Private equity firm BC Partners has announced the sale of IT group Presidio to US investor, Clayton Dubilier & Rice (CD&R).

As part of the transaction, the value of which was undisclosed, funds affiliated with BC Partners will retain minority ownership interest in Presidio.

US-based Presidio provides IT and digital solutions and has relationships with technology providers such as Amazon, Palo Alto Networks, Microsoft, Google, Cisco and Dell.

BC Partners, headquartered in London, acquired Presidio in 2019 when it successfully delisted the company from the Nasdaq in a $2.1bn (£1.7bn) take private transaction. Under BC Partners’ ownership, Presidio completed a transformative growth plan, developing a cloud services business and expanding internationally.

Presidio CEO, Bob Cagnazzi, commented: “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 its true partnership, as we expanded our offerings as a leading technology services and solutions provider.”

BC Partners has over €40bn (£34.3bn) in assets under management across private equity, private debt, and real estate strategies. Since its foundation, the group has completed over 127 private equity investments in companies with a total enterprise value of over €160bn (£137bn) and is currently investing its eleventh private equity buyout fund.

Partner at BC Partners, Fahim Ahmed, added: “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 its next chapter of growth.”

The transaction remains subject to customary closing conditions and is expected to close in the second quarter of 2024.

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