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Highlights:
- Private equity firm BC Partners Ltd. to sell its NY-based IT firm Presidio Inc. (Nasdaq:PSDO).
- BC Partners is in talks with an investment bank to complete the sale process.
- PSDO has been owned by several private equity partners since its inception in 2003.
Private equity firm BC Partners Ltd is contemplating selling Presidio Inc. (Nasdaq:PSDO), which could value the US information technology company at more than US$4 billion, Reuters reported on Monday.
BC Partners is in talks with an investment bank to execute the sale process for the New York-based Presidio, a source told Reuters on condition of anonymity.
PSDO generated a revenue of US$3.1 billion and had EBITDA (earnings before interest, taxes, depreciation, and amortization) of more than US$350 million last year.
No official announcement has come from both the companies, Reuters said.
With over 8,000 customers globally, Presidio provides secured cloud-based IT services to some of the big names like Amazon.com Inc. (Nasdaq:AMZN), Dell Technologies (NYSE:DELL), Cisco Systems Inc (Nasdaq:CSCO), and Intel Corp (Nasdaq:INTC).
It also serves government agencies.
Presidio did brisk business during the pandemic like other IT companies as there was a surge in demand for technology services.
Companies invested more to adapt to the remote working culture and strengthen cybersecurity capabilities.
© Leowolfert | Megapixl.com
BC Partners acquired PSDO in 2019
Since its inception in 2003, Presidio has been owned by a bevy of private equity companies. BC Partners was the last to acquire it in 2019 in a US$2.1 billion deal.
Buyout firm American Securities bought Presidio in 2011 for an undisclosed amount. Three years later, it sold PSDO to Apollo Global Management Inc (NYSE:APO) for about US$1.3 billion.
Apollo took PSDO public in 2017 before BC Partners finally took it private two years later.
Under BC Partners' ownership, Presidio took over several smaller rivals, including Irish IT consulting company Arkphire and Charlotte, North Carolina-based ROVE.
Bottom line:
London-based BC Partners has US$40 billion in assets under management spread across sectors ranging from healthcare to financial services and industries in Europe and North America.
