CoAdvantage Acquires PEMCO
CoAdvantage Corporation (“CoAdvantage”) is a leading provider of strategic human resource solutions for small to mid-sized companies whom announced Tuesday that they have acquired Progressive Employer Management Company (“PEMCO”) – one of the country’s largest private PEOs.
Both companies are Professional Employer Organizations, providing HR services, payroll, benefits and risk management. CoAdvantage President and CEO, Mike Maseda said “This is one of those businesses where scale really matters. There are advantages to being one of the bigger players. PEMCO is a large, growing, and skillfully managed Professional Employer Organization (PEO) that has experienced rapid transformation into one of the country’s quality providers.”
Clint Burgess, who was CEO of PEMCO, will become Chief Operating Officer at CoAdvantage, and Peter Grabowski, will continue his role as CFO with CoAdvantage.”Merging with CoAdvantage solidifies our leading presence in Florida, and continues our mission of providing high quality outsourced HR solutions,” said Burgess. Burgess and Maseda maintained a good relationship over the years and both worked for CoAdvantage up until 2014, when Burgess left to run PEMCO.
A report from Tampa Bay Biz Journal back in July of this year listed the largest PEO’s, which shows CoAdvantage at No. 6 with 50,000 leased employees and PEMCO at No. 8. This acquisition will leave CoAdvantage with roughly 4,000 clients and 85,000 employees, according to Maseda. CoAdvantage will have dual headquarters, both in Tampa and Sarasota with about 500 total internal employees.
More information can be found here:
http://www.prnewswire.com/news-releases/coadvantage-acquires-progressive-employer-management-company-pemco-300533929.html
https://www.bizjournals.com/tampabay/news/2017/10/10/tampa-human-resources-company-buys-competitor.html
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