MSP Corp Acquired by Alfar Capital and Walter Capital Partners for $100M+ and Merged with Groupe Access
MONTRÉAL, QC / ACCESSWIRE / May 2, 2023 / Alfar Capital and Walter Capital Partners have completed the acquisition of MSP Corp, a renowned Canadian managed service provider group, in a transaction of over $100M. After the acquisition MSP Corp will merge with Groupe Access, a leading managed service provider of technology and cybersecurity solutions. The combined entity, called MSP Corp, creates a national Canadian platform of managed services poised to lead the industry in digital transformation, cloud computing, and cybersecurity solutions.
The new MSP Corp will be majority-owned by Alfar Capital and Walter Capital Partners, who invested new capital to acquire MSP Corp and simultaneously merge it with Groupe Access. BDC Capital, who was already a shareholder in MSP Corp, retains a minority stake in the new entity through its Growth Equity Partners Fund II. After the transaction, management and employees will own more then 10% along with the ownership stakes retained by the CEOs of the two merged entities. This employee buy-in demonstrates broad commitment to the future success of MSP Corp. It also fosters a strong sense of ownership and aligns the interests of the employees with the company's strategic goals. This employee buy-in further strengthens the foundation for innovation, growth, and customer satisfaction.
The new MSP Corp will be led by former Groupe Access CEO, Habib Malik, who will ensure a seamless integration process and a unified vision for the future. Ravi Ramharak, CEO & Co-Founder of MSP Corp, will remain with the company as Chief Mergers & Acquisitions Officer. Ravi will continue to drive MSP Corp's strong track record of partnering with business owners and working with them on strategic initiatives. Jason Dacosta, President & Co-Founder of MSP Corp, will hand off the reigns to Habib and Ravi for its next evolutionary steps. In addition to the merger, MSP Corp is looking forward to future organic and acquisitive growth in Canada and the United States, further expanding its capabilities and market reach.
"This is electrifying time for all our operators and team members, and I am very excited for the next steps. After working in the MSP industry for over 18 years, I am amazed at the evolution and depth of which all our companies have performed. Under the new stewardship of Habib, I can only imagine the heights our teams will reach in this new partnership that benefits everyone," said Ravi Ramharak, CEO of MSP Corp.
"The merger of Groupe Access and MSP Corp is a significant milestone in the technology industry. This union will enable us to provide unparalleled value to our customers and drive innovation in the digital landscape. Our combined expertise and resources, along with the support of our new MSP group of companies, will allow us to deliver cutting-edge solutions and address the most pressing technology challenges businesses face today," said Habib Malik, CEO of Groupe Access.
With a Pan-Canadian presence and coast-to-coast coverage, the newly formed MSP Corp will have more than 400 IT experts available to better serve its clients.
MSP Corp will serve as the parent organization for an impressive group of 15 companies, located across Canada, including:
Groupe Access - Québec
- MyCloud - Québec
- HLB System Solutions Inc. - Ontario
- MBC Computer Systems Ltd. - Ontario
- Netex Managed Services Inc. - Ontario
- Onserve Inc. - Ontario
- Stronghold Services Corporation - Ontario
- Tenet Computer Group Inc. - Ontario
- Broadview Networks Inc. - Manitoba
- Virtual Data Corp. - Saskatchewan
- Catalyst Network Solutions Inc. - Alberta
- Microtek Corporation - Alberta
- RJ Systems Ltd. - Alberta
- Softlanding Solutions Inc. - British Columbia
- Tangerine Technology - Yukon
Desjardins provided financing for the transaction, while Fasken Martineau DuMoulin LLP acted as legal counsel for Alfar Capital, and Walter Capital Partners. Legal counsel for the sellers included Dentons LLP for MSP Corp, and Blakes, Cassels & Graydon LLP for BDC Growth Equity Partners. CIBC Capital Markets and FOCUS Investment Banking acted as financial advisors to MSP Corp.
About Groupe Access
Groupe Access is a premier technology solutions provider with a focus on digital transformation, managed services, and IT consulting. With a team of experts dedicated to helping organizations navigate the complexities of technology, Groupe Access has a proven track record of delivering innovative solutions that drive business success. www.groupeaccess.ca
About MSP Corp
MSP Corp is a global managed service provider specializing in cloud computing, cybersecurity, and IT support services. With a strong emphasis on customer satisfaction, MSP Corp offers tailored solutions to help businesses stay ahead in the rapidly evolving digital landscape. www.mspcorp.ca
About Alfar Capital
Alfar Capital is a private equity fund for entrepreneurs that uses a diverse playbook to achieve superior returns. The company's team of proven entrepreneurs with a long-standing track record of successful partnerships understands the challenges that business owners face and can help them strive to greater heights. www.alfarcap.com
About Walter Capital Partners
Walter Capital Partners is a private equity firm part of the Walter Group. Its investment model combines capital inflow and operating expertise to support the growth of promising companies on solid and sustainable foundations, by drawing on the entrepreneurial background of the Walter Group and the extensive business leadership experience of its managing partners. Headquartered in Montréal, Walter Capital provides a solid international network. www.waltercapital.ca
About BDC Growth Equity Partners
BDC Capital's Growth Equity Partners team provides patient, minority equity investments, from $3 million up to $35 million, to mid-market businesses in Canada. The Growth Equity Partners team creates long-term partnerships with Canadian businesses and their owners so they can adapt to a constantly evolving future and realize their potential. https://www.bdc.ca/en/bdc-capital/growth-equity
Contact:
Amélie Plante
strategie@amelieplante.com
514-975-9425
SOURCE: MSP Corp
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