Sverica Capital Management has acquired Synoptek, a provider of outsourced IT managed services.
Synoptek provides help desk support, cloud hosting, disaster recovery, as well as consulting and project management services. Synoptek is headquartered in Irvine, CA with additional offices in Denver, Sacramento, San Francisco, and Boise (www.synoptek.com).
“We started tracking Synoptek in 2013 and first met CEO Tim Britt early in 2014,” said Frank Young, Managing Director at Sverica. “Tim and the team have impressed us with the tremendous growth they have experienced in that timeframe. Synoptek is now emerging as one of the largest managed service providers in the country, and we are very excited to partner with them to continue on their path of innovation and growth.”
Sverica invests in service oriented businesses and light industrial manufacturers. The firm targets companies with enterprise values under $100 million and EBITDAs greater than $3 million. Sverica was founded in 1993 and has raised over $500 million of investment capital across multiple funds. The firm has offices in Boston and San Francisco (www.sverica.com).
“Synoptek brings enterprise technology services to organizations that don’t have large IT departments. Ultimately, our customers have better IT capabilities and services by leveraging Synoptek’s shared IT services such as cloud computing infrastructure, network management services, security services, and help desk services.” said Tim Britt, Chief Executive Officer of Synoptek. “Our partnership with Sverica will enable us to continue to execute our plans for acquisitive and organic growth as we strive to become the leading branded IT managed services provider in the country.”
The acquisition of Synoptek is the first made by Sverica’s fourth fund – Sverica International Investment Fund IV, LP – which is currently being raised with a target of $250 million.
© 2015 PEPD • Private Equity’s Leading News Magazine • 11-5-15