Norwest Equity Partners, one of the largest private equity firms in the Twin Cities, sold IT-services firm Bailiwick to ePlus Technology Inc. last week, according to an announcement issued Tuesday.
Terms of the deal were not disclosed.
Minneapolis-basedNorwest Equity invested in Chaska-based Bailiwick in 2017, becoming the IT firm's first institutional investment. Bailiwick sells services such as technology maintenance, installation and wireless design to large companies. It was founded in 1995 by former CEO Tim Andersen. Bob Marko became CEO of Bailiwick in 2014, after Andersen retired and sold his ownership shares to Marko.
After NEP's investment, Bailiwick broke the $100 million revenue ceiling, opened a 165,000-square-foot integration center in Shakopee and grew the IT firm to more than 450 employees, according to a statement. Bailiwick is a two-time Business Journal Fast 50 honoree, receiving the honor for being among the region's fastest-growing private companies in 2015 and 2020.
Founded in 1990, ePlus (Nasdaq: PLUS) is a Herndon, Virginia-based IT service provider with locations across the globe. The firm employs nearly 1,900 people. EPlus CEO Mark Marron said its purchase of Bailiwick will strengthen its client offerings in its business services and is part of the firm's growth strategy.
Winston & Strawn was legal adviser to NEP, and Lazard advised Bailiwick on the transaction.
