Successful Investment Extends Platinum Equity’s Long History of Creating Value in the Technology Sector
Los Angeles (Oct. 26, 2015) – Platinum Equity announced today it has signed a definitive agreement to sell Pomeroy to Tolt Solutions, a portfolio company of Clearlake Capital Group, L.P. Financial terms of the agreement were not disclosed. The transaction is expected to close in Q4 2015.
Pomeroy is a provider of comprehensive information technology solutions and managed services. Platinum Equity acquired Pomeroy in November 2009 in a public-to-private transaction.
Platinum Equity Partner Jacob Kotzubei said a strong partnership with Pomeroy’s management team contributed to the company’s success.
“Chris Froman and his team were incredible leaders who exceeded our expectations every step of the way,” said Mr. Kotzubei. “They worked seamlessly with Platinum Equity’s operations specialists and our M&A team to grow and expand the business and set the company up for long-term success.”
During Platinum Equity’s ownership, Pomeroy enjoyed consistent top-line growth with strong earnings, streamlined its operations, revitalized its sales organization and completed two add-on acquisitions. The company acquired OAO Technologies in January 2010 and BluePoint Data in November 2012.
“Our relationship with Platinum Equity was a true partnership and their support over the past several years was vital to our success,” said Christopher Froman, president and chief executive officer of Pomeroy. “Platinum Equity has a lot of history in the technology space and they know what it takes to be successful. They challenged us to be great and then gave us the tools we needed to deliver.”
Headquartered in Hebron, KY, the company provides services to more than 3,000 corporations, government entities and mid-market clients from more than 20 locations worldwide, including the United States, Canada, Latin America and Western Europe.
William Blair served as advisor to Platinum Equity on the sale of Pomeroy.
Founded in 1995 by Tom Gores, Platinum Equity (www.platinumequity.com) is a global investment firm with more than $6 billion of assets under management and a portfolio of approximately 30 operating companies that serve customers around the world. In 2014, Platinum Equity portfolio companies generated more than $17 billion in revenue. Platinum Equity specializes in mergers, acquisitions and operations – a trademarked strategy it calls M&A&O® – acquiring and operating companies in a broad range of business markets, including manufacturing, distribution, transportation and logistics, equipment rental, metals services, media and entertainment, technology, telecommunications and other industries. Over the past 20 years Platinum Equity has completed more than 150 acquisitions.