United States of America

08 June 2020

Herbert Smith Freehills advises on global transaction of CIP Capital and People 2.0

International law firm Herbert Smith Freehills announces that they advised New York-based CIP Capital on the acquisition of Entity Solutions Group (“ESG”) by one of its portfolio investments, People 2.0 Global LLC (“People 2.0”), a global tech-enabled workforce deployment platform that provides employer of record (“EOR”) and agent of record (“AOR”) services, as well as associated back office support services. 

ESG also leverages technology to provide EOR and associated back-office services. Its acquisition will assist People 2.0 in further increasing growth across their global platform, and help them in achieving its objective, which is offering the first truly global EOR/AOR solution in the industry. 

CIP Capital is a private equity firm that focuses on investing in growth-oriented, middle-market companies across the Business Information and Tech-Enabled Services sectors. The firm targets investments in proven, profitable businesses, which are leaders in their end markets and provide their costumer bases with critical information, data analytics, as well as value-added outsourced services. CIP Capital seeks to create value through a platform investment strategy by augmenting organic growth opportunities with strategic following-on acquisitions that can diversify a company´s service offering, end-markets and geographic reach across fragmented markets. 

Peter Dunne, partner and Head of Venture Capital, led the Herbert Smith Freehills team for this deal. He was supported by senior associate Wendy Tian and solicitor Emily Paterson. The deal team worked together with the Herbert Smith Freehills acquisition and leveraged finance team, which was led by partner Melita Cottrell, with the support of senior associate Adam Roberts, solicitor James de Szell, and graduate Katherine Duong. 

This deal is only one of many examples of Herbert Smith Freehill´s market-leading work in the Australian technology sector and Australian venture capital. Other recent examples include advising on the following deals: 

• Safety Culture on its $60.5 million Series C1 capital raise and secondary sale;

• The founders of Earnd on the sale of 100% of Earnd’s share capital sale to Greensill Capital;

• Adairs Limited in its NZ$80 million acquisition of Mocka Group from its founders; and

• Culture Amp on its A$120 million Series E capital raise. 

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