Covington Associates Announces Role in Recapitalization of Park Place Technologies
Boston, MA – November 7, 2012 – Covington Associates, LLC announced its role as financial advisor to Park Place Technologies, a leading provider of third-party hardware maintenance services to small and medium enterprises. Covington acted as exclusive M&A advisor to Park Place Technologies in its recapitalization with WestView Capital Partners, based in Boston, MA.
Headquartered in Cleveland, Ohio, Park Place provides hardware maintenance services, specializing in post-warranty server, storage and network devices, to over 1,500 customers primarily across North America. Park Place delivers mission-critical services through its network of field representatives to a broad mix of small and medium sized enterprises and Fortune 500 businesses. By servicing and extending the life of hardware, Park Place ensures maximum data uptime for its clients and allows customers high performance with reduced costs.
“We are excited to partner with Westview Capital Partners in this transaction and look forward to working with WestView to continue the growth of our business., said Ed Kenty, CEO of Park Place since 2004. .The Covington team did a great job of articulating our value proposition and ran a comprehensive and competitive process that resulted in a successful deal with our new partners.”
“Park Place Technologies leads the third-party data center hardware maintenance industry with superior service, experienced field professionals and a .service first. mantra. They continue to see healthy growth in a rapidly expanding market as cost prevention methods drive IT budgets and data center managers look for ways to prolong the life of critical hardware” said Tim McMahon, Managing Director at Covington Associates and lead advisor on the sale. “We were pleased to be able to assist Ed Kenty and his exceptional teams in this transaction, helping them expand their business and continue on their path as a superior service provider.”
Abacus Finance Group, LLC provided senior debt financing for the transaction. Financial terms of the deal have not been disclosed.
About Park Place Technologies:
Park Place Technologies is a provider of third-party hardware maintenance services, focused on servers, storage and other hardware in the data center. The Company’s services allow IT department’s meaningful savings while maintaining high service levels. The Company’s customer base is comprised of over 1,500 organizations across a variety of industries, which make up more than 5,500 locations primarily in the United States and Canada. Park Place is headquartered in Cleveland, OH with an additional office in Marlborough, MA.
For more information, please visit www.parkplacetechnologies.com
About Covington Associates LLC
Covington Associates is a specialty investment banking firm founded in 1991 serving business service, consumer, industrial, healthcare, and technology companies throughout the country. Focused on mergers and acquisitions, debt and equity capital raising, debt and equity restructuring, and strategic advisory assignments for middle market companies, Covington Associates has completed transactions ranging in value from $10 million to nearly $2 billion for both private and publicly traded companies.
To learn more about Covington Associates, visit www.covllc.com.
Covington Associates LLC