Private equity firm Clearlake Capital Group LP is buying ConvergeOne from Genstar Capital Management LLC.
ConvergeOne, headquartered in Eagan, Minnesota, provides communications services, including information technology, contact center, consulting and technical support. Terms of the transaction were not disclosed. Under Clearlake's ownership, the company plans to focus on managed services and technology offerings.
Santa Monica, California-based Clearlake has about $1.4 billion in capital under management. The firm's recent investments include Green Light Energy Services, which was purchased by Clearlake portfolio company IronGate Energy Services in January, and a stake in Prime Sport Inc., a company that offers tickets and fan packages for sporting events.
Genstar, a San Francisco private equity firm, bought ConvergeOne in 2007. The firm has about $3 billion in capital under management. The firm recently exited TravelClick, which was purchased by Thoma Bravo.
BMO Capital Markets and Credit Suisse served as Clearlake's financial advisers. William Blair & Co. acted as ConvergeOne's financial adviser, and Weil Gotshal & Manges acted as legal counsel. Both Credit Suisse and BMO Capital Markets committed debt financing for the deal.