Mid-market private equity firm GI Partners has sold its portfolio company, PC Helps Support, to Baird Capital Partners (BCP), the US-based buyout fund of Baird Private Equity.
The sale of PC Helps generated a return of approximately five times invested capital to limited partners of GI Partners Fund II.
PC Helps supports over 200 software applications and serves over 400 clients across 15 vertical markets. The company was acquired by GI Partners in 2005. Under the investment firm’s nearly seven years of stewardship, PC Helps substantially expanded its operations and achieved considerable organic growth. The company increased employee headcount by over 70 per cent and also successfully scaled its operations through a new office expansion in Cleveland, Ohio.
In addition to recruiting industry veteran Brian Madocks as chief executive, the company also enhanced its management team with key talent additions who have put in place a number of successful growth initiatives. As a result of these and other efforts, PC Helps achieved substantial sales and EBITDA gains, including topline growth of over 90 per cent throughout the seven year hold period despite a challenging economic environment.
Greg VandenBosch, a director of GI Partners, says: "It has been a pleasure to work with the management team of PC Helps to build and grow this tremendous franchise. Specifically, I would like to thank PC Helps’ CEO, Brian Madocks, and his leadership team for their hard work and vision. The plans they have in place, combined with future support from BCP, will position the company for continued and sustained future success."
Madocks will continue to serve as chief executive officer of PC Helps under BCP’s ownership.
"We have been extremely pleased with our GI partnership," says Madocks. "They have provided valuable insights, resources and intensive operational engagement as we expanded our business. Now, we look forward to working with BCP as we embark on our next stage of growth."