HIG Bayside Capital (Bayside), the credit-oriented affiliate of private equity firm HIG Capital, has sold its portfolio company, Jackson Hewitt Tax Service, to funds managed by Corsair Capital.
Jackson Hewitt maintains a vast franchise and company-owned nationwide footprint of approximately 6,000 locations. The Company has developed a unique and comprehensive suite of related services tailored specifically to hard-working American taxpayers.
Bayside recapitalised the Company in 2011, and over the last seven years has supported the Company’s significant investments in its new unit buildout, new products, technology and marketing. These investments have enabled Jackson Hewitt to grow its tax preparation footprint and create partnerships to offer innovative related services to its nearly 2 million customers.
Roman Krislav, Bayside Managing Director, says: “We are proud to have supported CEO Alan Ferber and the talented Jackson Hewitt team during a critical transition period for both the Company and industry. Jackson Hewitt has emerged as the market leader in product innovation and overall customer value proposition. Our investments, coupled with management’s execution, have resulted in a successful outcome for management, Bayside, and its investors. We believe the Company has a bright future and wish Jackson Hewitt continued success with Corsair.”
Ferber, CEO of Jackson Hewitt, says: “Bayside has provided tremendous support to Jackson Hewitt over the years. Bayside’s investments and guidance have enabled us to hone our product offering, real estate, marketing, and technology strategies to meet the specific needs of our customers, which has laid the groundwork for continued growth for years to come.”
