M/C Partners has closed on the acquisitions of Tewksbury, Massachusetts-based Thrive Networks, a subsidiary of Manhattan Telecommunications Corporation, and Norwood, Massachusetts-based Corporate IT Solutions, the company said.
Thrive and Corporate will be merged to form a managed IT services provider in the Northeast United States under the Thrive brand.
Thrive Networks was previously owned by parent company, Manhattan Telecommunications Corporation, and Corporate IT Solutions was privately held by President & CEO Michael Cook, who will be staying onboard Thrive as a managing partner and board member.
As Thrive´s primary financial investor, M/C Partners will contribute its extensive experience in the technology and communications services markets.
California-based bank holding company Pacific Mercantile Bank (NASDAQ: PMBC) has been selected as an additional financing partner for this transaction.
Legal counsel for M/C Partners was provided by Choate, Hall & Stewart LLP.
Thrive Networks, a New England-based managed services provider, delivers a portfolio of outsourced technology services that included cloud, hosting, security, disaster recovery, backup, replication, network management, device management, storage, virtualization and more.
Corporate IT Solutions delivers a customized comprehensive portfolio addressing the complete technology lifecycle — planning, designing, integrating, operating and optimizing networking and system solutions. The company also works closely with customers throughout implementation and post-implementation, offering management expertise and support.
M/C Partners is a private equity firm focused exclusively on the communications, media, and information technology sectors. The firm has invested over USD2.2 billion of capital into nearly 100 companies in those sectors. It has offices in Boston and San Francisco.
Pacific Mercantile Bancorp operates as the bank holding company for Pacific Mercantile Bank that provides commercial banking products and services to small and medium-size businesses and professionals in Southern California. It operates through banking and financial centers in Newport Beach, San Juan Capistrano, Costa Mesa, Beverly Hills, La Jolla, La Habra, and Ontario of California. It was founded in 1998 and is based in Costa Mesa, California.