Zellis Group announces acquisition by Apax Funds
The Zellis Group today announces that funds advised by Apax Partners LLP, a leading global private equity advisory firm, have reached a definitive agreement to acquire it from Bain Capital, subject to regulatory approval.
Bain Capital originally acquired Zellis and Moorepay in 2017, establishing a new and highly experienced leadership team to strengthen capabilities across all divisions, focussing on software innovation and customer excellence. Since then, Zellis Group has strengthened its core cloud-based HR and payroll offerings, added a benefits administration software platform through the 2018 acquisition of Benefex, and accelerated growth.
Apax was founded roughly 50 years ago and has become an international leader supporting a wide range of growing businesses. The Apax Funds invest in companies across four global sectors of Internet/Consumer, Tech, Services, and Healthcare. Apax was advised by Kirkland & Ellis, Weil, Gotshal & Manges, Arma Partners, and Citigroup. Zellis was advised by Ropes & Gray, Evercore, and Morgan Stanley.
John Petter, CEO of Zellis Group, said:
“We are proud of the market leading position that Zellis Group has built over recent years, a testament to the work and innovation of our team, with the strong support of Bain Capital. Today’s announcement reaffirms that position and will allow us to increase our investments and expansion in the areas that are most important to our customers. We’re excited to partner with Apax as we begin a new chapter to fulfil our mission to help our customers offer exceptional employee experiences to their people.”
Roy Mackenzie, Partner at Apax, commented:
“Zellis is a recognised leader in the payroll and HR software market, a sector that we know well from previous Apax Funds investments, including Paycor. We have been closely tracking Zellis for some time, and we believe that the investments in technology and go-to-market infrastructure that the Zellis team have made have positioned the Company for long-term success. We are thrilled to support Zellis in its next phase of growth.”
For more information and quotes regarding the agreement, a press release is available on Apax Partners’ website.
About the Zellis Group
Zellis Group is the UK and Ireland’s leading provider of pay, reward, analytics and people experiences. With over 50 years of heritage and industry experience, our purpose is to Power exceptional employee experiences so you and your people do better. The Zellis Group is made up of three businesses: Zellis, which provides award-winning payroll and HR software and services to employers of over 1,000 people, Moorepay, which offers payroll and HR software and services to thousands of small and medium employers, from 50 to 1,000 people, and Benefex, a specialist provider of employee benefits solutions.
For further information about Zellis, please visit www.zellis.com
About Apax Partners
Apax Partners LLP (“Apax”) is a leading global private equity advisory firm. For over 50 years, Apax has worked to inspire growth and ideas that transform businesses. The firm has raised and advised funds with aggregate commitments of more than $77 billion. The Apax Funds invest in companies across four global sectors of Internet/Consumer, Tech, Services, and Healthcare. These funds provide long-term equity financing to build and strengthen world-class companies.
For further information about Apax, please visit www.apax.com
About Bain Capital
Bain Capital Private Equity has partnered closely with management teams to provide the strategic resources that build great companies and help them thrive since its founding in 1984. Bain Capital’s global team of more than 280 investment professionals creates value for its portfolio companies through its global platform and depth of expertise in key vertical industries including healthcare, consumer/retail, financial and business services, industrials, and technology, media and telecommunications. Bain Capital has 23 offices on four continents. Since its inception, the firm has made primary or add-on investments in more than 1,150 companies. In addition to private equity, Bain Capital invests across multiple asset classes, including credit, public equity, venture capital and real estate, managing approximately $185 billion in total assets and leveraging the firm’s shared platform to capture opportunities in strategic areas of focus.
For more information, please visit: www.baincapitalprivateequity.com
