PE-Backed The Purple Guys Acquires Accelerate
Private equity-backed managed IT services firm The Purple Guys has acquired Accelerate, an Indianapolis, Indiana-based IT managed services provider. Financial terms of the deal were not disclosed. FOCUS Investment Banking, a national middle market investment banking firm, served as catalyst, and exclusive financial advisor to Accelerate on the deal.
This is technology M&A deal number 453 that ChannelE2E has covered so far in 2022. See more than 1,000 technology M&A deals involving MSPs, MSSPs & IT service providers listed here.
Founded in 1995, Accelerate provides a suite of IT managed services to businesses in the Indianapolis market. The acquisition expands The Purple Guys’ presence in the central United States and increases the company’s headcount to 200 people, the company said.
The Purple Guys Acquires Accelerate: Leadership Insight
Kevin Cook, CEO, The Purple Guys, commented:
“Since founding Accelerate, Tony Schafer has done a tremendous job building a highly qualified, professional team focused on providing best in class IT support and services to long-tenured, loyal clients. We are thrilled that the talented Accelerate team will be joining The Purple Guys as we look to expand our presence in this attractive and growing market.”
Tony Schafer, founder and president of Accelerate, said:
“I am proud to join forces with The Purple Guys to bring their unique brand and industry-leading solutions to the Central Indiana area. The two companies share a philosophy of empowering our clients by delivering mission critical IT services, tailored strategies and world-class support. We look forward to building on our historical success as a part of The Purple Guys and creating new opportunities for our highly talented teams.”
About The Purple Guys
The Purple Guys’ roots begin with the merger of two IT firms, ECS and My IT, in January 2020; a deal that was backed by private equity firms Kian Capital and ParkSouth Ventures. FOCUS Investment Banking also advised on that deal.
The combined ECS/My IT company has made multiple acquisitions, including Kansas City, Kansas-based managed service provider The Purple Guys in February 2021 and Network Technologies in May of the same year. In January 2022, the company acquired Technology Pointe (Tech Pointe), an Austin, Texas-based IT managed services provider, for an undisclosed amount. The overall business then rebranded as The Purple Guys.
Cook says the company remains committed to its strategic growth plan and in 2022, the company plans to continue executing on its acquisition strategy across the Central and Southern United States.