At the lower end of the middle market, private equity interest in cash flowing services businesses continues and this is particularly the case in with IT Services. Recently, it was announced that Texas-based private equity firm Baymark Partners had acquired Presidium Network Services, an IT services company in Lakeland, Florida.
Baymark Managing Director, David Hook, commented, “Now we have a presence in Florida, which we think is a large, fast-growing market.” He continued, “It just made a lot of sense from multiple points of view.”
They will integrate Presidium into their existing portfolio company Slappey Communications, which is based in Birmingham, Ala., and designs, implements and maintains business telephone systems, internet phone lines and business servers. The communications company also provides voice and data communication solutions. Baymark acquired Slappey in June 2019.
The private equity firm is focused on middle market service companies across industries including healthcare, business and IT services. Baymark also targets distribution, manufacturing and tech-oriented companies. It has acquired 18 companies since it was founded.
Hook provides additional insight into how they operate, “We look to work with entrepreneurs and management teams of companies that we can help grow and expand and take to the next level.”