Presidio

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Founded in New York in 2003, Presidio is an IT solutions provider focused on serving SMEs with expertise across the entire range of customers’ needs, including cloud computing, digital infrastructure, and security solutions.

The Company has more than 6,660 customers worldwide, and and has long-standing relationships with leading technology providers including Amazon, Microsoft, Cisco and Dell.

Sector: TMT
Strategy: Private Equity
Investment year: 2019
Exit year: 2024
Region: North America
Investment status: Realised

The BC Angle

Sub-sector expertise

Extensive experience in US TMT and Business Services

Proprietary insights

Insights into Middle Market IT Services through prior investments

Partner of choice

Bilateral public to private transaction

Defensive growth

A ‘BC Company’ with attractive defensive growth characteristics

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The story

In 2019, recognising the company’s significant growth potential (leveraging insights on US middle-market IT services gained through prior investment in Altice), and defensive growth characteristics, BC Partners positioned itself as ‘Partner of Choice’ to management and acquired the Nasdaq listed company in a $2.1 billion take-private transaction.

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Investment thesis

Scale player in a large and growing market: Presidio is well-positioned to take advantage of the shift from pure product distribution to offering a full suite of IT solutions, allowing it to better serve the mid-market.
Strong engineering capabilities: IT organisations within mid-market businesses typically lack the internal resources and capability to keep pace with rapid advancements in technology, specifically around multi-technology, multi-vendor, and multi-cloud infrastructure. Presidio is well equipped to help clients address these challenges.
Diversified customer base:Presidio’s top 25 clients account for only 21% of FY’19 revenue and no single customer makes up over 2%.
Potential for consolidation: The IT solutions space is highly fragmented, offering opportunities for Presidio to grow through accretive acquisitions across national / international distribution and complementary verticals to increase product range and geographic reach.

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Building a better business

Under BC Partners’ ownership, the company initiated and completed a transformative growth plan, driving strong growth across key financial metrics and solidifying its position as a leading, international cloud services business.

BC Partners and Presidio management strategically pivoted the company to cloud, software and cybersecurity services which drove a meaningful uplift in performance. This repositioning delivered organic growth acceleration, margin expansion, and a significant increase in recurring revenue mix.

Identifying M&A expansion as a key growth driver, BC Partners also coordinated four accretive acquisitions that maximised market expansion and cross-selling opportunities. This included the transformational ‘tuck-in’ integration of ArkPhire, which drove Presidio’s expansion into key European markets, and Coda, which supercharged the Company’s growth in cloud services.

BC Partners also focused on improving Presidio’s operational capabilities. Working closely with the Presidio team, BC Partners supported the company through key managerial transitions, including a new CFO and Head of Business Development, as well as supported a number of operational initiatives in areas including working capital management.

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Our results together

In 2024, having executed on its investment thesis and delivered its ambitious growth plan, BC Partners agreed to sell its majority interest in Presidio to Clayton Dubilier & Rice (CD&R).

BC Partners retains a minority investment in the company, reflecting their conviction in Presidio’s continued success.