Tampa, Florida – January 3, 2008 – Hyde Park Capital Advisors, LLC is pleased to announce the sale of NELCO, Inc. to CoAdvantage, Inc. Hyde Park Capital Advisors, LLC, the investment banking subsidiary of Hyde Park Capital Partners, LLC, served as the exclusive investment bank for NELCO in this transaction. Based in Bradenton, Florida, NELCO is one of the oldest professional employer organizations in the country. The company, which provides payroll, benefits, workers’ compensation, and online technology products and services, was founded 24 years ago by Virginia (“Ginny”) Dorris. Prior to being purchased by CoAdvantage, it was one of the top 25 PEOs in the country, the 68th largest privately held business in Florida and on the Florida 200 list.
NELCO President Dori Rath said, “We are delighted with the outcome of this process. Partnering with CoAdvantage is the best option for both our shareholders and our customers, and we look forward to continued growth on a strengthened platform.”
“With the NELCO acquisition, we are marrying two of the best PEOs, as far as perception and value in the marketplace, to create one of the top PEOs in the country,” said CoAdvantage PEO President Ben Hewitt. “This gives us the size we need to become a tier-one player and the ability to serve our clients through more efficient and effective methods.”
“NELCO is a high-quality PEO with an exceptional management team headed by Dori Rath and Virginia Dorris. NELCO commanded a great deal of attention from potential buyers, and we are pleased to have represented such an outstanding company in this highly successful transaction,” said John Valentine, Vice President at Hyde Park Capital Partners, LLC.
CoAdvantage, which is headquartered in Orlando, proudly begins its second decade of service with a growth strategy unlike any other in the industry, an expanded geographic scope, and a continued commitment to its staff, clients and community. The company delivers comprehensive human resource outsourcing solutions to businesses with 10 to 2,000 employees through a combination of adaptable, scale able human resource tools, an industry-leading web portal and a dedicated Client Service Center. Recognized for three years as an Inc. 500 Fastest Growing Company, CoAdvantage enhances the business impact of the human resources function using expertise, innovation and practical business insight. CoAdvantage’s solutions actively build, sustain and transform companies—keeping pace with business needs across all stages of growth. CoAdvantage has offices in Orlando, Ft. Lauderdale and Tampa, Florida. For more information on CoAdvantage, please visit www.coadvantage.com.
About Hyde Park Capital
Hyde Park Capital is an institutionally focused investment banking firm serving the corporate finance needs of companies typically located in Florida and the Southeastern United States. Our principals have extensive investment banking experience executing merger & acquisition engagements, including purchase and sale of company assignments, recapitalizations, financial advisory, fairness opinions and raising growth capital for companies, including equity, mezzanine and senior debt. With experience in the technology, healthcare, financial services, business services, consumer, and industrial sectors, we broadly represent outstanding growth companies in any industry. As one of the most active investment banking firms in Florida and the Southeast, our professionals have advised on more than 300 corporate investment banking transactions totaling more than $10 billion in transaction value. We are headquartered in Tampa, Florida and are a member of FINRA and SIPC. For additional information about Hyde Park Capital, visit www.hydeparkcapital.com or call (813) 383-0202.