Park Place Technologies said it has finalized an agreement for the acquisition of the company by Chicago investment firm GTCR from WestView Capital of Boston, MA, which has been the majority shareholder in Park Place Technologies since 2012.
WestView Capital will remain an investor and active voice on Park Place´s board of directors.
The transaction is expected to close in the fourth quarter of 2015.
Since 1980, GTCR has invested USD12 billion in over 200 companies in several industries including information services and technology, healthcare, and financial services. GTCR will partner with Park Place Technologies to help expand its global footprint by developing its data center hardware service offerings throughout Europe and beyond.
Over the past six years, Park Place Technologies has experienced a 30 percent average annual growth rate. In 2016, with GTCR, Park Place plans to continue this trend by adding about 100 jobs throughout the company including offices in Cleveland, Boston, Denver, Canada and the United Kingdom. This significant growth will help contribute to the global expansion of Park Place Technologies´ maintenance and support of post-warranty data center hardware equipment.
Kirkland & Ellis LLP provided legal counsel to GTCR. Lazard Middle Market served as financial advisor to Park Place and Latham & Watkins LLP provided legal counsel.
Founded in 1980, GTCR is a private equity firm focused on investing in growth companies in the financial services & technology, healthcare, technology, media & telecommunications and growth business services industries. The Chicago-based firm pioneered The Leaders Strategyâ¢–finding and partnering with management leaders in core domains to identify, acquire and build market-leading companies through transformational acquisitions and organic growth.
Park Place Technologies is a leading provider of hardware maintenance and support, specializing in extended warranty services for storage, servers and network equipment.