RECENT RELEASESHarvest Partners Announces Acquisition of Service Express
NEW YORK, NYNOVEMBER 22, 2019
Harvest Partners, LP (“Harvest”), announced today that funds managed by Harvest have completed the acquisition of Service Express (the “Company”) from Pamlico Capital (“Pamlico”). Service Express, headquartered in Grand Rapids, Michigan, is a leading provider of post-warranty data center equipment maintenance services. The Company’s management team, led by CEO Ron Alvesteffer, will continue to lead Service Express, and remain significant owners of the business. Additional terms of the transaction were not disclosed.
Service Express provides third party, post-warranty data center maintenance services to more than 4,000 customers. Service Express has a strong value proposition as it provides services that maintain and extend the life of mission-critical data center equipment at quicker response times and a lower cost vs. post-warranty support offered by OEMs.
Of the transaction, Ron Alvesteffer said, “After a great partnership and successful run with Pamlico, we are excited to partner with Harvest as we move towards our next phase of growth and expansion. Harvest’s track record of aligning with the strategic growth plans of their management teams and the emphasis they put on people, culture and systems to support that growth really stood out to us. Service Express is poised to build on the momentum created with Pamlico and accelerate that into expanding our office footprint and market penetration as together we create more jobs and opportunities while continuing to provide best in class customer service to our valued customers. The resources and expertise that Harvest brings to our team will be key as we execute on our plan moving forward.”
“Ron and his team have done an incredible job creating a market leader in the data center TPM industry,” said Jay Wilkins, Chief Operating Officer of Harvest. “We look forward to providing additional financial and strategic resources to help them further build their market leadership.”
Stephen Carlson, Partner at Harvest, added, “We have evaluated every scale asset in the TPM space and Service Express is the fastest growing player in the industry.”
Stephen Fessler, Principal at Harvest, added, “Customers value Service Express’ customer-centric philosophy and commitment to service excellence, and we are thrilled to be partners with the Company through its next chapter of growth.”
Rothschild & Co and William Blair served as financial advisors and Alston & Bird LLP served as legal advisor to Pamlico and Service Express. Moelis & Company and Harris Williams acted as financial advisors to Harvest Partners. Harvest Partners’ legal advisor was Kirkland & Ellis LLP. Jay Wilkins, Stephen Carlson, and Stephen Fessler will join Ron Alvesteffer on the Board of Directors of Service Express.
About Service Express
Service Express is a leading third-party maintenance (TPM) provider of hardware support for data center infrastructure focused on mission-critical server, storage, and network equipment. In addition to post-warranty maintenance, Service Express offers hardware system solutions, sales and upgrades, OS support, IT asset recovery and data center relocation services. Founded in 1993, Service Express maintains multivendor data center equipment for mid-to-large organizations worldwide, including hospitals, universities, manufacturing facilities, financial institutions, government agencies and Fortune 500 companies. For more information about Service Express, visit www.serviceexpress.com.
About Harvest Partners
Founded in 1981, Harvest Partners is a leading New York-based private equity investment firm that focuses on investments in middle-market companies in the business services & consumer, healthcare, industrial services and manufacturing & distribution sectors. This strategy leverages Harvest Partners’ 35+ years of experience in financing organic and acquisition-oriented growth companies. For more information, please visit www.harvestpartners.com.