Ntiva, a provider of managed IT services and a portfolio company of Southfield Capital, has acquired the commercial managed services and hosting division of Lore Systems. Southfield Capital acquired Ntiva in December 2016.
Ntiva is a full-service provider of managed IT services for small and medium-sized businesses. The company’s services include onsite support, remote monitoring, cloud services, backup and disaster recovery, and strategic consulting. The company was founded in 2004 and is headquartered in McLean, VA with an additional office Beverly Hills, CA (www.ntiva.com).
Post-closing, Lore Systems will continue as a high-level strategic IT consulting firm. “Partnering with Ntiva was an easy decision,” said Tien Wong, Chairman of Lore Systems, “As we move our focus to growing our strategic consulting business, we wanted to ensure that our commercial clients would be in great hands with Ntiva who, like us, take a strategic, client-centric approach to their service business.” Lore Systems was founded in 1995 and is headquartered in Silver Spring, MD (www.lore.net).
The buy of the Lore Systems’ division strengthens Ntiva’s presence in the Washington DC metro area and increases Ntiva’s client base to over 500 organizations. “We are honored to integrate the Lore clients into our growing portfolio of commercial and non-profit clients,” said Steven Freidkin, CEO of Ntiva. “We’re looking forward to helping them grow their business with the right technology strategy, keeping up with emerging tech trends while ensuring their systems are stable and secure.”
Southfield Capital makes control investments in companies that have revenues of $20 million to $100 million and EBITDA of $4 million to $12 million. Sectors of interest include outsourced business services, specialty finance, and value-added distribution. In August 2017, the firm held a final close of Southfield Capital II LP with approximately $200 million in capital commitments. The close was at the fund’s hard cap and exceeded its original target of $175 million. Southfield Capital was founded in 2005 and is headquartered in Greenwich, CT (www.southfieldcapital.com).
Lore Systems was advised by Hafezi Capital (www.hafezicapital.com) on this transaction.
© 2018 Private Equity Professional | December 14, 2018
