Pamlico Capital has made a growth capital investment in Service Express, a provider of third party maintenance services to data centers. The executive management team of the company – including Chief Executive Officer, Ron Alvesteffer – will maintain a significant ownership interest in Service Express and will continue to manage the company.
Service Express (SEI) is a provider of third party maintenance services to data centers with a specialization in the maintenance of server and storage equipment. The company is also engaged in hardware system sales and upgrades, operating systems support, and data center relocations. The company has more than 2,500 customers which include hospitals, manufacturing plants, universities, banks, financial institutions, government agencies, Fortune 500 companies, and other mid to large companies. SEI has 30 offices in 13 states and is headquartered in Grand Rapids, MI (www.seiservice.com).
“Our focus on making equity investments in growing and profitable industry-leading companies led us to SEI,” said Pamlico Managing Partner Scott Perper. “We are impressed by the caliber and breadth of the SEI’s management team, as well as the opportunities the company has to capitalize on the favorable trends in the server and storage device maintenance market.”
“Pamlico’s track record of supporting management teams in pursuit of strategic growth plans and the level of importance they place on culture, systems, and processes really made them stand out as we searched for a partner,” said Mr. Alvesteffer.
Pamlico Capital invests from $25 million to $100 million in companies with total enterprise values of between $50 million and $250 million. Sectors of interest include business & technology services, communications, and healthcare. SEI will represent the sixth investment in Pamlico Capital III, a fund with $650 million of committed capital. Pamlico Capital was founded in 1988 and is based in Charlotte (www.pamlicocapital.com).
Golub Capital (www.golub.com) was the Administrative Agent, Sole Lead Arranger and Sole Bookrunner on a senior credit facility to support Pamlico’s investment in SEI. SEI was advised by Ernst & Young Capital Advisors.
© 2015 PEPD • Private Equity’s Leading News Magazine • 7-15-15