MIAMI (Oct. 17, 2018) – Holland & Knight represented private equity firm Generation Partners in its recent investment in PayActiv, the largest provider of employment-based holistic financial wellness services. The investment consists of $20 million raised in a Series B financing round. The deal closed on Oct. 10.
With this investment, Generation Partners has joined early round investors Ziegler Link-Age Fund II and affiliate funds of Softbank Capital in helping PayActiv expand its platform for employees to get on-demand access to earned, but unpaid wages.
This latest funding round comes at a time when PayActiv is promoting its mobile and global holistic financial wellness tools, including bill pay, budgeting and savings tools, discounts, financial counseling and education, and multiple instant funds availability options for immediate access to earned wages. In Dec. 2017, PayActiv signed an agreement with Walmart to deliver timely earned wage access to more than 1.4 million associates.
Generation Partners is a private equity firm targeting growth equity investments of $10 million to $50 million, in both minority and majority opportunities. The firm has offices in Greenwich, Conn., Los Angeles and Austin, Texas.
"We founded Generation in 1995 to focus on companies with strong growth drivers and the potential to transform industries," said Mark Jennings, managing partner at Generation Partners. "Generation Partners has a long and successful history of backing companies that marry good social purpose with exceptional business models, so PayActiv is a perfect fit for our firm."
Holland & Knight's representation of Generation was led by Partners Aaron Slavens and David Barkus, and Associates Allison Lehn and Zachary Pechter. Partner Bradley Van Buren also assisted.
Attorneys in Holland & Knight's Private Equity Practice act as trusted legal and business advisors to funds, portfolio companies, family offices, independent sponsors and other investors. The practice, which has a mostly middle-market focus, recently launched HK Deal Flow®, a unique program that facilitates deal leads for clients and prospective clients by matching acquisition or capital raising opportunities with buyers and investors.
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