services in 46 states. (www.fortune-hr.com)
About HROI
HROI is a professional employer organization and administrative services organization based in Lawrenceville, Georgia, providing human resources outsourcing to small and medium sized businesses. The company specializes in payroll administration, safety and risk management, workers’ compensation, human resource administration, compliance and benefits administration. (www.hroi.com).
About Clarion
Founded in 1999, Clarion is a New York-based investment manager operating two primary business segments: Private Equity (launched in 1999) and Structured Credit (launched in 2018). Clarion’s private equity business seeks to make primarily control investments in a diversified portfolio of lower middle-market companies generating $7.5-30.0 million of EBITDA. Clarion focuses on growth companies in industries such as: Media, Entertainment & Technology; Financial Technology & Services; Business & Healthcare Services; and Consumer & Consumer Services. Clarion’s structured credit business focuses mostly on CLO equity and mezzanine investments, sourced both in the primary and secondary markets. The structured credit team manages traditional private funds and an insurance-dedicated fund. Additional information on Clarion can be found at www.clarion-capital.com.