Private equity firm GTCR is acquiring network equipment service provider Park Place Technologies from WestView Capital for an undisclosed amount.
Park Place, based in Cleveland, Ohio, and founded in 1991, provides data maintenance for storage, server and networking equipment to more than 5,000 companies worldwide, including Cisco Systems Inc. (Nasdaq: CSCO) and IBM (NYSE: IBM). WestView, located in Boston, Massachusetts, invested in Park Place in 2012.
GTCR will partner with Park Place CEO Ed Kenty on the deal. GTCR "will be a valuable resource in the long-term expansion of our business,” says Kenty. GTCR won Megers & Acquisitions' M&A Mid-Market Private Equity Firm of the Year Award for 2013 after it raised its 11th fund with $3.85 billion in equity capital commitments. Recently, GTCR-backed Zayo Group Holdings Inc. (NYSE: ZAYO) said it will purchase Allstream Inc. from Manitoba Telecom Services Inc.
GTCR is not the only PE firm that has been going after technology companies. ParkerGale has completed the purchase of aerospace data company Aircraft Technical Publishers and Summit Partners announced plans to invest in Mi9 Retail. For more on PE trends in technology, see More PE Firms Will Turn to Tech.
Lazard Middle Market and Latham & Watkins LLP is advising Park Place. Kirkland & Ellias LLP is representing GTCR.