Choice HR issued the following announcement on Sept. 20.
CHOICE HR, a full-service payroll, benefits and human resource services business based in Tampa, announced it has agreed to be acquired by Fourth, provider of a leading global hospitality operations platform. The combination creates a powerhouse in the hospitality sector and opens the door for future growth in the US.
CHOICE HR further enhances Fourth's platform of providing industry-leading payroll, benefits and human resources solutions. The transaction uniquely positions Fourth as the only end-to-end service of its kind in the hospitality sector. The merged solution will provide customers with enhanced insights to help them navigate the complex hospitality industry and give managers more freedom to focus on the customers, rather than on complex benefits and payroll issues and compliance.
CHOICE HR has experienced rapid growth in the hospitality sector, and this merger will further enhance its potential to expand its customer base. CHOICE HR is currently used by more than 400 organizations, including PDQ, Metro Diner, Beef o' Brady's, Ford's Garage and World of Beer.
"We believe this combination is a game-changing development for the U.S. hospitality sector," said Steve Harper, CEO of CHOICE HR. "Combined with Fourth's world-class workforce management solution, CHOICE HR's industry-leading services give us competitive industry differentiation in the hospitality space by adding a premier payroll processing solution, and a proven track record of providing high-quality payroll, benefits and human resource solutions to meet the unique requirements of hospitality sector," said Gene Cabrera, COO of CHOICE HR.
Ben Hood, Fourth CEO commented, "We're excited about the talent this adds to our existing team. With a shared emphasis on customers, culture, and community, there's a true synergy in bringing our teams together. We see Tampa as a uniquely innovative market, where we have established our U.S. headquarters. We will look to continue to expand our presence in Tampa and around the United States."
"Fourth understands the importance of delivering great value to restauranteurs, and they have experienced great success in building a leadership position in every market they enter," added Chris Cona, president of CHOICE HR. "We share Fourth's focus on building a strong company culture and providing excellent customer service, and we believe this partnership will benefit the hospitality sector by bringing together our solutions and integrating them for a broader customer base. We look forward to seeing tremendous growth."
Effectively immediately, CHOICE HR will add more than 400 new customers to Fourth's roster, as well as bring the number of US-based Fourth employees to 80. Fourth's U.S. headquarters will now be located in Tampa and will be recruiting for over 50 new positions over the next 12 months.
District Capital Partners and Willkie, Farr & Gallagher served as capital advisors for this acquisition.
Original source can be found here.