Permira Debt Managers co-leads $550m financing to support Getronics NV acquisition of Pomeroy LLC13 July 2018
Permira Debt Managers (“PDM”) has co-led a $550 million first lien facility for Getronics N.V. (“the Company”). The new loans will have a six year maturity and be split between Euros and Dollars. PDM acted as co-lead arranger alongside CPPIB with White Oak Capital also participating.
The financing supports the Company’s acquisition of Pomeroy LLC, the second largest provider of workspace IT in the U.S.
Getronics N.V. announced a definitive agreement to acquire 100% of the share capital of Pomeroy LLC from Clearlake Capital LLP.
Following the acquisition of Pomeroy, the combined business will be a global leader in outsourced IT solutions for mid-sized enterprises. The combined business will have more than 9,000 employees across more than 20 countries and generate more than $1.3Bn of revenue.
Both businesses are benefitting from the long-term trend to outsource IT services and an increasing demand for cloud computing, app development and cyber security. Getronics is now able to deliver sophisticated integrated IT solutions to its expanding customer base across multiple geographies and industry verticals.
Nana Baffour Chairman and Group CEO, Getronics: “I am particularly grateful to the support we received from our existing lender and partner Permira Debt Managers in this landmark and transformational transaction for us. Their understanding of our vision after the initial Getronics acquisition enabled them to be instrumental right from the initial stages of the Pomeroy opportunity and their commitment, dedication and hard work supporting me and my team in the execution of this transaction was critical to our eventual success.”