Deal: Herbert Smith Freehills has advised New York-based CIP Capital on the acquisition of Entity Solutions Group (“ESG”) by one of its portfolio investments, People 2.0 Global LLC (“People 2.0”).

People 2.0 is a global tech-enabled workforce deployment platform that provides employer of record (“EOR”) and agent of record (“AOR”) services, and associated back-office support services. 

Value: Undisclosed.

Area: M&A, private equity. 

Key players: The Herbert Smith Freehills team was led by partner and head of venture capital Peter Dunne, who was supported by senior associate Wendy Tian and solicitor Emily Paterson. 

The deal team worked closely with the Herbert Smith Freehills acquisition and leveraged finance team, led by partner Melita Cottrell and supported by senior associate Adam Roberts, solicitor James de Szell, and graduate Katherine Duong.

Deal significance: This acquisition adds to People 2.0’s expansions, after acquiring two more HR firms WePayPeople and TCP Solutions adding the creation of a global team.

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“We are delighted to have assisted the CIP Capital and People 2.0 teams on this global transaction,” Mr Dunne said. 

"We look forward to watching the ESG and People 2.0 business grow and succeed as a global leading provider of workforce deployment services.”

The acquisition of ESG, which also leverages technology to provide EOR and associated back-office services, will assist People 2.0 in further accelerating growth across its global platform and in achieving its objective of offering the first truly global EOR/AOR solution in the industry.

“Congratulations to all parties involved [in] completing this transaction,” Ms Cottrell said.

“This global deal required the coordination of several parties across multiple jurisdictions and time zones, and each party showed a great deal of hard work, skill, and diligence.

"It was a pleasure to assist the CIP Capital, People 2.0, and ESG teams, and we look forward to watching the business grow.”