10, Oct. 2017
Tenex Capital Management Closes Sale of PEMCO

New York, NY – October 10th, 2017 – Tenex Capital Management (“Tenex”) is pleased to announce the sale of Progressive Employer Management Company (“PEMCO”) to CoAdvantage.  PEMCO is a Professional Employer Organization (“PEO”) providing outsourced payroll, workers compensation, benefits and human resources solutions to small and medium businesses via a co-employment relationship.

Tenex acquired PEMCO in August 2015 and has helped grow the profitability of the business significantly since the initial investment by: i) improving client mix through revised sales commission structures; ii) increasing client retention through a revamped client service platform, implementation of a branch-based business model, and improved customer experience; iii) driving a reduction of workers compensation claims and frequency through more rigorous underwriting and proactive risk management; and iv) optimizing payroll processing productivity.

PEMCO CEO Clint Burgess commented, “PEMCO’s core values will remain unchanged as the company continues to grow under new ownership.  We have enjoyed the success of our partnership with Tenex, and we look forward to leveraging that foundation through our combination with the CoAdvantage team.”

Tenex Managing Director Chad Spooner said, “We are incredibly proud of the operational achievements and transformative growth accomplished during our partnership with PEMCO.  It has been a testament to the management team’s focus and strength, and we wish them all the best in their next endeavor.”

The transaction was effective as of October 2, 2017.


About Tenex
Tenex Capital Management is a private equity firm that invests in middle-market companies. Tenex uses an in-house team of hybrid investment professionals skilled in operational leadership, investing and capital markets structuring to maximize long-term value creation. Tenex’s deep operating experience allows the firm to collaborate with management teams to capitalize on business and market opportunities. Tenex has successfully invested in a diverse range of industries, including industrials, manufacturing, and health and business services.  For additional information, please visit

Progressive Employer Management Company (PEMCO) is a Florida based Professional Employer Organization with over 20 years of experience in providing payroll administration, workers’ compensation, employee benefits and human resource solutions to all size businesses at a national level.  Founded in 1999 with the mantra to “Focus on the Customer,” that philosophy continues to be a core value and the foundation for PEMCO establishing itself as one of the largest PEOs in the country.  For additional information, please visit

Tenex Continues to Seek Add-Ons for Select Existing Holdings:

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