Herndon's ePlus Technology Inc. has acquired IT services company Bailiwick Services LLC from Minneapolis private equity firm Norwest Equity Partners.
Terms of the deal, announced Tuesday, were not disclosed.
Founded in 1990, ePlus (NASDAQ: PLUS) is an IT services 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.
EPlus is the 35th-largest public company in Greater Washington based on revenue, according to Washington Business Journal research. Last year, it posted $2.23 billion in revenue, a 12.49% improvement over the previous year, and $115.78 million in net income.
Norwest Equity invested in Chaska, Minnesota-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, Minnesota, and grew the IT firm to more than 450 employees, according to a statement.
Winston & Strawn was legal adviser to NEP, and Lazard advised Bailiwick on the transaction.
