Summit Partners has made a “significant” equity investment in Systems Maintenance Services. However, private equity firm Thomas H. Lee Partners still retains its majority stake. No financial terms were disclosed. SMS is a provider of multivendor IT asset lifecycle services and support solutions.
CHARLOTTE, NC and BOSTON, MA, Oct 30, 2013 (Marketwired via COMTEX) — Systems Maintenance Services, Inc. (“SMS”) announced today that Summit Partners, a leading global growth equity investor, has made a significant equity investment in the company. Thomas H. Lee Partners, L.P., a leading private equity firm focused on investments in global businesses headquartered in North America which acquired SMS in 2010, remains the majority shareholder.
Founded in 1981, SMS is a leading global provider of multivendor IT asset lifecycle services and support solutions. SMS’ advanced service portfolio includes: asset management, deployment, relocation, disposition, recycling, erasure, maintenance, and managed network and VOIP services. SMS supports more than 3,000 clients globally with physical locations across North America, Asia and Europe. SMS’ solutions include support for most datacenter brands including Cisco, IBM, HP, Dell, Oracle, EMC, Hitachi, NetApp, Lexmark and Xerox.
Don Doctor, SMS’ Chairman & CEO, said, “We are pleased to welcome Summit Partners as an investor, and are confident that they bring invaluable investment experience and industry knowledge that will further enable our organic and strategic growth strategies. We are excited to have another strong partner alongside THL that is fully supportive of our global growth initiatives.”
John Carroll, a Summit Partners Managing Director, said, “We are enthusiastic about working closely with THL and the SMS management team to further propel the growth of this exceptional company. SMS has a proven track record of expanding into new product sets and geographies, while maintaining consistent high-service delivery standards.”
Peter Rottier, a Summit Partners Principal added, “We are delighted to be an investor in SMS alongside THL. Both our firms are committed to investing in SMS’ world-class infrastructure and building on the company’s history of successful strategic acquisitions in order to provide clients with the optimal IT services and support solutions that will help them compete in the global marketplace.”
Following the close of the transaction, the terms of which were not disclosed, Summit Partners’ Carroll and Rottier will join the SMS Board of Directors.
About Systems Maintenance Services
Founded in 1981, Systems Maintenance Services (SMS) is a leading global provider of multivendor IT asset lifecycle services for datacenters. SMS supports more than 3,000 clients globally with direct locations across North America, Asia and Europe. SMS solutions include support for leading technology brands including Cisco, IBM, HP, Dell, Oracle, EMC, Hitachi, NetApp, Lexmark and Xerox. Visit www.sysmaint.com for more information.
About Summit Partners
Founded in 1984, Summit Partners is a growth equity firm that has raised nearly $15 billion in capital, and provides equity and credit for growth, recapitalizations, and management buyouts. Summit has invested in more than 380 companies in technology, healthcare and other growth sectors. These companies have completed more than 130 public offerings, and more than 135 have been acquired through strategic mergers and sales. Notable investments in the technology and business services sector include E-TEK Dynamics, FleetCor Technologies, LiveOffice and Rocket Fuel. Summit maintains offices in North America, Europe and Asia, and invests in companies around the world. For more information, visit www.summitpartners.com or follow on Twitter at @summit_partners.
In the United States of America, Summit Partners operates as an SEC-registered investment advisor. In the United Kingdom, this document is issued by Summit Partners Limited, a firm authorized and regulated by the Financial Conduct Authority. Summit Partners Limited is a limited company registered in England and Wales with company number 4141197, and its registered office is at 20-22 Bedford Row, London, WC1R 4JS, UK. This document is intended solely to provide information regarding Summit Partners’ potential financing capabilities for prospective portfolio companies.