GI Partners in 5x exit to Baird

The private equity and real estate firm has sold software company PC Helps Support to Baird Private Equity’s US buyout group. GI acquired the business in 2005 and helped grow sales by more than 90% during the holding period.

US- and Western Europe-focused mid-market firm GI Partners has sold computer support business PC Helps Support to Baird Capital Partners, generating roughly a 5x return multiple. Financial terms of the transaction were not disclosed.

PC Helps Support provides software support services for computer applications and mobile devices. GI acquired the company in 2005, investing from its $1.45 billion second fund that closed in 2008. During the seven year hold period, the firm helped grow sales by more than 90 percent and increased PC’s employee headcount by more than 70 percent, according to a statement.

GI Partners was unavailable for comment at press time.

The firm closed its third fund on $1.9 billion in 2009. Like all of GI's funds, Fund III also invests in real estate, as well as sectors including healthcare, retail, logistics and transportation, media and entertainment, financial services, and technology and telecoms. The fund has existing investments in nine North American companies, including Texas-based software business Softlayer Technologies, and six European companies, including UK-based healthcare company Advanced Childcare.

Limited partners in Fund III include the California State Teachers’ Retirement System, the New York City Employees’ Retirement System and the Florida State Board of Administration.

According to GI’s website, the firm has around $8.4 billion of capital under management in North America and Western Europe.

Baird Capital Partners, the US-based buyout fund of Baird Private Equity, is investing in PC Helps from Baird Capital Partners V, the firm's 2009 vintage fund that closed on $290 million. The group makes buyout investments in lower mid-market companies in the business services, healthcare and manufacturing sectors. PC Helps represents the sixth investment from Fund V.

Private equity-backed software companies have fetched high prices in recent months. New Mountain Capital sold software company Deltek to Thoma Bravo for $1.1 billion last month, while Fox Paine & Company sold software business Paradigm to Apax Partners andJMI Equity for $1 billion in July.