G2 Capital Advisors Serves as Exclusive Buy-side Advisor to Congruity Group, Inc., a Portfolio Company of RFE Investment Partners, on its Acquisition of JanusHR

CongruityHR, portfolio company of RFE Investment Partners, has acquired JanusHR

CLIENT

CongruityHR (“Congruity” or the “Company”) is a leading outsourced human resources (HR) solutions provider offering HR, compliance, payroll, tax administration, employee benefits, and workers’ compensation and safety services to small and medium-sized businesses predominantly in the southeastern U.S. via a professional employer organization (PEO) and administrative services organization (ASO) model. Congruity has been a portfolio company of RFE Investment Partners (“RFE”) since 2021.

SITUATION

Congruity and RFE seek to bring the Company’s services to other small and medium-sized businesses across the United States while maintaining local relationships and brand value. To build on its organic growth momentum, Congruity identified a targeted acquisitions strategy to identify companies that can benefit from a partnership with a national, funded platform while maintaining a sense of autonomy in their market.

ENGAGEMENT

RFE and Congruity engaged G2 Capital Advisors, LLC (“G2”) as the exclusive buy-side advisor to identify acquisition targets that share Congruity’s approach to the industry. G2 built a holistic view of the PEO landscape and conducted market outreach to grow Congruity’s brand awareness and find like-minded PEOs that support a national reach through deep, local relationships.  

The process spurred the successful acquisition of Tampa, FL-based PEO JanusHR (“Janus”), a comprehensive, personalized HR services provider based in Tampa, FL. Janus brings PEO expertise and strong regional relationships to bolster Congruity’s growing presence in Florida and Southeast U.S. JanusHR was founded and led by Daneen Gurney, who previously had a 20+ year career with Oasis Outsourcing, where she started as one of the first sales representatives and quickly rose to District Manager, Regional Vice President, and then VP of Strategic Partnerships. Gurney managed eight (8) markets, opened over ten (10) offices, and helped manage several acquisitions for Oasis. Under Gurney’s leadership, JanusHR achieved significant market share in the Tampa Bay region.

“We are excited to welcome Daneen and the Janus team to the Congruity family. They bring a high level of industry expertise to our organization,” said Darrin Hunter, Congruity CEO. “The addition of JanusHR brings great value to Congruity’s portfolio and expands on our commitment to legacy brands, relationships, and people.” 

“Daneen and Janus stood out in our market conversations as an excellent fit with the Congruity strategy. Sharing the Congruity narrative with her and cultivating a relationship over time to ready her for a partnership revealed an exciting strategic fit and business opportunity. This is a great credential for the Congruity model and enhances our continued work in the market. We are glad to support Janus’ partnership with Congruity and are energized to realize more successes together in 2023,” shared Kerri Ford, Managing Director at G2 Capital Advisors.

About CongruityHR

CongruityHR is a Human Resource outsourcing company providing HR, compliance, payroll, tax administration, employee benefits, and workers’ compensation and safety services to small and medium-sized businesses predominantly in the southeastern U.S. via a professional employer organization (PEO) and administrative services organization (ASO) model. 

About JanusHR

A Tampa-based PEO, JanusHR provides comprehensive, personalized HR services for small to medium-sized businesses across Florida.

About RFE Investment Partners 

RFE Investment Partners is a private equity firm focused on making control investments in established small market companies in the United States. RFE is a long-standing firm founded in 1980 with over 40 years of experience investing in the lower middle market. RFE’s investment strategy is to transform its portfolio companies from the lower end of the market to fully professionalized and market-leading middle-market companies. RFE is currently investing out of Fund IX.

CONTACTS ON THIS DEAL:

Kerri Ford, Managing Director, Head of Technology & Business Services
T: 917.515.7585 E: kford@g2cap.com

Jereme LeBlanc, Managing Director, Buy-Side
T: 917.541.5164 E: jleblanc@g2cap.com

Zachary Kalman, Associate
T: 413.351.1491 E: zkalman@g2cap.com

Jeremy Caulkins, Associate
T: 585.645.4472 E: jcaulkins@g2cap.com