Clearlake Capital Group has signed an agreement to acquire the Retail Solutions Group of Agilysys, through a newly-formed company, Kyrus Solutions. The transaction is expected to close in the early summer.
Agilysys’ Retail Solutions Group (“RSG”), which will be renamed Kyrus Solutions following the close of the transaction, is a provider of technology and IT managed services to retailers. The company offers retail point-of-sale, self-service and wireless mobility services, business consulting, implementation and maintenance support, and other managed services. RSG is based in Greenville, SC (www.agilysys.com).
“We are excited to partner with the talented management team of RSG as we make a significant investment in the company and create a strong and focused standalone entity, Kyrus Solutions,” said Behdad Eghbali of Clearlake. “With its long-standing reputation for exceptional technology solutions, service delivery, customer focus, and innovative managed services solutions, coupled with Clearlake’s capital resources and operational capabilities, we believe the company is ideally positioned to benefit from significant market trends, including the continuing investment in technology solutions by retailers.”
Keith Bradley, a Clearlake Executive Operating Advisor, will become the company’s Executive Chairman upon the close of the transaction. Mr. Bradley was most recently the President of Ingram Micro North America, a wholesale technology distributor and a provider of IT supply-chain, mobile device lifecycle services and logistics.
“Kyrus Solutions is a strong platform that is extremely well-positioned for future growth,” said Mr. Bradley. “I look forward to working with Paul and the rest of the management team to drive the company’s growth strategy of providing our customers with cutting edge solutions, innovation, and industry leading service and support.”
Clearlake invests in special situations such as corporate divestitures, recapitalizations, buyouts, restructurings, turnarounds and minority equity investments. Sectors of interest include business services; communication; consumer products and retail; defense and public safety; energy and power; healthcare; industrials; media; and technology. Clearlake was founded in 2006 and is headquartered in New York (www.clearlakecapital.com).
Atlas Technology Group (www.atlastechgroup.com), an investment bank headquartered in San Francisco, advised Agilysys on the sale of RSG to Clearlake.
© 2013 PEPD • Private Equity’s Leading News Magazine • 6-5-13
