Private Equity Firm Acquires MSP, Buys TeamLogic IT Franchise in Philadelphia
Private equity firm Salt Creek Capital has acquired IT Assist, a managed IT services provider (MSP) and TeamLogic IT franchise operator in Philadelphia, Pennsylvania. Financial details were not disclosed.
This is M&A deal 268 that ChannelE2E has covered so far in 2020. See the complete M&A deal list here.
To be clear: The overall TeamLogic IT organization — with more than 200 franchise locations across the United States — has not been acquired. This deal specifically involves the Philadelphia location.
Salt Creek Capital Acquires IT Assist: MSP Business Details
IT Assist manages 11 territories in the greater Philadelphia metro area, the company says. Key services and areas of expertise include cloud computing, data backup, disaster recovery, business continuity, and IT solutions for mixed Windows PC and Apple Macintosh environments, the company adds.
IT Assist was founded in 2011 by Stewart and Nancy Paul. The MSP’s day-to-day leadership now transitions to incoming CEO Pratik Roychoudhury — an MSP industry veteran who previously ran Concertium and Mylatch. Roychoudhury has also been building Captain’s Chair — a next-generation business management dashboard for MSPs.
Salt Creek Capital is a San Francisco Bay Area-based private equity firm that seeks to acquire profitable companies with up to $100 million in revenue.
Salt Creek Capital Acquires IT Assist: Executive Perspectives
In a prepared statement about the deal, IT Assist founders Stewart and Nancy Paul said:
“Founding and leading the growth of this Company within the TeamLogic IT network has been an incredible experience. We are pleased to have worked with Salt Creek Capital and Pratik Roychoudhury on this transaction and am confident that together they will improve and expand IT Assist’s strong market presence.”
“I’m very thankful to Stewart and Nancy for entrusting us with this opportunity to lead IT Assist into its next phase of growth. IT Assist is a clear market leader in the outsourced managed IT services industry, and I look forward to working with the company’s talented management team to continue expanding the business. It was a pleasure working with Salt Creek Capital on this transaction who brings tremendous experience and leadership capabilities to this market.”
Concluded Daniel Price, director of Salt Creek Capital:
“Pratik is an exceptional entrepreneur and operator with successful experience in the IT managed services industry, and we’re excited to support him and the Company’s next phase of profitable growth. We believe that demand for IT managed services will continue to rise as a greater number of companies adopt mobility and cloud computing strategies and seek out ways to more efficiently managed their IT operations.”
Meanwhile, M&A activity in the IT services market slowed a bit when the coronavirus pandemic took hold in North America, but deal flow worldwide began to re-accelerate in the May 2020 timeframe, ChannelE2E has reported.