Private equity firm Clairvest has invested CAD$36 million (roughly US$27.33 million) for a stake in F12.net, a Canadian managed IT services provider (MSP). The existing F12.net management team retains a majority of their equity in the MSP.
F12, backed by roughly 200 employees, offers bundled managed services for IT infrastructure, cloud, cybersecurity, software licensing and more. The MSP also offers F12 Connect, a proprietary software tool focused on customer experience (CX) outcomes.
F12.net has extensive merger and acquisition (M&A experience) across the Canadian IT services sector. Noteworthy F12.net acquisitions include:
- 2019: Level4 technologies
- 2018: Apps on Tap and Paradigm Networks
- 2018: Sitkum IT Managed Services and OnDeck Solutions.
- 2016: XCEL Professional Services, which Passportal founder and former CEO Colin Knox previously owned. (SolarWinds acquired Passportal in 2019.)
Clairvest Invests In F12.Net: Executive Perspectives
In a prepared statement about the investment, Clairvest Managing Director Mitch Green said:
"We are thrilled with the opportunity to back F12’s management group, all of whom will continue to be significant investors in the Company. This is a leadership team with an ownership mentality, a track record of working collaboratively, and experience building a scalable platform. The future is very bright for F12 and we are excited to support an excellent team on their quest to transform how business technology is delivered."
Added Alex Webb, CEO and founder of F12:
“F12 is about to embark upon an exciting growth trajectory, and we require an active partner who supports our vision. Clairvest brings much more than capital to this deal. They share our enthusiasm towards the future and have a proven track record of helping organizations like ours succeed,” said Alex Webb, CEO and Founder of F12.
Clairvest Investment History, MSP Focus
F12 is Clairvest’s 60th platform investment and the fourth investment by the CEP VI fund. The firm's earlier investments include MSP and SD-WAN solutions provider Meriplex Communications of Houston, Texas. Meriplex, in turn, has made multiple acquisitions.
It's a safe bet F12, backed by that new Clairvest investment, will also remain on the acquisition trail.
