PatNat sells HR Global to focus on insurance services

Patriot National sold Global HR Research yesterday for as much
as $30mn to a unit of Dallas private-equity firm Renovo Capital,
saying that divesting the company will let it narrow its business
focus to providing workers compensation insurance services and
technology.
The sale brought PatNat $20mn in cash. Another $5mn was placed
in an escrow account to cover adjustments to the purchase price and
working capital, the Fort Lauderdale, Florida-based company said in
a regulatory filing today announ