Middle market private equity firm Pamlico Capital (Pamlico) has sold its portfolio company, Service Express, to funds managed by Harvest Partners (Harvest).
The Company’s management team, led by CEO Ron Alvesteffer, will continue to lead Service Express, and remain significant owners of the business. Additional terms of the transaction were not disclosed.
Service Express, headquartered in Grand Rapids, Michigan, is a leading provider of post-warranty data centre equipment maintenance services to more than 4,000 customers. Service Express has a strong value proposition as it provides services that maintain and extend the life of mission-critical data centre equipment at quicker response times and a lower cost vs. post-warranty support offered by OEMs.
Pamlico recapitalised Service Express along with its founder in July 2015 in partnership with management. Since that time, Pamlico has supported the team in accelerating geographic expansion, building out the go-to-market organisation, expanding the board of directors, and completing several strategic acquisitions. Over the partnership, the Company grew revenue 128 per cent and its number of offices from 29 to 47.
“Pamlico was a great partner for us. Their support and strategic guidance helped us achieve our growth initiatives and enhance our best in class customer-driven service capabilities while maintaining our great culture,” says Service Express CEO Ron Alvesteffer. “We feel fortunate to have chosen Pamlico as our first outside investor, and we thank them for their support and friendship.”
Scott Perper, Partner at Pamlico, says: “We are incredibly proud of the many accomplishments of Ron and his team during the time of our investment in the Company. Their superior financial results were driven by a customer service centric and employee development culture and we were thrilled to have partnered with Service Express.”
Pamlico Partner and COO Stuart Christhilf, adds: “We couldn’t be happier for Ron and the team. This transaction validates the vision and hard work invested by the entire Service Express team. On behalf of Pamlico, we thank them for their efforts and wish them continued success with Harvest.”
Rothschild and William Blair served as financial advisors and Alston & Bird LLP served as legal advisor to Pamlico and Service Express on the transaction.
