PrimePay Announces Investment from Aquiline Capital Partners
WEST CHESTER, Pa., April 5, 2021 /PRNewswire/ -- PrimePay, a national payroll, human capital management (HCM), and benefit services company, today announced it has received an investment from Aquiline Capital Partners, a private investment firm based in New York and London with $6.1 billion in assets under management.
Founded more than 35 years ago, PrimePay offers payroll and HR technology solutions to help small and medium sized companies with employee lifecycle management. Combining solutions that address payroll, workforce management, benefit administration, human resources and compliance, the company is well equipped to support a broad range of essential business functions.
Simultaneously with Aquiline's investment, Bill Pellicano, a Founder and the CEO of PrimePay, and an industry veteran of forty years, will transition to Executive Board Chair, focusing on strategic vision and acquisitions. John LaMancuso, an executive with a track record of driving business growth and more than two decades of experience at ADP and other leading business service providers, will join PrimePay as CEO. Additionally, Michael Pires, who has an extensive background in the HCM industry and currently serves as PrimePay's Chief Strategy & Product Officer, will be promoted to President & Chief Operating Officer.
"I could not be prouder of the integrated, software-driven provider of human capital solutions that PrimePay has grown into since we founded it as a payroll company more than 35 years ago," said Mr. Pellicano. "Aquiline's experience at the nexus of finance, technology and business services makes it the ideal partner to support the company as we continue our expansion and evolution. In particular, its resources, coupled with our position at the forefront of the industry and its rapidly changing regulatory landscape, enable us to be the partner of choice for entrepreneurial firms in the space looking to join with a larger organization. I look forward to my new role and welcome the opportunity to play a key part in this effort."
"Bill and his team have built a well-positioned business that is recognized and respected throughout the industry, which is a testament to their entrepreneurial approach, commitment to personal service, determination and vision," said Jeff Greenberg, Chairman and CEO of Aquiline Capital Partners. "We look forward to helping PrimePay continue to grow across the HCM sector."
"The combination of PrimePay's strong existing momentum and Aquiline's expertise will create a compelling growth platform in the quickly changing human capital management space," added Mr. LaMancuso. "As clients look to us to solve increasingly complex challenges in a seamless, efficient, and compliant manner, we will be able to not only meet, but anticipate their needs, which will benefit all our clients and referral partners."
Harris Williams is serving as financial advisor and Ropes & Gray LLP is serving as legal advisor for Aquiline Capital Partners. Raymond James is serving as financial advisor and Royer Cooper Cohen Braunfeld LLC is serving as legal advisor for PrimePay.
PrimePay®, founded in 1986, is a payroll service and human capital management (HCM) provider, offering solutions that empower business to focus on what matters most. We deliver highly configurable HR and payroll solutions designed to create efficiencies and to maximize compliance for our clients across our nationwide presence. To learn more, visit primepay.com.
About Aquiline Capital Partners LLC
Aquiline Capital Partners, founded in 2005, is a private investment firm based in New York and London investing in businesses across financial services and technology, business services, and healthcare. The firm had $6.1 billion in assets under management as of December 31, 2020. For more information about Aquiline, its investment professionals, and its portfolio companies, please visit https://www.aquiline.com/.