Axcel exits Lessor Group

The GP acquired the business via its 2010-vintage Axcel IV vehicle, marking the 10th investment from that fund.

Following the acquisition, Lessor CEO Peter Colsted will become managing director of Paychex's European operations.

Lessor's payroll and HR software products complement the full-service business process outsourcing capabilities of Paychex, and together are expected to offer a complete technology-enabled services platform, according to Paychex.

The US business said it will continue to expand in four other European countries over the next 18-24 months.

Danish GP Axcel held a first close for its latest vehicle, Axcel V, on €352m in April 2017. Axcel is targeting €550m for its fund and said in a statement it had received capital commitments from new and existing investors at the first close.

Axcel V is the first fund to be raised under Christian Schmidt-Jacobsen, the firm's managing partner who took over from founder Christian Frigast in June 2015.

Previous funding
Axcel acquired the business from the founding Fich family in April 2016. Although the valuation of the deal was not disclosed, press speculation put the total funding at DKK 500m.

The founding Fich family, which established the group in 1972 and has been at the helm of it since, fully exited the company as part of the deal, though CEO Henrik Fich remained in his position for some time afterwards.

Company
Founded in 1972 and headquartered in Allerød, Denmark, Lessor is a payroll and HR systems provider for SMEs and large companies. The company employs a staff of 140.

Lessor provides services under two models: a software-as-a-service, and on-premise suite through its Lessor platform and Microsoft Dynamics; and a do-it-yourself, cloud-based platform branded as Danlon in Denmark and delivered under the following brands in other parts of Europe: Ilohngehalt (Germany), Norlonn (Norway), and Swelon (Sweden).

People
Axcel – Christian Bamberger Bro (partner).
Lessor Group – Peter Colsted (CEO).
Paychex – Martin Mucci (president, CEO).

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