H.I.G. Capital News
Executive Managing Director
1450 Brickell Avenue
Miami, FL 33131
H.I.G. Bayside Capital Announces the Sale of Jackson Hewitt®
MIAMI – May 31, 2018 – H.I.G. Bayside Capital (“Bayside”), the credit-oriented affiliate of H.I.G. Capital, a leading global private equity investment firm with over $25 billion of equity capital under management, announced today the sale of its portfolio company, Jackson Hewitt Tax Service Inc.® (“Jackson Hewitt” or the “Company”), to funds managed by Corsair Capital.
Based in Jersey City, NJ, Jackson Hewitt is an innovator in the U.S. tax industry, with a mission to provide its hard-working customers access to simple, low-cost solutions to manage their taxes and tax refunds. Jackson Hewitt maintains a vast franchise and company-owned nationwide footprint of approximately 6,000 locations. The Company has led the industry in product innovation, and has developed a unique and comprehensive suite of related services tailored specifically to hard-working American taxpayers.
Bayside recapitalized 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, said, “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, said, “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.”
About Jackson Hewitt Tax Service Inc.
Jackson Hewitt Tax Service Inc. is an innovator in the tax industry, with a mission to provide its hard-working clients access to simple, low-cost solutions to manage their taxes and tax refunds. Jackson Hewitt is devoted to helping clients get ahead with Maximum Refund and 100% Accuracy Guarantees. With close to 6,000 franchised and company-owned locations, including 3,000 in Walmart stores, and online and mobile tax solutions, Jackson Hewitt makes it convenient for clients to file their taxes. For more information about products, services, and offers, or to locate a Jackson Hewitt office, visit www.JacksonHewitt.com or call 1 (800) 234-1040.
About Bayside Capital
Bayside Capital is the credit-oriented affiliate of H.I.G. Capital. Focused on middle market companies, Bayside invests across several segments of the primary and secondary debt capital markets with an emphasis on long term returns. With eight offices throughout the U.S. and Europe and over 300 investment professionals to draw upon, Bayside has the experience, resources, and flexibility required to provide capital solutions quickly, and the strategic and operational expertise to help support its investments. For more information, please refer to the Bayside website at www.bayside.com.
About H.I.G. Capital
H.I.G. is a leading global private equity and alternative assets investment firm with over $25 billion of equity capital under management.* Based in Miami, and with offices in New York, Boston, Chicago, Dallas, Los Angeles, San Francisco, and Atlanta in the U.S., as well as international affiliate offices in London, Hamburg, Madrid, Milan, Paris, Rio de Janeiro, São Paulo, Bogotá and Mexico City, H.I.G. specializes in providing both debt and equity capital to small and mid-sized companies, utilizing a flexible and operationally focused/value-added approach:
- H.I.G.’s equity funds invest in management buyouts, recapitalizations and corporate carve-outs of both profitable as well as underperforming manufacturing and service businesses.
- H.I.G.’s debt funds invest in senior, unitranche and junior debt financing to companies across the size spectrum, both on a primary (direct origination) basis, as well as in the secondary markets. H.I.G. is also a leading CLO manager, through its WhiteHorse family of vehicles, and manages a publicly traded BDC, WhiteHorse Finance.
- H.I.G.’s real estate funds invest in value-added properties, which can benefit from improved asset management practices.
Since its founding in 1993, H.I.G. has invested in and managed more than 300 companies worldwide. The firm's current portfolio includes more than 100 companies with combined sales in excess of $30 billion. For more information, please refer to the H.I.G. website at www.higcapital.com.
* Based on total capital commitments managed by H.I.G. Capital and affiliates.