BC Partners is looking to exit IT company Presidio in a deal more than $4bn including debt, Reuters reported, quoting two people familiar with the matter.
The buyout firm bought into the then Nasdaq-listed business in a $2.1bn deal two years ago.
New York-based Presidio has benefited from a surge in demand for IT services during the COVID-19 pandemic. It generated $3.1bn in revenue and had earnings before interest, taxes, depreciation and amortization of more than $350m last year.
Get the week’s top news delivered directly to your inbox – Sign up for our newsletter
Presidio focuses on digital infrastructure, cloud and security solutions to create secure infrastructure platforms for commercial and public sector customers. Its clients include Amazon, Cisco Systems, Dell Technologies and Intel Corp.
The company has been in several private equity hands since its formation in 2003. American Securities acquired it in 2011 and sold it to Apollo Global Management after three years for about $1.3bn.
Apollo exited it through an IPO in 2017.
London-based private equity major BC Partners has reportedly fallen well short of its €8.5bn goal for its new flagship buyout fund after struggling to persuade some of its long-term backers to re-up. According to a report in February, the firm collected €5.3bn for Fund XI.
The firm reportedly hit the halfway point for Fund XI in October 2020 through a record-breaking first close, but seems to have struggled to push much further beyond that amount.
It hauled in €7bn for the final close of its tenth buyout vehicle at the start of 2018, comfortably beating the €6.7bn it raised for Fund IX in 2012.
However, BC Partners did score other fundraising successes through the pandemic, with its credit arm closed its Special Opportunities Fund II on $1.2bn, smashing its initial $750m target.
That vehicle attracted a 100% reup from institutional investors in its predecessor fund.
Its real estate unit also surged past its target for its European value-add fundraise to hit a roughly €900m final close in January.
Source: AltAssets
Can’t stop reading? Read more
Clearlake Capital strengthens executive bench as it scales global investment platform
Clearlake Capital strengthens executive bench as it scales global investment platform Clearlake...
Croatia’s Prosperus Growth acquires Neos to anchor IT platform strategy
Croatia’s Prosperus Growth acquires Neos to anchor IT platform strategy Croatian private equity...
Alter Capital takes control of Wifit Gyms to accelerate Iberian expansion
Alter Capital takes control of Wifit Gyms to accelerate Iberian expansion Alter Capital Desarrollo...