Equity offering goes to Progressive Employer Services

September 7, 2004

Hyde Park Capital Advisors LLC announced Tuesday the closing of a $6-million private equity offering for Progressive Employer Services Inc. (PES), a Sarasota-based professional employer organization. Palm Beach Capital Partners LLC in Palm Beach was the sole investor in the transaction.

Tampa-based Hyde Park Capital, the investment banking subsidiary of Hyde Park Capital Partners LLC, served as Progressive’s exclusive placement agent in the transaction.

About Progressive Employer Services:

Progressive Employer Services is a professional employer organization based in Sarasota, FL with regional offices in Clearwater, FL and Ft. Lauderdale, FL. Progressive provides payroll administration, employee benefits, workers’ compensation, risk management, human resources and regulatory compliance services to small and medium sized businesses.

Progressive is a member of the National Association of Professional Employer Organizations (NAPEO) and the Florida Association of Professional Employer Organizations (FAPEO). Progressive has achieved the Tax & Benefits Payment Certification for the past three fiscal quarters.

PES was founded in 1999 with four people and now has gross revenues of $200 million. In August 2004, it received a $6 million private equity investment from Palm Beach Capital.

For more information about PES please visit www.progressiveemployer.com or call (888) 925-2990.

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