Private equity firm GTCR is to acquire Park Place Technologies, a third-party maintenance (TPM) provider offering post-warranty data center maintenance services to clients around the world, from WestView Capital.
Headquartered in Cleveland, Ohio, Park Place offers expertise across all major OEMs and has capabilities to support customers on a global basis. The Company currently provides its services to more than 5,000 customers in over 70 countries including cloud service providers, SMB and Fortune 500 companies.
As part of the transaction, GTCR will partner with CEO Ed Kenty and the Park Place management team as they continue to grow and develop the Company’s service offerings and geographic footprint. GTCR expects to commit additional equity capital to fund future acquisitions and organic growth initiatives.
“The business that Ed and the entire Park Place team have built over the last decade is a testament to their superior customer service and operating excellence,” says GTCR Managing Director David Donnini. “The entire Park Place team has built a tremendous platform that is well-positioned for long-term success.”
“We are excited to partner with GTCR at this exciting time in Park Place’s evolution,” says Kenty. “GTCR brings significant resources and experience in building industry-leading companies, and I believe they will be a valuable resource in the long-term expansion of our business. We would like to thank WestView Capital for their support over the last three years and look forward to their continued involvement.”
Larry Fey, Principal at GTCR, adds: “The acquisition of Park Place is an excellent example of leveraging GTCR’s investment experience in outsourced business services and deep domain expertise in internet and computing infrastructure. We are excited to partner with Ed and the Park Place team as we support them in their next phase of growth.”
ss a range of global markets using a disciplined quantitative approach that draws on AlphaSimplex’s current strategies and our experience managing liquid alternatives since 2003,” said Duncan B E Wilkinson, CFA, chief executive officer at AlphaSimplex. “We created the fund to help investors shift exposures among global assets in a fast-paced global market environment and help them stay invested over the long term.”
