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July 11 (Reuters) – Private equity firm BC Partners Ltd is exploring a sale of Presidio Inc, which could value the U.S. information technology provider at more than $4 billion including debt, two people familiar with the matter told Reuters.
BC Partners is working with an investment bank for a sale process for New York-based Presidio, said the sources, who requested anonymity because the matter is confidential. Presidio generated $3.1 billion in revenue and had earnings before interest, taxes, depreciation and amortization of more than $350 million in 2021, the sources said.
A BC Partners spokesperson declined to comment. Presidio did not immediately respond to a request for comment.
Presidio provides secured cloud-based technology to organizations ranging from government agencies to businesses such as Amazon.com Inc (AMZN.O), Cisco Systems Inc (CSCO.O), Dell Technologies Inc (DELL.N) and Intel Corp (INTC.O). It has about 8,000 customers worldwide.
Like many technology companies, Presidio benefited from a surge in demand for IT services during the COVID-19 pandemic, as companies invested more to adapt to the remote working environments and boost cybersecurity capabilities.
Presidio has had several private equity owners since it was founded in 2003. Buyout firm American Securities acquired Presidio in 2011 for an undisclosed amount. It sold the company to Apollo Global Management Inc (APO.N) three years later for about $1.3 billion, Reuters reported at the time.
Apollo took Presidio public in 2017 and BC Partners took it private in 2019 in a $2.1 billion deal. Under BC Partners’ ownership, Presidio has acquired several smaller rivals including Irish IT consulting firm Arkphire and Charlotte, North Carolina-based ROVE.
Based in London, BC Partners has $40 billion in assets under management spread across healthcare, financial services and industrials in Europe and North America.
Reporting by Krystal Hu and Chibuike Oguh in New York
Editing by Matthew Lewis
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