NEW YORK – February 10, 2023 – VSS Capital Partners (“VSS”), a private investment firm that targets the healthcare, education, and tech-enabled business services industries, today announced that it has realized its investment in GreenSlate Holdings, LLC (GreenSlate or “the Company”), a leading cloud-based provider of payroll, production accounting, tax incentives and health benefits for the entertainment industry. While financial details of the transaction were not disclosed, VSS also re-invested in the Company alongside new investor Francisco Partners and GreenSlate’s management team.
Founded in 2004, GreenSlate’s innovative all-in-one platform and integrated approach to production payroll and accounting have streamlined its clients’ ability to effectively manage the business of content production. In addition, GreenSlate provides remote, paperless and contact-free workflows in an all-in-one application that enables its clients to reduce their environmental impact and effectively navigate the complexities of workers’ compensation, union and related regulatory requirements.
“GreenSlate has a laser focus on improving the client experience through both cutting edge technology and outstanding customer service and this transaction represents the beginning of an exciting new chapter in the Company’s history,” said Trent Hickman, a Managing Director at VSS, who will continue to serve on the board of GreenSlate. “We could not be more proud of John Finn and the management team at GreenSlate and are thrilled to continue our partnership,” he added.“We would like to thank VSS for the transformative impact they have made in supporting GreenSlate’s growth as content production has soared over the past few years,” said John Finn, CEO and Founder of GreenSlate, “We have benefited from their strategic guidance and commitment to taking our business to the next level. We look forward to this next phase of our partnership.”
The Company’s client base includes some of the world’s largest streaming services, studios, creative production companies and independent storytellers.Following VSS’s investment in GreenSlate in 2018, the company undertook a number of initiatives to drive operational improvements, including the acceleration of its movement to an all-in-one integrated platform and strengthening its executive team. During VSS’s investment, the Company was selected as the exclusive payroll provider for numerous major production companies and was also named to the Inc. 5000 list on multiple occasions.
Under VSS’s ownership, GreenSlate’s EBITDA increased more than tenfold. American Discovery Capital served as financial advisor to GreenSlate and Ropes & Gray LLP served as legal advisor to GreenSlate.
About VSS
Headquartered in New York, VSS is a private investment firm that invests in healthcare, business services and education companies. Since 1987, VSS has partnered with lower middle-market companies, working closely with management teams, to facilitate their next stage of growth. VSS provides capital for growth financings, recapitalizations, strategic acquisitions, and buyouts with the flexibility to invest control or non-control capital, based on the needs and objectives of each company. VSS has managed $4 billion in committed capital across 8 funds and has completed 95 platform investments and over 400 add-on acquisitions. For more information, please visit: www.vss.com.
About GreenSlate
Leveraging nearly two decades of experience in the entertainment industry, GreenSlate (www.gslate.com) advances the business of content production by seamlessly integrating people, processes, and technology to meet the essential business needs of content producers. Simplifying what shouldn’t be complicated, GreenSlate builds the industry’s most intuitive production accounting software, paperless payroll processing, and digital workflow solutions, with more innovative applications and products on the way. From budget to delivery, GreenSlate’s technology, tax management, and benefits services enable production teams to focus more on what they do best – creating inspiring content.
*Past performance may not be indicative of future results.