American Securities has sold its portfolio company Presidio Holdings, a provider of professional and managed IT services, to Apollo Global Management.
“Our partnership with American Securities over the past three and a half years has allowed us to expand our offerings and execute accretive acquisitions,” said Bob Cagnazzi, Chief Executive Officer of Presidio. “At the same time, we are excited to announce this transaction with Apollo, which has a proven track record of investing in market-leading businesses, and we look forward to partnering with them to further develop and scale Presidio’s franchise.”
Presidio is an IT infrastructure services provider with approximately 6,000 clients across the United States. The company provides services across six technology verticals; networking, data centers, mobility, security, collaboration, and contact centers. Presidio has approximately 2,200 employees across 57 offices and is one of the largest private IT services providers in the nation. The company is headquartered in New York (www.presidio.com).
American Securities invests in businesses with $500 million to $2 billion of revenues. Investments are undertaken with conservative financial structures that typically include only equity and senior debt. The firm aims to invest $150 million to $500 million of equity capital in each portfolio company. Sectors of interest include industrial manufacturing, specialty chemicals, aerospace and defense, energy, business services, healthcare, media, restaurants, and consumer products. The firm has more than $10 billion of capital under management and is currently investing from its sixth fund. American Securities has offices in New York and Shanghai (www.american-securities.com).
Apollo has total assets under management of approximately $164 billion in private equity, credit and real estate funds invested across a core group of nine industries: chemicals; commodities; consumer & retail; distribution & transportation; financial & business services; manufacturing & industrial; media, cable & leisure; packaging & materials; and satellite & wireless. The firm has offices in New York, Los Angeles, Houston, Toronto, London, Frankfurt, Luxembourg, Singapore, Mumbai and Hong Kong (www.agm.com).
LionTree Advisors served as financial advisor to Apollo. Barclays Capital and Credit Suisse Securities served as financial advisors to Presidio.
© 2014 PEPD • Private Equity’s Leading News Magazine • 12-1-14
