Platinum Equity has completed its previously announced buyout of Pomeroy IT Solutions, Inc., a provider of information technology services, for $6.50 per share, or approximately $65 million.
Platinum Equity announced today it has completed the acquisition of Pomeroy IT Solutions, Inc., a leading provider of information technology solutions and services.
The acquisition was completed through a public-to-private transaction in which an affiliate of Platinum Equity acquired all outstanding shares of Pomeroy stock for $6.50 per share. Pomeroy previously traded on the NASDAQ Global Market under the ticker symbol PMRY. The transaction was approved by stockholders at a special meeting held on November 11.
“We are excited to partner with Platinum Equity as we enter the next chapter in our company’s 28-year history,” said Christopher C. Froman, President & Chief Executive Officer of Pomeroy IT Solutions, Inc. “Our employees, customers and partners will all benefit from this association with Platinum, and I look forward to the continued execution of our strategic plan.”
“Pomeroy has a strong product and service offering, talented employees, and valued customer and vendor relationships,” said Jacob Kotzubei, the partner at Platinum that is leading the Pomeroy investment. “We are eager and prepared to support the company’s management team and help Pomeroy grow to reach its full potential.”
A team of Platinum in-house operations specialists is now working with Pomeroy to transition the business to private ownership.
Mr. Kotzubei explained that Pomeroy is a natural investment for Platinum, given the firm’s history investing in the IT equipment and services industry.
“We know the industry well and have had great success creating long-term value in the space,” explained Mr. Kotzubei.
About Pomeroy IT Solutions, Inc.
Pomeroy IT Solutions is a leading provider of advanced technology services focused on IT Outsourcing, Infrastructure Services, Consulting Solutions, Product Procurement and Logistics, and IT Staffing. Pomeroy’s consultative approach delivers information technology solutions through the disciplines of ISO9000, ITIL, HDI, and PGMP practices, enabling Fortune 1000 corporations, government entities, and mid-market clients to increase productivity, reduce costs, and improve profitability. For more information, go to www.pomeroy.com.
About Platinum Equity, LLC
Platinum Equity is a global M&A&O® firm specializing in the merger, acquisition and operation of companies that provide services and solutions to customers in a broad range of business markets, including information technology, telecommunications, logistics, metals services, manufacturing and distribution. Since its founding in 1995 by Tom Gores, Platinum Equity has completed nearly 100 acquisitions with more than $27.5 billion in aggregate annual revenue at the time of acquisition. For more information, go to www.platinumequity.com.
SOURCE Pomeroy IT Solutions, Inc.