Wednesday, December 2, 2015

Private Equity Giant GTCR Acquires Park Place Technologies

GTCR, a leading private equity firm, has acquired Park Place Technologies to further accelerate its geographic footprint and service offerings through organic growth and acquisition. Financial terms of the deal were not disclosed. The deal is expected to close in the fourth quarter of 2015.

Founded in 1991 and Headquartered in Cleveland, Ohio, Park Place Technologies is leading third-party maintenance (TPM) provider offering post-warranty data center maintenance services. It offers expertise across all major OEMs and has capabilities to support customers on a global basis. The company supports storage, server and networking equipment from vendors such Brocade, EMC, Dell, IBM Cisco, NetApp, and Sun/Oracle. Currently, the Company provides services to more than 5,000 customers in 70 countries. Its customers range from small and mid-sized businesses to top Fortune 500 companies to cloud service providers, government and health care sectors.

As part of the deal, 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. 

David Donnini, Managing Director at GTCR, said in a statement: “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”, and added that: “The entire Park Place team has built a tremendous platform that is well-positioned for long-term success.”

Larry Fey, Principal at GTCR, said in a statement: “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.”

Founded in 1980 and based in Chicago, 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. GTCR 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. 

Latham & Watkins LLP provided legal counsel to Park Place Technologies and Lazard Middle Market served as financial advisor. Kirkland & Ellis LLP provided legal counsel to private equity firm GTCR. 

Image credit: Glassdoor

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