Clearlake Acquires Tolt Service Group and Forms Tolt Solutions through the Merger with Kyrus Solutions
Tolt Solutions will continue to provide comprehensive IT solutions and managed services to leading retailers worldwide
GREENVILLE, S.C. & SANTA MONICA, Calif., January 6, 2014-- Clearlake Capital Group, L.P. (together with its affiliates, “Clearlake”) today announced the formation of Tolt Solutions, Inc. (“Tolt Solutions” or the “Company”), a leader in outsourced retail IT services and solutions. Tolt Solutions combines the business operations of Kyrus Solutions, Inc. (“Kyrus”) and Tolt Service Group, which together have more than 50 years of retail IT experience. The Company will employ approximately 900 experienced retail IT consultants and continue to serve over 37,000 customer locations in the United States and Canada.
“We are committed to building an even stronger global company via a combination of acquisition and organic growth, ultimately providing more dynamic and expanded services to our current and future customers,” said Keith Bradley, Chairman and CEO of Tolt Solutions. “Retailers need a strong, reliable partner that will ensure the right technology and processes are in place to manage operations and improve store profitability. This merger immediately creates one the largest independent providers of retail IT services and technology solutions in North America, resulting in increased coverage for our customers as well as an enhanced service offering.”
Each company possesses a strong background in providing Managed Services, Technology Solutions and Application Development. The combined company will continue to offer new and innovative retail IT services and solutions, including retail point-of-sale, self-service and wireless mobility development and solutions along with deployment and maintenance services, network management solutions, and other managed services.
“We are excited to back the combination of two highly complementary businesses in Kyrus and Tolt Service Group,” said Behdad Eghbali of Clearlake. “Tolt Solutions will have the resources, scale, and breadth of services to partner with leading retailers as they continue to make investments in technology and streamline store operations in a rapidly changing industry. This transaction demonstrates our commitment to support the Company’s growth as a leading consolidation platform in the retail IT services segment.”
The Company’s retail IT service and solution offerings will continue to enable customers to gain greater financial and operational control by leveraging real-time intelligence and implementing new and innovative solutions, leading to improved and sustainable ROI and efficiency.
About Tolt Solutions, Inc.
Tolt Solutions is the leading retail-focused IT expert, delivering innovative technology solutions and managed services for your business both today and tomorrow. Celebrating 40 years of innovation, we identify, define, deploy and manage IT solutions that drive increased sales, lower costs and improve customer satisfaction. Our comprehensive service offering and national footprint provides customers with a single point-of-contact for their in-store technology needs. For more information, please visit www.toltsolutions.com.
About Clearlake Capital Group, L.P.
Clearlake Capital Group, L.P. is a private investment firm focused on special situations and private equity investments such as corporate divestitures, recapitalizations, buyouts, reorganizations, turnarounds and other equity investments. Clearlake seeks to partner with world-class management teams by providing patient, long-term capital and operational expertise to invest in dynamic businesses. Clearlake currently manages approximately $1.4 billion of equity capital, and Clearlake’s founding principals have led over 70 investments totaling more than $3 billion of capital in sectors including business services, communication, consumer products/retail, defense/public safety, energy/power, healthcare, industrials, media, and technology. For more information, please visit www.clearlakecapital.com.
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Jennifer Hurson, 845-507-0571
For Tolt Solutions
Masood Sayeed, 864-322-4499
Vice President, Marketing
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