December 20, 2022 (Dallas, TX) – Renovo Capital, LLC (“Renovo”) is pleased to announce the sale of its portfolio company Global HR Research (“GHRR” or the “Company”) to DISA Global Solutions (“DISA”), a portfolio company of Audax Private Equity.
Renovo closed on the acquisition of GHRR in April 2017, partnering with the original founder, via a carve-out from Patriot National, a publicly-traded provider of insurance technology and services. Under Renovo’s ownership, GHRR grew nearly tenfold through a combination of organic growth and 5 strategic add-on acquisitions. These acquisitions brought significant management talent, expanded GHRR’s geographic footprint, and added new product capabilities and expertise. Furthermore, the meaningful increase in scale enabled GHRR to invest in technology development and, in 2019, officially launch an industry-leading technology platform. The investment in the proprietary technology platform not only provided a best-in-class candidate experience, but also streamlined client workflows, functioned seamlessly across multiple end devices and increased operational efficiencies by automating internal workflows. Finally, the Company significantly expanded its sales and marketing organization, and established strategic partnerships with some of the premier providers of applicant-tracking systems (ATS) and broader HR technology.
GHRR accomplished these strategic goals while maintaining best-in-class client retention rates and NPS results. In November 2022, the Company was recognized as the #1 overall provider of “Enterprise Pre-Employment Screening” services according to HRO Today’s Baker’s Dozen Satisfaction Survey, its 13th consecutive appearance on the Baker’s Dozen list and its first appearance in the #1 overall spot.
The combination of DISA and GHRR creates a best-in-class player in employee screening and compliance management, combining DISA’s leading position in employee testing, compliance management, and health & safety solutions with GHRR’s proprietary screening technology, ATS platform integrations, and attractive client base. As part of this transaction, Renovo will maintain an equity position in the combined business.
Stifel served as financial advisor and Bryan Cave Leighton Paisner served as legal counsel to GHRR in the transaction.
About Global HR Research
Global HR Research (GHRR.com) has earned the trust of Fortune’s Top 50, Forbes’ Largest Private Companies, and Inc’s Top 5000 companies across the U.S. by leveraging its employment screening technology and helping clients build and manage effective screening programs. That trust has been consistently recognized and awarded by the industry’s most influential associations and news publications, including HRO Today Magazine’s “Bakers Dozen” List of top national background screening providers and by Workforce Magazine’s “Hot List” of top background screening providers for the past nine years. Furthermore, GHRR is accredited by the Professional Background Screening Association (PBSA) as recognized by the Background Screening Credentialing Council (BSCC), and SHRM as an accredited educational resource. GHRR’s advanced proprietary technology provides its customers with employment screening, compliance, risk management solutions, and comprehensive tools to help make better and quicker hiring decisions.
About Renovo
Renovo Capital is a Dallas, TX-based lower middle market private equity firm comprised of seasoned operating and investing professionals. Renovo makes control investments in technical businesses that have the potential to generate meaningful value through operational improvements and strategic initiatives. Since its founding in 2009, Renovo has completed over 30 transactions and raised over $400 million of committed capital.