Park Place Technologies, a provider of third-party hardware maintenance services to small and medium enterprises, announced today that its current management team, led by CEO Ed Kenty, has partnered with WestView Capital Partners to recapitalize the company.
“We look forward to working with the Park Place team as they continue to capitalize on the growing opportunity for third-party maintenance providers and take market share with their top-quality service,” said Rick Williams, Managing Partner of WestView Capital, who will join Park Place’s board of directors.
Park Place Technologies is a provider of outsourced third-party data center hardware maintenance, specializing in multi-vendor support for servers, storage and network equipment. The company’s customer base is comprised of over 1,500 organizations across a variety of industries, which make up more than 5,500 locations primarily in the United States and Canada. Park Place Technologies is based in Cleveland (www.parkplacetechnologies.com).
“Park Place has continued to strengthen its position as a leading third-party maintenance provider in the data center, and as IT departments across the world continue to be budget-constrained, we are seeing an increasing shift towards lower-cost, higher-quality maintenance providers who have the skill sets to support hardware across multiple OEM platforms,” said Ed Kenty, CEO of Park Place since 2004. “Our partnership with WestView further strengthens Park Place’s financial position and will support our continued growth and expansion into new product areas and geographical regions. We will also benefit from WestView’s extensive experience assisting technology service companies such as ours achieve their strategic objectives and growth potential.”
“Our investment in Park Place continues our longstanding focus of partnering with experienced and passionate management teams in the technology outsourcing sector,” said Matt Carroll, a General Partner at WestView who will also join the board.
WestView Capital Partners invests from $10 million to $30 million of equity in lower middle market companies with EBITDAs between $3 million and $20 million. Industries of interest include business and healthcare services; software and IT services; industrial and manufacturing; distribution and logistics; media and publishing; and consumer products and retail. The firm will invest both as a minority or majority investor. WestView currently manages over $500 million of equity and is based in Boston (www.wvcapital.com).
Abacus Finance Group provided senior debt financing for the transaction.
© 2012 PEPD • Private Equity’s Leading News Magazine • 11-13-12
