Private equity firm Clayton Dubilier & Rice (CD&R) entered into an agreement to acquire a majority stake in tech services and solutions provider Presidio, from BC Partners. As part of this transaction, the funds affiliated with BC Partners will retain minority ownership interest in Presidio.
Presidio has over 6,660 customers; relationships with technology providers such as Amazon, Palo Alto Networks, Microsoft, Google, Cisco Systems and Dell Technologies and more than 3,500 team members. The company offers a suite of solutions that includes data and analytics, cloud services, cybersecurity solutions and infrastructure.
“CD&R is an experienced technology investor with a longstanding track record of applying an operational mindset to build businesses with enduring value, and our leadership team and I are excited to welcome CD&R as Presidio’s new investment partner,” said Bob Cagnazzi, CEO of Presidio. “We remain committed to growing by continuing to deliver high-quality technology solutions and services to help our customers deliver impactful outcomes through the strategic use of technology. The technology depth of our Presidio team, along with the operating expertise of CD&R and continued support of BC Partners, will help us execute on our ongoing business evolution to deliver world-class solutions to customers, drive deeper relationships with our technology ecosystem partners, and create opportunities for our employees worldwide.”
“I would like to thank BC Partners for their true partnership, as we expanded our offerings as a leading technology services and solutions provider,” he continued. “We are well positioned for the future and look forward to working closely with our investors as we advance our business strategy.”
BC Partners acquired Presidio in 2019, successfully delisting the company from Nasdaq in a $2.1 billion private transaction. Under BC Partners’ ownership, the company initiated and completed a transformative growth plan, developing a cloud services business and expanding on an international scale and realizing growth across several key financial metrics.
“It has been a pleasure to partner with Bob Cagnazzi and the entire Presidio team, who have done an incredible job of transforming the business and positioning it as a true global market leader,” said Fahim Ahmed, partner with BC Partners. “Over the last four years, Presidio has expanded its portfolio in critical offerings such as cloud services and compelling new geographies. This investment further exemplifies BC Partners’ proven approach of working closely with our portfolio partners to help them accelerate their growth trajectories and reach their potential, for the benefit of all stakeholders. Presidio is well positioned for continued success, and we look forward to their next chapter of growth.”
Upon closing the transaction, CD&R operating partner, Bill Berutti, will serve as chair of Presidio’s Board of Directors.
“Presidio is at an important and exciting inflection point, and we are thrilled to have the opportunity to partner with Bob and his colleagues and the BC Partners team to help the company seize the numerous growth opportunities in front of it,” said Bill Berutti, operating partner, CD&R. “We have followed Presidio closely for some time and continue to be impressed by its growth and the management team’s strategic vision and execution abilities. We are excited to support the business and build on the already strong relationships they have with their customers.”
“We look forward to bringing our technology and distribution experience to further deepen Presidio’s technology ecosystem relationships and expand the company’s software, cloud and managed services offerings to make Presidio an even more valuable and trusted partner to its customers,” said Harsh Agarwal, partner, CD&R.
The transaction is expected to close in the second quarter of 2024, and is subject to customary closing conditions.
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