HOUSTON, July 18,
2022 /PRNewswire/ -- Meriplex, a leader in managed
cybersecurity, IT and SD-WAN solutions focusing on SMB and
mid-market enterprises in the United
States, is pleased to announce the completion of a
transaction in which Vitruvian Partners acquired a majority
interest in Meriplex. Meriplex existing shareholder Clairvest
Group Inc. (TSX: CVG) ("Clairvest") is retaining meaningful equity
in Meriplex and will remain as a minority shareholder alongside the
Meriplex management team led by Founder & CEO David Henley, who will continue to run the
business.
Meriplex has a strong track record of industry-leading organic
growth, financial performance and since 2018 has completed 13
acquisitions, expanding its reach to become a nationwide leader.
EBITDA in 2022 is expected to be 10x of that achieved in 2017.
"Vitruvian Partners will help further accelerate our rapid
growth, enabling us to continue to expand our nationwide footprint
and capabilities to better serve our customers. We
are very excited about this new partnership with them and
to continue collaborating and partnering with Clairvest,"
says David Henley, Founder & CEO
of Meriplex. "I am very proud of what we have achieved over the
last few years and am excited to continue growing Meriplex and our
customer relationships alongside Vitruvian as our new private
equity partner."
David Nahama, Senior Partner at
Vitruvian Partners, says: "We have been very impressed with the
track record of growth at Meriplex and have seen the company
consistently outperform, including executing multiple strategic
acquisitions. Meriplex has established a nationwide leadership
position in the highly attractive managed cybersecurity, IT and
SD-WAN solutions markets, allowing it to deliver compelling and
differentiated solutions to its customers, underpinning its
attractiveness from an investment perspective. We approached David
late last year and are delighted to be partnering with him, the
broader Meriplex team and Clairvest on the next significant chapter
of expansion and success for Meriplex." Luuk Remmen, Partner at Vitruvian Partners,
adds: "Vitruvian Partner's investment in Meriplex builds on our
longstanding track-record and experience in cybersecurity,
enterprise networking and managed services. Together with
Clairvest, we believe we have significant capital and capabilities
to support the growth and acquisition aspirations of Meriplex."
"We are incredibly proud of the Meriplex team. They successfully
executed an aggressive growth plan and matured the business into a
national player," says Mitch Green,
Managing Director at Clairvest. "David and his team have been
relentless in their pursuit of opportunities to grow and strengthen
the business. We are thrilled to reinvest a meaningful equity stake
into the transaction along with our management partners and welcome
Vitruvian, whom we believe will be a great partner for this next
stage of growth."
Q Advisors acted as exclusive financial advisor to Meriplex in
connection with the transaction. Torys LLP acted as legal advisor
to Meriplex. Evercore acted as exclusive financial advisor to
Vitruvian in connection with the transaction. Kirkland & Ellis
LLP and Jenner & Block LLP acted as legal advisors to
Vitruvian.
About Meriplex:
Meriplex is a managed cybersecurity,
IT, and SD-WAN solutions provider that enables transformation by
combining secure, innovative technology with advanced expertise. As
a trusted partner, we deliver business-driven solutions that
provide the scalability and support needed to power growth for
organizations. To learn more, visit www.meriplex.com or follow us
on LinkedIn.
About Vitruvian:
Vitruvian is an international growth
capital and buyout firm headquartered in London with offices in London, Stockholm, Munich, Luxembourg, San
Francisco, and Shanghai.
Vitruvian focuses on dynamic situations characterized by rapid
growth and change across industries spanning information
technology, financial services, life sciences & healthcare,
media, and business and consumer services. Vitruvian Funds have
backed over 70 companies and have assets under management of
approximately €10 billion. Notable investments to date include
global market leaders and innovators in their field such as
Expereo, Bitdefender, Farfetch, Just Eat, Trustpilot, Easypark,
Unifaun, Marqeta, Global–e and CRF Health, Vitruvian is a signatory
of the UN supported Principles of Responsible Investment ("PRI").
To learn more, visit www.vitruvianpartners.com.
About Clairvest:
Clairvest's mission is to partner
with entrepreneurs to help them build strategically significant
businesses. Founded in 1987 by a group of successful Canadian
entrepreneurs, Clairvest is a top performing private equity
management firm with over CAD $3.2
billion of capital under management. Clairvest invests its
own capital and that of third parties through the Clairvest Equity
Partners limited partnerships in owner-led businesses. Under the
current management team, Clairvest has initiated investments in 57
different platform companies and generated top quartile performance
over an extended period. To learn more, visit
www.clarivest.com.
Media Contacts:
Macy Kirk
Meriplex
mkirk@meriplex.com
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SOURCE Meriplex Communications