Platinum Equity Holdings has entered into an agreement to divest Hebron, Kentucky-based Pomeroy IT Solutions, Inc. to Clearlake Capital Group LP, who will combine the acquired entity with its portfolio company Tolt Solutions to create The Pomeroy Group which will have over 4,000 employees and nearly $1B in annual revenues. Pomeroy is a provider of comprehensive IT infrastructure services to clients in sectors including banking/financial services, manufacturing, energy, environment, retail, and the public sector. The company's government clients are primarily state and local municipalities including The Port Authority of NY and NJ, Commonwealth of Kentucky, and the State of West Virginia.
According to the company's press release: "The creation of the Pomeroy Group will enable each business to benefit from expanded scale, corporate resources, service capabilities and financial flexibility. Tolt Solutions will operate as a standalone division within the Pomeroy Group, maintaining its core focus as the leading retail industry-focused IT expert providing managed services to grocery, retail, convenience, food service and distributed enterprise customers."
Terms of the deal were not disclosed. Financing will be provided by Natixis and Brightwood Capital Advisors. William Blair is the financial advisor to Pomeroy and PJT Partners is the financial advisor to Tolt Solutions.
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