Harvest Partners Completes Sale of Service Express to Warburg Pincus

NEW YORK, Aug. 15, 2024 /PRNewswire/ -- Harvest Partners, LP ("Harvest"), today announced the closing of the sale of Service Express (the "Company"), a leading provider of data center services, to Warburg Pincus LLC ("Warburg Pincus"). The Company's management team, led by CEO Ron Alvesteffer, will continue to lead Service Express in its next stage of growth.

Service Express is a leading provider of third-party, post-warranty data center maintenance services, as well as managed services, to a diverse range of customers. The Company offers services that maintain and extend the life of mission-critical data center equipment. Headquartered in Grand Rapids, Michigan, with locations across the United States and Europe, Service Express serves end customers across six continents.

Steve Fessler, Partner at Harvest, noted, "When we partnered with Service Express, we embarked on a plan with management to build upon the Company's market-leading position in the third-party maintenance space and accelerate its growth. Since then, we have successfully expanded into Europe, added new service offerings, and invested heavily in the Company's salesforce and go-to-market strategy."

Harvest first partnered with Service Express in 2019 and, together with management, helped build the Company into a global, end-to-end data center service provider. Under Harvest funds' ownership, Service Express has grown via a combination of consistent organic growth and acquisitions and enhanced its complementary suite of hybrid cloud solutions for data center infrastructure.

"We are incredibly proud of what we have been able to accomplish since partnering with Harvest in 2019," said Ron Alvesteffer, CEO of Service Express. "On behalf of the entire Service Express team, I would like to thank Harvest for its continued support and strategic direction over the last few years, and we are excited about our new collaboration with Warburg Pincus for the next chapter of the Company's growth."

"It has been a pleasure to work with Ron and his team to nearly triple the size of the Company since our initial investment. Ron and the entire Service Express organization have been great partners, and we thank them for their tremendous efforts. We look forward to watching their continued success with Warburg Pincus," added Steve Carlson, President of Private Equity at Harvest.

William Blair and J.P. Morgan served as financial advisors and Kirkland & Ellis LLP served as legal advisor to Harvest and Service Express.

Service Express is a leading data center solutions provider specializing in multivendor maintenance, managed infrastructure and hardware services. For more than 30 years, Service Express has worked alongside organizations worldwide to deliver results by maximizing infrastructure investments, refining IT strategies and adapting to evolving demands. Service Express continues to be recognized for its commitment to providing long-term, people-powered solutions that build lasting relationships and exceed expectations. For more information, visit serviceexpress.com. 

Founded in 1981, Harvest Partners, LP is an established private equity investment firm with over 40 years of experience investing in middle-market companies and partnering with high-quality management teams to acquire and build growing businesses.  For more information, please visit www.harvestpartners.com.

Contact:

Lambert
Lisa Baker
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603-868-1967
or
Caroline Luz
[email protected]
203-570-6462

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SOURCE Harvest Partners, LP