Data centre services firms Park Place Technologies and Service Express are merging following a private equity deal.
Warburg Pincus, together with a “significant” minority investment by Temasek, has signed a definitive agreement to make a majority investment in Park Place Technologies.
After the transaction closes, Park Place and Service Express, an existing Warburg Pincus portfolio company, will merge to create a global data centre services company with over 3,000 employees and over 25,000 customers across North America, Europe, Asia and South America.
Charlesbank Capital Partners and GTCR, who have jointly supported Park Place's growth since 2019, will exit their investment as part of the transaction.
“Expanded geographic coverage and a broader range of technical capabilities will provide more reliable support across a wider spectrum of technologies, including services for emerging technologies such as GPU maintenance and liquid cooling, as well as managed infrastructure services, all of which will be essential as companies accelerate their investment in artificial intelligence and digitisation,” said Warburg Pincus.
Upon the deal closing, Chris Adams, CEO of Park Place, will become CEO of the combined company, and Ron Alvesteffer, CEO of Service Express, will serve as a director on the combined company's board.
"The rapid evolution of data centre technology presents a historic opportunity, and I am confident that bringing together Service Express and Park Place will allow us to capitalise on this moment," said Chris Adams. “Together, we will combine the global presence, customer-driven culture and employee-centric values of Park Place with the nimble, service-first focus of Service Express, powered by the passion and commitment of our combined employees around the world.”
Both companies are headquartered in the US, and both have a significant presence in Europe. Park Place has made a number of recent acquisitions.
