MAYFIELD HEIGHTS, Ohio and BOSTON, Massachusetts — WestView Capital Partners, a Boston-based private equity firm, announced it has agreed to sell its minority stake in Park Place Technologies, a leading global third-party maintenance (TPM) provider, to Charlesbank Capital Partners, a Boston-based private equity firm. The transaction will occur simultaneously with GTCR’s recapitalization of Park Place Technologies with Charlesbank Capital Partners and is expected to close in the third quarter of 2019. The terms of the transaction were not disclosed.
Park Place Technologies provides a post-warranty alternative for storage, server and networking hardware maintenance for IT data centers. Park Place provides customers with 24/7 access to a multi-lingual support center, advanced engineers with decades of experience and ParkViewTM, an award winning, secure, hosted monitoring service that proactively identifies component failures and probable cause across a single pane of glass. Headquartered in Mayfield Heights, Ohio, the company services more than 16,000 customers in over 140 countries with more than 1,200 employees.
WestView’s exit marks the successful completion of its second investment in Park Place Technologies over the course of seven years. WestView originally invested in Park Place in late 2012 before successfully recapitalizing the Company with GTCR in 2015. As part of the 2015 transaction, WestView received full liquidity for its 2012 investment, in addition to investing alongside GTCR and continuing to be actively represented on the Company’s Board of Directors. Following the 2015 transaction, management, WestView and GTCR worked together to continue growing the Company through organic and acquisition focused growth initiatives.
Chris Adams, President and CEO of Park Place Technologies, said: “WestView has been a highly supportive and strategic partner of ours for the better part of nearly a decade. WestView’s leadership, strategic advice, and expertise in the IT Services industry has been a critical component to our success over the years. It would be an understatement to say that everyone at Park Place is extremely grateful for our partnership with WestView.” Mr. Adams added, “While WestView will be missed at a board-level, we are excited to focus on our next chapter of growth with GTCR and Charlesbank Capital Partners.”
Rick Williams, Managing Partner of WestView Capital Partners, said: “WestView is thrilled to have had the opportunity to successfully partner with Park Place in two separate transactions. Chris and his entire management team are world-class entrepreneurs that embody the types of leaders we strive to partner with. We are extremely proud of the market leading position Park Place has achieved – including growing the Company’s customer base from ~1,500 at the time of our first investment in 2012 to 16,000+ customers today – and we have no doubts that Chris and his team will continue to lead the industry with innovative solutions.”
UBS Investment Bank, Harris Williams and Lazard acted as financial advisors to Park Place, GTCR and WestView. Kirkland & Ellis LLP acted as legal counsel to Park Place and GTCR, while Latham & Watkins acted as legal counsel to WestView.
About Park Place Technologies
Founded in 1991, Park Place Technologies provides a post-warranty alternative to storage, server and networking hardware maintenance for IT data centers. With 24/7 access to a global contact center, support from the industry’s most advanced engineers and a wide array of industry leading and award-winning services such as ParkViewTM, Park Place Technologies empowers its customers to improve operational speed and maximize uptime. With more than 16,000 customers, including all tier-one OEMs, Park Place Technologies’ services are spread across 55,000 data centers in more than 140 countries.
About WestView Capital Partners
WestView Capital Partners, a Boston-based private equity firm focused exclusively on middle market growth companies, manages approximately $1.7 billion in capital across four funds. WestView partners with existing management teams to sponsor minority and majority recapitalizations, growth and consolidation transactions in industries such as healthcare technology and outsourcing, business services, software and IT services, consumer and growth industrial. WestView invests in companies with operating profits between $3 million and $20 million with investment sizes ranging from $10 million to $60 million. For more information, please visit www.wvcapital.com.
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 $15 billion in over 200 companies. please visit www.gtcr.com.
About Charlesbank Capital Partners
Based in Boston and New York, Charlesbank Capital Partners is a middle-market private equity investment firm managing more than $5 billion of capital. Charlesbank focuses on management-led buyouts and growth capital financings, generally investing in companies with enterprise values of $150 million to $1.5 billion, and also engages in opportunistic credit and technology investments. The firm seeks to partner with strong management teams to build companies with sustainable competitive advantage and excellent prospects for growth. please visit www.charlesbank.com.