Salt Creek Capital Acquires IT Assist, Inc.
MINNEAPOLIS, MN – August 1, 2020 – Sunbelt Business Advisors (“Sunbelt”) served as the exclusive financial advisor to IT Assist, Inc. (IT Assist), a leading provider of outsourced technology services to companies headquartered in the greater Philadelphia metro area, in connection with a sale of the Company to Salt Creek Capital. Specific terms of the transaction, which closed on June 17, 2020, were not disclosed.
Founded in 2011 by Stewart and Nancy Paul, IT Assist is the largest franchise operator for TeamLogic IT, the largest franchisor of managed IT services with over 200 locations in the US. Stewart Paul stated “Founding and leading the growth of our Company within the TeamLogic IT network has been an incredible experience. We are proud of what we have built here and the incredible staff and management team who have accompanied us on this journey. It was critical that we leave our company in good hands. Thanks to Brent Engelbrekt, Kirill Graminschi, and rest of the Sunbelt team, we feel we have done just that. Our staff and management team are really excited about Salt Creek Capital and opportunities along with significant resources they bring to the table.”
“While we have a dedicated franchise resales division within Sunbelt, it made more sense to market this particular transaction through our M&A practice”, said Engelbrekt. “This was a fun deal to work on and both sides were great to work with. Covid-19 really did not get in the way of what we were doing, which goes to show that there are always optimal buyers out there for solid, well-run businesses. For us, it all came down to picking the right one and, in that regard, I would say mission accomplished. Pratik Roychoudhury, the company’s new CEO, and Salt Creek Capital, will do a great job of taking this company to the next level and preserving the legacy that Stuart and Nancy Paul have built.”
About IT Assist, Inc. – Headquartered in Newtown, Pennsylvania, IT Assist is a leading provider of IT managed services. IT Assist has grown to become the top franchise operator for Team Logic IT the largest franchisor of outsourced managed IT services in the greater Philadelphia metro area. IT Assist provides outsourced managed IT services with a specialization in cloud computing, data backup, disaster recovery, business continuity, and IT solutions for mixed PC/MAC environments.
About Salt Creek Capital – Salt Creek Capital is a San Francisco Bay Area-based private equity firm that partners with experienced operating executives to acquire profitable companies with up to $100 million revenue. Salt Creek Capital takes a long-term approach to investing in lower middle market businesses and seeks to create value by working closely with management teams to accelerate growth and improve operating efficiencies.
About Sunbelt® – Sunbelt® sells more companies than any other firm in the world. Founded in 1978 Sunbelt now has 200 offices worldwide helping people buy and sell businesses.
Sunbelt Business Advisors’ Minneapolis office offers services for business owners interested in selling their businesses, assistance with merger and acquisition activities, complimentary business value assessments, and help for business owners in understanding how to maximize their net after-tax proceeds when they exit. The firm provides business brokerage and M&A advisory services for companies with revenues from $500,000 to $100 million, as well as exit planning, franchise sales, consulting, and business valuation services.
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