We are pleased to announce the sale of our investment in BeneSys, Inc. a Troy, MI-headquartered benefits payments processing services company to The Riverside Company, a private equity firm.   BeneSys provides third party administration and related outsourced software services for Taft-Hartley union trust funds.  The company was advised by KPMG Corporate Finance in connection with this transaction.

“Originally, I structured my relationship to High Street Capital so I could walk away after three years.  But, we were together nine years.  Why?  Because they brought BeneSys multiple resources to not only identify the ‘light on the opposite shore’ that we needed to head toward, but also to help us build the team to get there.  I liked working with them and together we built BeneSys to be the technology-leading and highest quality provider of our type of services to our customers.” said BeneSys CEO George Buhalis.  “BeneSys revenues tripled during our partnership with George and his team.  That came from spending the time to build an industry-leading team supported by industry-leading software created by BeneSys to provide world-class services to its customers.  As a result, BeneSys did not lose a single major customer during our nine year partnership.” said Joseph Katcha, Principal and a Founder of High Street Capital.

The sale of our investment in BeneSys marks the seventh sale of the nine businesses in Fund III.  Our focus today is on finding, and creating value for, new investments for High Street Capital IV in the outsourced business services, value-added distribution and manufacturing sectors.  Please contact Joe Katcha, Will Oberholtzer, Rob France, Andrew Simmons or Charlie Bossart for businesses with revenues between $10 million and $100 million where our capital, experience and ideas could help businesses grow.