Sverica Capital has sold a majority stake in Synoptek to Quad-C. Sverica first invested in Synoptek in October 2015 and will maintain a minority equity interest in the business in partnership with Quad-C.
Synoptek provides information technology management services and support services including 24 x 7 helpdesk support, device management, cloud hosting, and disaster recovery. Synoptek, led by CEO Tim Britt, was founded in 2001 and is headquartered in Irvine, California with additional major offices in Denver, Sacramento, San Francisco, and Boise.
“Upon acquisition in 2015, Sverica became a valuable extension of our team,” said Mr. Britt. “They had an immediate impact by initiating a pivotal discussion of service portfolio strategy and a shift to cloud-related services. They were great partners and provided important input on the overall direction of the company which drove accelerated growth.”
During Sverica’s ownership term, Synoptek completed five add-on acquisitions that expanded its portfolio of services and geographic coverage. Today, the company employs more than 1,000 technology professionals in 12 global offices.
“Synoptek has accomplished a tremendous amount since we first joined forces with Tim to further scale the business,” said Frank Young, a managing partner at Sverica. “During our partnership, the company experienced dramatic growth, built out a global footprint, and materially expanded its portfolio of service offerings, all of which were beneficial to customers. Tim, the management team, and the employees of Synoptek were great partners throughout. The company is extremely well positioned for the future, and we look forward to continuing to retain a minority position under the leadership of the company by Tim and Quad-C.”
Quad-C invests in companies with enterprise values of $50 million to $400 million. Sectors of interest include business and consumer services, general industrial, healthcare, specialty distribution, and transportation and logistics. Quad-C was founded in 1989 and is headquartered in Charlottesville, Virginia.
“Synoptek and Sverica forged a strong partnership, and the company’s expanded capabilities, expertise, and resources resulting from strategic investments made with Tim and the Synoptek team position the company well to deliver valuable full-stack service to customers. We’re excited to continue supporting the Synoptek team as they embark on a new chapter in the company’s growth,” said Ryan Harstad, a partner at Sverica.
Boston and San Francisco-based Sverica invests in North American-based companies with less than $20 million of EBITDA and less than $150 million of enterprise value. Sectors of interest include technology, business services, software, healthcare, and advanced industrial.
Canaccord Genuity, with a team led by JP Michaud, Sanjay Chadda, Ben Lunka, Rohan Sura, and Andrew Delio, was the financial advisor to Synoptek and Sverica.
© 2022 Private Equity Professional | October 3, 2022
