Banking & Finance and Technology

Tech company sold to private equity firm

December 2, 2019
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Private equity firm invests in IT company
Service Express employees listen to the executive leadership team present during an internal business plan update at the IT company. Photo via fb.com

An out-of-state private equity firm has acquired a local technology company.

New York-based Harvest Partners acquired Grand Rapids-based Service Express from Pamlico Capital, according to Harvest Partners last month.

Service Express is a provider of post-warranty data center equipment and maintenance services.

Terms of the transaction were not disclosed.

Service Express CEO Ron Alvesteffer will continue to lead and hold ownership in the company.

Jay Wilkins, Stephen Carlson and Stephen Fessler will join Alvesteffer on Service Express’ board.

“After a great partnership and successful run with Pamlico, we are excited to partner with Harvest as we move towards our next phase of growth and expansion,” Alvesteffer said.

“Harvest’s track record of aligning with the strategic growth plans of their management teams and the emphasis they put on people, culture and systems to support that growth really stood out to us.”

Alvesteffer also said Service Express is poised to build on the momentum created with Pamlico and accelerate that into expanding its office and market footprints.

“Ron and his team have done an incredible job creating a market leader in the data center TPM industry,” said Jay Wilkins, COO, Harvest Partners. “We look forward to providing additional financial and strategic resources to help them further build their market leadership.”

Rothschild & Co. and William Blair served as financial advisers to Pamlico and Service Express, and Alston & Bird served as their legal advisor.

Moelis & Company and Harris Williams acted as financial advisers to Harvest Partners, and Kirkland & Ellis was the firm’s legal adviser.

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