High Street Capital has sold its investment in BeneSys, a benefits payments processing services company, to The Riverside Company, a private equity firm.
BeneSys provides third party administration and related outsourced software services for Taft-Hartley union trust funds.
The company was advised by KPMG Corporate Finance in connection with the transaction.
"Originally, I structured my relationship to High Street Capital so I could walk away after three years,” says BeneSys CEO George Buhalis. “But, we were together nine years. Why? Because they brought BeneSys multiple resources to not only identify the 'light on the opposite shore' that we needed to head toward, but also to help us build the team to get there. I liked working with them and together we built BeneSys to be the technology-leading and highest quality provider of our type of services to our customers."
“BeneSys revenues tripled during our partnership with George and his team. That came from spending the time to build an industry-leading team supported by industry-leading software created by BeneSys to provide world-class services to its customers. As a result, BeneSys did not lose a single major customer during our nine year partnership,” says Joseph Katcha, principal and a founder of High Street Capital.
