Genstar Capital Announces Sale Of ConvergeOne To Clearlake Capital - WAFB 9 News Baton Rouge, Louisiana News, Weather, Sports

Genstar Capital Announces Sale Of ConvergeOne To Clearlake Capital

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SOURCE Genstar Capital Management, LLC

SAN FRANCISCO, May 14, 2014 /PRNewswire/ -- Genstar Capital Management, LLC, a leading middle market private equity firm that focuses on investments in targeted segments of the software, financial services, healthcare, and industrial technology industries, today announced the sale of its portfolio company ConvergeOne, a leading independent provider of innovative communications solutions and managed services to enterprises globally, to Clearlake Capital.

Acquired by Genstar in 2007, ConvergeOne, headquartered in Eagan, MN, offers one source for comprehensive multivendor solutions – from initial design and implementation through ongoing consulting, technical support, and managed services across the spectrum of IT, contact center solutions, and unified communications.  ConvergeOne maintains strategic relationships with global solution leaders, including Avaya, Cisco Systems, IBM, Interactive Intelligence, and Microsoft.  ConvergeOne has over 4,100 customers, including 46% of the Fortune 100 companies, operating in virtually every industry, including the financial, technology/communications, healthcare, and energy sectors.

Mark D. Hanson, Genstar Operating Partner & Board member said, "We are proud and thankful of how John McKenna and the ConvergeOne management team significantly expanded the in-house maintenance & managed services business organically over the past seven years which was a key value driver for the company and our customers. During our ownership, ConvergeOne also successfully integrated a number of strategic acquisitions that enhanced its business performance and expanded its solutions and customer relationships."

John McKenna, CEO of ConvergeOne, said, "As a result of our successful partnership with Genstar we were able to differentiate the company by focusing on services and solutions, strengthened by a highly knowledgeable, independent sales organization.  The global market opportunity for communications solutions has a strong growth trajectory and we look forward to partnering with Clearlake Capital to leverage new initiatives and identify strategic acquisitions.  As communications solutions become increasingly complex we will continue to deliver value-added services and new product lines to our customers in the U.S. and internationally."

Jean-Pierre L. Conte, Chairman and Managing Director of Genstar Capital, added, "Genstar has developed deep domain knowledge in the technology industry and this sale further demonstrates our differentiated investment strategy and strength in execution to accelerate growth and profitability within our companies.  The ConvergeOne management team led by John McKenna, combined with the talents of Genstar's investment professionals and Strategic Advisory Board, generated superior value for our investors."

William Blair & Co. served as financial advisor to ConvergeOne and Weil, Gotshal & Manges served as legal counsel.

About ConvergeOne

ConvergeOne, headquartered in Eagan, MN, is a leading independent provider of data, communications, collaboration, and customer interaction solutions and managed services.  The Company provides essential consulting and project management services related to custom design, installation, implementation, maintenance, and managed services of best-in-class data and communication solutions. ConvergeOne offers a "one-stop" destination for its broad spectrum of valued customer relationships, providing in-depth technical expertise and total solution focus. Custom services include converged networks and unified communication solutions, call centers, system design, implementation, integration, maintenance, data storage and archiving, and other managed services, primarily for mid-sized and enterprise businesses. www.converge-one.com

About Genstar Capital, LLC

Genstar Capital (www.gencap.com) is a leading private equity firm that has been actively investing in high quality companies for more than 20 years. Based in San Francisco, Genstar works in partnership with its management teams and its network of operating executives and strategic advisors to transform its portfolio companies into industry-leading businesses. Genstar has more than $3 billion of committed capital under management and targets investments focused on selected sectors within the financial services, software, healthcare, and industrial technology industries.

Contact: Chris Tofalli
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