Published in Manufacturing

Service Express acquired by NYC private equity firm

BY MIBIZ STAFF Monday, December 02, 2019 09:06am

GRAND RAPIDS — Data center equipment maintenance service provider Service Express LLC has been sold to a New York City private equity firm. 

In the deal, Charlotte, N.C.-based Pamlico Capital, which had owned Service Express since July 2015, sold the firm to New York-based Harvest Partners LP, according to a statement. 

Ron Alvesteffer COURTESY PHOTO

Under Pamlico Capital’s ownership, Service Express grew revenues 128 percent and increased its offices from 29 to 47, as well as completed several strategic acquisitions. 

Service Express CEO Ron Alvesteffer and the management team will continue to lead the company, and they remain “significant owners of the business,” according to a statement.

“Harvest’s track record of aligning with the strategic growth plans of their management teams and the emphasis they put on people, culture and systems to support that growth really stood out to us,” Alvesteffer said in a statement. “Service Express is poised to build on the momentum created with Pamlico and accelerate that into expanding our office footprint and market penetration as together we create more jobs and opportunities while continuing to provide best in class customer service to our valued customers. 

“The resources and expertise that Harvest brings to our team will be key as we execute on our plan moving forward.”

Terms of the deal were not disclosed. 

According to Harvest Partners’ website, the middle market-focused PE firm provided equity capital and arranged the debt financing for the transaction, as well as arranged equity co-investment capital.

Rothschild & Co. and William Blair & Co. LLC served as financial advisers to Pamlico and Service Express, which were represented by Alston & Bird LLP. Harvest Partners was advised by Moelis & Co. and Harris Williams, and was represented by legal adviser Kirkland & Ellis LLP.

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