GTCR Announces Acquisition of Park Place Technologies
November 30, 2015
GTCR to support growth and expansion of leading third-party maintenance provider.
GTCR, a leading private equity firm, announced today that it has signed a definitive agreement to acquire Park Place Technologies (“Park Place” or the “Company”) from WestView Capital. Park Place is a leading third-party maintenance (TPM) provider offering post-warranty data center maintenance services to clients around the world.
Headquartered in Cleveland, Ohio, Park Place offers expertise across all major OEMs and has capabilities to support customers on a global basis. The Company currently provides its services to more than 5,000 customers in over 70 countries, including cloud service providers, SMB and Fortune 500 companies.
As part of the transaction, GTCR will partner with CEO Ed Kenty and the Park Place management team as they continue to grow and develop the Company’s service offerings and geographic footprint. GTCR expects to commit additional equity capital to fund future acquisitions and organic growth initiatives.
“The business that Ed and the entire Park Place team have built over the last decade is a testament to their superior customer service and operating excellence,” said GTCR Managing Director David Donnini. “The entire Park Place team has built a tremendous platform that is well-positioned for long-term success.”
“We are excited to partner with GTCR at this exciting time in Park Place’s evolution,” said Mr. Kenty. “GTCR brings significant resources and experience in building industry-leading companies, and I believe they will be a valuable resource in the long-term expansion of our business. We would like to thank WestView Capital for their support over the last three years and look forward to their continued involvement.”
Larry Fey, Principal at GTCR, added: “The acquisition of Park Place is an excellent example of leveraging GTCR’s investment experience in outsourced business services and deep domain expertise in internet and computing infrastructure. We are excited to partner with Ed and the Park Place team as we support them in their next phase of growth.”
The transaction is expected to close in the fourth quarter of 2015.
Kirkland & Ellis LLP provided legal counsel to GTCR. Lazard Middle Market served as financial advisor to Park Place and Latham & Watkins LLP provided legal counsel.
Founded in 1980, GTCR is a leading private equity firm focused on investing in growth companies in the Financial Services & Technology, Healthcare, Technology, Media & Telecommunications and Growth Business Services industries. The Chicago-based firm pioneered The Leaders Strategy™￼—finding and partnering with management leaders in core domains to identify, acquire and build market-leading companies through transformational acquisitions and organic growth. Since its inception, GTCR has invested more than $12 billion in over 200 companies. For more information, please visit www.gtcr.com.
About Park Place Technologies
Founded in 1991, Park Place Technologies is a leading third-party maintenance (TPM) provider that offers organizations an alternative to post-warranty storage, server and networking hardware maintenance and support in the data center. Park Place Technologies supports EMC, Dell, IBM, Cisco, Hitachi, NetApp, HP, Sun/Oracle and other data center hardware equipment in over 70 countries. From government, higher education and healthcare institutions to cloud service providers, SMB and Fortune 500 companies, Park Place Technologies provides more than 5,000 organizations with an exceptional customer experience, superior service delivery and an operational advantage.