According to a press release on January 5, 2016, HROI has acquired Fortune Financial Inc. of Tampa, Florida. This acquisition is the latest transaction in the ongoing consolidation of the PEO industry.
About Fortune Business Solutions
Fortune Business Solutions has been around since 2004 and has been led by CEO Tom Newman. In the mid 2000s Fortune operated primarily as an Administrative Services Organization (ASO) rather than a PEO.
Mr. Newman has been a long time member of the Professional Employer Organization (PEO) industry originally serving as vice president at Oasis Outsourcing then later as president of Lanier Upshaw Business Solutions. The press release does not note a new role for Mr. Newman at HROI.
Multiple legal entities in Florida appear to be related to this transaction. Florida entities involved include:
- Fortune Financial, Inc.
- EMPLOYER’S ALLIANCE, LLC
- EMPLOYER’S ALLIANCE II, LLC
- EMPLOYER’S ALLIANCE III, LLC
- EMPLOYER’S ALLIANCE IV, LLC
- EMPLOYER’S ALLIANCE IX, LLC
- EMPLOYER’S ALLIANCE V, LLC
- EMPLOYER’S ALLIANCE VI, LLC
- EMPLOYER’S ALLIANCE VII, LLC
- EMPLOYER’S ALLIANCE VIII, LLC
Fortune Business Solutions – Offices Locations
Fortune operated primarily in the Florida marketplace with their main HQ location in Tampa, Florida. In Wichita, Kansas, Fortune formed a marketing relationship with another entity named Emcompass HR Solutions which is operated by Rob Winfrey. In Kansas City, they worked with Benefits Services of Kansas City, operated by Michael Moulin.
About HROI
HROI has backing from Clarion Capital and has a growing footprint throughout the USA. HROI was purchased in 2015 and is led by CEO Carl Guidice, Jr. and Anthony Danon who formerly served as CEO and COO as Strategic Outsourcing Inc. (SOI) who was acquired by Trinet in 2013. Mr. Danon also served as VP of Finance for Gevity HR, which was taken private and acquired by Trinet as well.
Since Fortune HR and HROI are private companies, as usual the terms of the acquisition weren’t disclosed. For current clients of Fortune Business Solutions, the usual assurances are being made about how much better it will be for clients and how there will be no disruptions in the services Fortune clients are receiving. Current Fortune clients should review the StaffMarket guide titled “My PEO was just sold – Now what?”.
