Presidio taps Barclays, Credit Suisse for sale, say sources-Reuters

(Reuters) – Information technology consulting company Presidio Inc has tapped Barclays Plc and Credit Suisse Group AG to explore an initial public offering or a sale that could value the company at close to $1.5 billion, several people familiar with the matter said.

Founded in 2003, the Greenbelt, Maryland-based company deploys and manages technology for customers ranging from retailers to hospitals, by partnering with companies such as Cisco Systems, EMC, Microsoft and VMware.

Presidio, which competes with Computer Sciences Corporation and Insight Enterprises Inc, among others, is expected to reach revenues of $2.3 billion and earnings before interest, tax, depreciation and amortization of around $180 million this year, according to one of the people familiar with the matter.

All the sources asked not to be named because the matter is not public. The company, Credit Suisse and Barclays declined to comment.
Presidio is owned by private equity firm American Securities.