Limerston Capital, the UK mid-market private equity investment firm, has agreed the sale of its investment in elementsuite, an AI enabled HR software company to Zellis, the UK and Ireland’s leading provider of payroll and HR solutions.
elementsuite is a full-suite, AI-enabled HR software provider serving enterprise customers in the retail, hospitality, and manufacturing sectors. The modular software allows employers to manage their workforce over the breadth of the employee lifecycle from recruitment through to appraisal, with significant benefits to workforce productivity, staff satisfaction and employee retention. The company’s proprietary AI assistant ELLA is a leading example of an SME deploying its own AI technology into the Enterprise HCM sector at scale.
Zellis and elementsuite will become one company, bringing together elementsuite’s AI enabled HR and WFM (workforce management) suite with Zellis’ Payroll and HR platform.
Limerston Capital is a private equity firm targeting UK businesses with EBITDA of between £5 million and £15 million. It partners with management teams to help build them into industry leaders through buy-and-build and operational transformation.
The transaction is Limerston’s fourth exit from its first fund, Limerston Capital Partners I.
João Rosa, Founding Partner, Limerston Capital commented: “We are delighted to have exited elementsuite ahead of plan, following a very successful growth period. We would like to thank Steve Elcock for the fantastic result and wish Steve and the team at elementsuite the best of luck in this new combination with Zellis.”
Steve Elcock, CEO/Founder of elementsuite, commented: “We are incredibly proud of the AI enabled HR suite we have developed in recent years and with the support of Zellis are looking forward to bringing the benefits of our technology to more businesses. We would like to thank Limerston Capital for the support provided over this very successful period.”
Abigail Vaughan, CEO of Zellis Business Unit, said: “We’re excited by the opportunity that this combination brings for new and existing customers of both elementsuite and Zellis. Bringing together the depth of talent across both businesses and combining the strength of elementsuite’s HR and AI capabilities with Zellis’ payroll, HR and AI capabilities will deliver even more value to our combined customers.”
The transaction is subject to customary closing conditions and financial terms were not disclosed.
For more information, please contact:
Martim Avillez, Limerston Capital Founding Partner
martim.avillez@limerstoncap.com +44 (0)203 897 1860
Media:
Caroline Villiers cvilliers@keplercomms.com +44 (0)7808 585184
Charlotte Balbirnie cbalbirnie@keplercomms.com +44 (0)7989 528421
About Limerston Capital
Founded in 2015 by James Paget, João Rosa and Martim Avillez, London based Limerston Capital pursues control investments in UK mid-market companies and seeks to create value through the firm’s buy-and-build and operationally focused model. The firm targets businesses with EBITDA of between £5 million and £15 million that have a solid value proposition, but have potential for operational improvements, have mispriced underlying returns on capital and provide opportunities for strategic repositioning via consolidation.
About Zellis
Zellis is the largest provider of HR and payroll software, and managed services, to UK and Ireland-based companies with more than 1,000 employees. With more than 60 years’ experience and 1200+ employees, our solutions help to pay over 10 percent of the UK’s working population. Zellis was named Payroll Software Supplier of the Year at the Global Payroll Association Awards 2024, and the company’s flagship solution, Zellis HCM Cloud, has won the CIPP’s Payroll Software of the Year Award (CIPP 2020, 2021, 2024) and Payroll & HR Software Product Award at The Rewards (The Rewards 2019, 2021, 2023, 2024).
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