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Private equity firm acquires TLC Companies, a PEO for the transportation industry

March 11, 2019

SE Capital Partners LLC purchased TLC Companies, a transportation-specific professional employer organization. SE Capital Partners, a venture capital and private equity firm, completed the transaction under its recent partnership with Berggruen Holdings.

Founded in 1985, Brooklyn Center, Minn.-based TLC Companies counts more than 700 clients representing worksites ranging in size from one to more than 900 employees. TLC Companies has a national footprint and three offices: two in Minnesota and one in Indiana.

The transaction closed Feb. 15; terms were not disclosed. All executives will remain with the company, which was acquired from Chicago-based private equity firm High Street Capital.

“As the largest transportation-specific PEO, we have an amazing opportunity to become a more valuable partner to our existing transportation clients as well as provide additional services to the truckers themselves,” TLC Companies CEO Tim Coughlin said. “We believe SE Capital’s long track record of executing on aggressive growth strategies alongside their management partners made them the ideal partner for us.”

The Berggruen/SE Capital Holdings LP partnership largely targets lower middle market transactions with enterprise values ranging from $15 million to $100 million. It is looking to deploy at least $400 million of equity capital across multiple investment platforms; TLC is the first such investment platform of the partnership.

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