POMEROY AND TOLT SOLUTIONS TO COMBINE TO CREATE THE POMEROY GROUP OF COMPANIES, A LEADING PROVIDER OF IT INFRASTRUCTURE SOLUTIONS AND MANAGED SERVICES
Backed by Clearlake Capital Group, the Companies will Operate as Standalone Divisions and Continue to Offer Comprehensive, Industry-Specific IT Solutions
Santa Monica, CA, Hebron, KY, and Taylors, SC (October 26, 2015) – Pomeroy and Tolt Solutions, recognized industry leading providers of comprehensive IT infrastructure solutions and managed services, today jointly announced that the companies will combine to become part of the newly created Pomeroy Group of Companies (“Pomeroy Group”). As part of the transaction, Clearlake Capital Group, L.P. (together with its affiliates, “Clearlake”) entered into a definitive agreement to acquire Pomeroy and simultaneously back the combination of Pomeroy with Tolt Solutions. The Pomeroy Group, with over 4,000 employees and nearly $1 billion in annual revenue, will possess industry-leading IT infrastructure expertise and service capabilities across a broad set of end markets and customers.
The creation of the Pomeroy Group will enable each business to benefit from expanded scale, corporate resources, service capabilities and financial flexibility. Tolt Solutions will operate as a standalone division within the Pomeroy Group, maintaining its core focus as the leading retail industry-focused IT expert providing managed services to grocery, retail, convenience, food service and distributed enterprise customers.
The Pomeroy Group will continue to be led by the existing management teams, including Clearlake Executive Council Member, Keith Bradley, who will remain as Executive Chairman, Chris Froman as Chief Executive Officer of the Pomeroy Group, and Jack Gularson, who will remain President and COO of the Tolt Solutions division.
“Pairing Pomeroy and Tolt Solutions creates a significant scale IT solutions and managed services provider with a highly experienced, combined management team, bolsters the resources of each company, and establishes an attractive platform for continued growth,” said Behdad Eghbali and James Pade of Clearlake. “We look forward to working with this excellent team as we continue to invest in and build the comprehensive platform.”
Bradley stated, “The trend for customers to outsource to a single scaled, consistent and reliable national services provider is accelerating. This is driven by the increasing complexity of infrastructure technology solutions, and seamless management is critical to both day-to-day operations and the execution of strategic growth initiatives. We will continue to add capabilities organically and through acquisition to further enhance our value proposition to our customers and partners. I look forward to working with Chris and his world-class team.”
“We are delighted to announce our new relationship with Clearlake and Tolt Solutions,” said Froman. “Clearlake has a proven track record of supporting focused growth, and our team is excited to further expand Pomeroy’s service offering by making additional investments in network, data center, and security services, while maintaining our intense focus on customer success.”
“Our partnership with Pomeroy will accelerate the success we have enjoyed with Clearlake by enhancing our capabilities and resources to better serve our customers. We are looking forward to partnering with Pomeroy’s management team to execute on our shared growth plan for the combined company,” added Gularson.
Terms of the transaction were not disclosed. The transaction is subject to customary closing conditions.
Natixis and Brightwood Capital Advisors are providing fully committed debt financing for the transaction. William Blair served as the financial advisor to Pomeroy, and PJT Partners served as the financial advisor to Tolt Solutions.
ABOUT CLEARLAKE CAPITAL GROUP
Clearlake Capital Group, L.P. is a private investment firm with a sector-focused approach. The firm seeks to partner with world-class management teams by providing patient, long-term capital to dynamic businesses that can benefit from Clearlake’s operational and strategic expertise. The firm’s core target sectors include industrials, energy and power; technology, communications and business services; and consumer products and services. Clearlake currently has over $3.2 billion of assets under management. More information is available at www.clearlakecapital.com.
ABOUT POMEROY
Pomeroy provides high quality IT infrastructure services from its locations throughout the United States, Canada, Latin America and Western Europe. Pomeroy’s portfolio of infrastructure managed services includes End User Services and Network, Data Center and Cloud Services. A recognized leader in the End User Services markets, Pomeroy’s ITIL-certified professionals employ a process-centric approach to working with clients, either remotely or on premise, to assess, plan, design, build, test, implement, manage and ultimately optimize each client’s IT infrastructure, leading to the creation of tangible business value and return on their IT investments. More information is available at www.pomeroy.com.
ABOUT TOLT SOLUTIONS
Tolt Solutions provides innovative technology solutions and managed services to retail and distributed enterprise customers in North America. For over 40 years, Tolt Solutions has consistently delivered mission-critical infrastructure management solutions to its customers through its comprehensive managed service offering and national footprint, which provides customers with a single point‐of‐contact for all their in‐store technology needs. More information is available at www.toltsolutions.com.
MEDIA CONTACT
For The Pomeroy Group
Anne O’Neill
VP, Marketing
859-586-0600
[email protected]
For Clearlake
Kristin Celauro
(732) 264-1131
[email protected]
Jennifer Hurson
(845) 507-0571
[email protected]
