Presidio set for second PE takeover

Clayton Dubilier & Rice are taking over a majority stake into the US reseller from BC Partners

Private equity firm Clayton Dubilier & Rice (CD&R) is acquiring a majority stake in US reseller Presidio.

Previous owners and PE firm BC Partners will also retain minority ownership interest in the company.

Presidio has over 6,660 customers and relationships with technology providers such as Amazon, Palo Alto Networks, Microsoft, Google, Cisco and Dell and more than 3,500 team members.

Its European and UK presence is considerably smaller, with around 280 employees and offices in Dublin and London.

"CD&R is an experienced technology investor with a longstanding track record of applying an operational mindset to build businesses with enduring value, and our leadership team and I are excited to welcome CD&R as Presidio's new investment partner," said Bob Cagnazzi, CEO of Presidio.

"We remain committed to growing by continuing to deliver high-quality technology solutions and services to help our customers deliver impactful outcomes through the strategic use of technology.

"The technology depth of our Presidio team, along with the operating expertise of CD&R and continued support of BC Partners, will help us execute on our ongoing business evolution to deliver world-class solutions to customers, drive deeper relationships with our technology ecosystem partners, and create opportunities for our employees worldwide."

BC Partners acquired Presidio in 2019, successfully delisting the company from the Nasdaq in a $2.1bn take private transaction.

Under BC Partners' ownership, Presidio initiated and completed its growth plan, developing its cloud services business and expanding internationally.

In turn, the company realised strong growth across key financial metrics.

Upon completion of the transaction, CD&R operating partner Bill Berutti will serve as chair of Presidio's board of directors.

"Presidio is at an important and exciting inflection point, and we are thrilled to have the opportunity to partner with Bob and his colleagues and the BC Partners team to help the company seize the numerous growth opportunities in front of it," said Berutti.

"We have followed Presidio closely for some time and continue to be impressed by its growth and the management team's strategic vision and execution abilities. We are excited to support the business and build on the already strong relationships they have with their customers."

The transaction is expected to close in the second quarter of 2024 and subject to customary closing conditions.