BV Investment Partners has made an investment in TriCore Solutions, a provider of application and infrastructure managed services. This is the third acquisition the firm has closed through its latest fund, BV Investment Partners Fund VIII, which closed in September 2014 with $487 million of capital. The existing owners and management of TriCore will maintain a meaningful ownership interest in TriCore going forward.
“We began conversations with TriCore Solutions’ management team, led by CEO and founder Bob Forman, President Mark Clayman, and CFO Art Green, in the spring of 2014 and are excited to get to work executing on the growth plan we have developed in partnership with management,” said Matt Kinsey, a Partner at BV.
TriCore Solutions is a provider of application and infrastructure management services, focused on enterprise resource planning, database platforms, and data warehousing and business intelligence. The company has approximately 250 customers and is headquartered in Norwell, MA. TriCore was founded in 1999 (www.tricoresolutions.com).
“This investment leverages BV’s history of investing in information and business services and the firm’s experience within IT managed services,” said Sean Wilder, a Principal at BV. “In working with the management team, we have identified several significant growth opportunities for TriCore, including expansion into new geographies and applications, and we look forward to working with them to capitalize on these opportunities.”
BV makes investments in companies active in the information and business services industries. Since its founding in 1983, the firm has invested $2.6 billion in 80 companies. The firm has offices in Boston and New York (www.bvlp.com).
TriCore represents the third transaction in Fund VIII, which includes The Efficient Collaborative Retail Marketing Company, an integrated marketing services, software, and data provider serving consumer product manufacturers and retailers (www.ecrm.marketgate.com); and INetU, a provider of managed hosting and cloud services to enterprise customers (www.inetu.net).
“TriCore’s talented and experienced management team has built an outstanding organization. The business addresses a large and growing market opportunity and is a strong addition to the existing high growth investments in our Fund VIII portfolio,” said Vikrant Raina, Managing Partner of BV. “Throughout the BV’s history, our investment team has worked on a proprietary basis with numerous successful entrepreneurs to craft customized recapitalizations that allow them to continue to participate in the ongoing growth of the business. We look forward to partnering with TriCore’s senior management team to help achieve TriCore’s full potential.”
2014 PEPD • Private Equity’s Leading News Magazine • 11-12-14