Banking & Finance and Technology

Private equity firm invests in IT company

July 15, 2015
| By Pat Evans |
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Private equity firm invests in IT company
Service Express Inc., or SEI, employees listen to the executive leadership team present during an internal business plan update at the IT company. Photo via fb.com

A North Carolina private equity firm has made a “growth investment” in a local IT company.

Pamlico Capital in Charlotte, N.C. and Service Express Inc. in Grand Rapids, or SEI, made the announcement today.

Terms of the deal were not disclosed. However, Pamlico Capital seeks “control-oriented” investments.

SEI CEO Ron Alvesteffer and other executive management team members will maintain "significant ownership" of the company.

“Our focus on making equity investments in growing and profitable industry-leading companies led us to SEI,” said Scott Perper, managing partner, Pamlico Capital. “We are tremendously impressed by the caliber and breadth of the management team, as well as the opportunity SEI has to capitalize on the favorable trends in the server and storage device maintenance market.”

The deal is the sixth Pamlico Capital III deal, a fund with $650 million committed capital.

Since it was founded in 1988, Pamlico has invested more than $2.5 billion in equity investments of up to $100 million.

Ernst & Young Capital Advisors and Barnes & Thornburg advised SEI. Pamlico was advised by Alston & Bird.

“Resources” for SEI growth

SEI is a third-party IT maintenance services company and offers expertise for a range of products.

The company serves more than 2,500 customers across 13 states from 30 offices.

SEI’s Alvesteffer said Pamlico Capital’s “track record of supporting management teams in pursuit of strategic growth plans and the level of importance they place on culture, systems and processes really made them stand out.”

“SEI is poised to accelerate growth, as we invest in expanding our footprint to offer greater coverage to our customers and as the market becomes increasingly aware of the many benefits of outsourcing IT maintenance.

"The resources and expertise Pamlico brings to our team will be critical assets as we execute on our plan moving forward."

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