Emerges from Chapter 11 with New Management Team and Stronger Financial Position
WRENTHAM, MA, JANUARY 29, 2019 - Three months after filing for Chapter 11 bankruptcy, human capital management technology and services company ProHCM has sold its operating assets to a new management and executive team, and that business is fully up and running with a strong financial position and leadership group.
An investment group headed by Mino Capossela, previous chairman of ProHCM, and an executive team lead by insurance industry veteran Dong Ahn have successfully purchased the operating assets. Capossela and Ahn have stated that they plan to make important investments to expand the excellent team already in place and broaden the company's capabilities to continue to power its benefits broker clients to new heights.
In the new company, Ahn, former Executive Vice President at Guardian Life Insurance, assumes the position of Chief Executive Officer. Capossela, a former executive at Goldman Sachs and private company investor, will be Chairman of the Board of Managers. Don Rowe, Current CEO of WorkLife Assistant, Inc. and former Managing Director of ProSential Group, will rejoin the organization as a Special Advisor to the CEO. Joe Markland, who co-founded ProHCM and was the visionary leader for the company, will be moving on to new opportunities outside the company with the potential to collaborate with the company.
Following the completion of its reorganization, ProHCM believes that its substantially strengthened financial status positions it for long-term success for the benefit of all its stakeholders.
"This is the beginning of an exciting new chapter at ProHCM as we emerge a stronger company," said Ahn. "With our new financial stability and flexibility, ProHCM can now invest in resources that will strengthen our ability to provide employee benefits brokers with a powerful combination of world-class HCM technology services, an agency management platform and extensive back office services. Brokers then utilize those abilities to unlock a new competitive edge and capacity for growth while delivering better HCM outcomes for employers and employees alike."
"I would like to sincerely thank all our business partners, creditors and employees for their support during our successful restructuring," added Capossela. "I look forward to strengthening our business proposition and relationships with our vendors and customers as we can now focus on the innovation, agility and execution of our deliverables."
As part of its new beginning, the company also stated that they recognize the need to strengthen their commitment to their ProSential Group Partners. To that end, Don Rowe will be responsible for rededicating the focus of ProSential Group to meet the expanding needs of the employee benefits brokers.
"I look forward to working closely with Dong and the rest of the ProHCM team to recommit our innovative approach to the way in which our ProSential Group Partners provide HCM services and expertise to growing small to mid-sized companies," Rowe said. "The benefits brokerage marketplace presents new and unique challenges every day. Bringing this group together to remove the obstacles most brokers face separates ProSential Group partners from their competition."
ProHCM's headquarters will remain in Wrentham, MA.
ProHCM (http://www.prohcm.com) provides Human Capital Management technology and benefit brokerage services that create better outcomes for employee benefit brokers, employers and their employees. They do this by empowering brokers with a wide-ranging suite of back office services to better run their business and an extensive HCM technology portfolio that gives them a commanding ability to provide best-in-class HR technology services and resources.