Hennepin Partners Advises STRIVE on its Recapitalization by Essex Bay Capital
Oakland, CA – Hennepin Partners announced it has successfully advised STRIVE, a leading employee experience software provider, on its recapitalization by Essex Bay Capital, a middle market private equity firm focused on investing in software, technology hardware, and medical devices/life sciences companies. Hennepin Partners served as STRIVE’s exclusive financial advisor. Fredrikson & Byron acted as legal counsel.
Based in Oakland, CA, STRIVE is a leading provider of mobile and web-based employee experience solutions that benefit employees, employers, and industry partners across all 50 states. Its solutions drive employee engagement by providing access to information including healthcare, payroll, retirement, telehealth, and advocacy, and curating an employee-centric culture through digital forums connecting colleagues and the company.
STRIVE partners with employers and brokers in small- and medium-sized businesses and offers personalized solutions, seamlessly integrated with existing platforms. The partnership will accelerate enhancements to STRIVE’s products and drive investment in customer success, sales, and marketing. In addition, STRIVE intends to expand through acquisitions of complementary businesses and become a full-service solution for a range of employee experience services including wellness, recognition and rewards, performance management, and more.
STRIVE has grown into an employee experience solutions leader under the leadership of CEO and Founder Saravanan Chettiar, who started the company in 2015. “Our team has done a phenomenal job delivering value to our broker and employer customers over the past several years, and we’re now prepared to do more. This investment will be critical for us to scale faster and expand capabilities to help employers better engage, develop and retain a high-performance workforce.”
Franklin Foster, Partner at Essex Bay Capital said, “We are excited to be partnering with the STRIVE team and help refine and expand its impressive growth trajectory. We believe STRIVE’s offerings will be increasingly essential for employers looking to enhance employee engagement and increase retention in an increasingly tight and dynamic labor market.”
Regarding Hennepin Partners, Saravanan Chettiar remarked, “Hennepin Partners software team had been tracking our business essentially since inception, and from our very first conversation I knew they had a deep understanding of our solutions and industry, which was highlighted by the number of transactions they’ve done in the HR Tech space. Their process-driven approach and domain expertise were evident throughout each phase of the process and the outcome they helped STRIVE achieve reflected that. I would recommend Hennepin Partners and Paul’s team without hesitation to other entrepreneurs thinking about exploring their strategic options.”