Pamlico Capital (“Pamlico”) and the management team of Service Express, Inc. (“SEI” or the “Company”) announced today that Pamlico has made a growth investment in the Company. Chief Executive Officer, Ron Alvesteffer, and other executive management team members will maintain significant ownership of SEI and will continue to manage the growth of the Company with support from Pamlico. Detailed terms of the transaction have not been disclosed.
Headquartered in Grand Rapids, Michigan, SEI is a leading provider of Third Party Maintenance (“TPM”) services for mission‑critical data center infrastructure focused on server and storage equipment. SEI has extensive expertise across a broad range of products including IBM, HP, Sun, Dell and Proliant servers, along with EMC, STK, NetApp and Hitachi storage equipment. The Company also provides additional service solutions such as hardware system solutions, sales and upgrades, OS support, and data center relocations. Today, the Company services more than 2,500 maintenance customers across 30 offices in 13 states.
Mr. Alvesteffer noted, “We are extremely proud of our team and what we have built at SEI, and are very excited to partner with Pamlico as we embark on our next phase of growth. Their track record of supporting management teams in pursuit of strategic growth plans and the level of importance they place on culture, systems, and processes really made them stand out. SEI is poised to accelerate growth as we invest in expanding our footprint to offer greater coverage to our customers and as the market becomes increasingly aware of the many benefits of outsourcing IT maintenance to TPM providers. The resources and expertise Pamlico brings to our team will be critical assets as we execute on our plan moving forward.”
Pamlico Managing Partner Scott Perper said, “Our focus on making equity investments in growing and profitable industry-leading companies led us to SEI. We are tremendously impressed by the caliber and breadth of the management team, as well as the opportunity SEI has to capitalize on the favorable trends in the server and storage device maintenance market.” Pamlico Partner Stuart Christhilf added, “SEI’s customer service is unmatched in the industry, as evidenced by its leading Net Promoter Score and incredibly high customer retention. We hope to support this team in leveraging their strong existing platform to drive continued growth.” SEI will represent the sixth investment in Pamlico Capital III, a fund with $650 million of committed capital.
SEI was advised by Ernst & Young Capital Advisors, LLC (exclusive financial advisor) and Barnes & Thornburg LLP (legal advisor). Pamlico was advised by Alston & Bird LLP (legal advisor).
Based in Grand Rapids, MI, SEI is a leading provider of Third Party Maintenance (“TPM”) services for mission‑critical data center infrastructure focused on server and storage equipment. As a TPM provider, SEI also provides additional service solutions including hardware system solutions, sales and upgrades, OS support, and data center relocations. Today, SEI maintains servers and storage in data centers for hospitals, manufacturing plants, universities, banks, Fortune 500 companies, financial institutions, government agencies, and other mid to large companies across 33 offices in 15 states. For more information about SEI, visit www.seiservice.com.
Pamlico Capital is a private equity firm founded in 1988 that invests in growing middle market companies in the U.S. Pamlico Capital seeks control-oriented growth equity and buyout investments of up to $100 million alongside proven management teams in its target industries: Business & Technology Services, Communications, and Healthcare. Since inception, the firm, based in Charlotte, NC, has invested over $2.5 billion. For additional information, please visit www.pamlicocapital.com.