Santa Monica, Calif. — Private investment firm Clearlake Capital Group has begun the process of acquiring the Retail Solutions Group of Agilysys through a newly formed affiliate, Kyrus Solutions. The transaction is expected to close in the early summer.
RSG, which will be renamed Kyrus Solutions upon the close of the transaction, is one of the leading technology and managed services solution providers in the retail market worldwide, offering retail point-of-sale, self-service and wireless mobility solutions and proprietary business consulting, implementation and maintenance, support and other managed services. The company has been operating for 35 years. It streamlines operations, aims to improve the customer experience and increases customer loyalty, all while reducing IT costs. The company will continue to be based in Greenville, S.C. and Paul Civils will remain its GM.
“We are excited to partner with the talented management team of RSG as we make a significant investment in the company and create a strong and focused standalone entity, Kyrus Solutions,” said Behdad Eghbali and Prashant Mehrotra of Clearlake. “With its longstanding reputation for exceptional technology solutions, service delivery, customer focus, and innovative managed services solutions, coupled with Clearlake’s capital resources and operational capabilities, we believe the company is ideally positioned to benefit from significant market trends, including the continuing investment in technology solutions by retailers.”
Keith Bradley, a Clearlake executive operating adviser, will become the company’s executive chairman upon the close of the transaction. Bradley was most recently the president of Ingram Micro North America.
“Kyrus Solutions is a strong platform that is extremely well-positioned for future growth,” added Bradley. “I look forward to working with Paul and the rest of the management team to drive the company’s growth strategy of providing our customers with cutting edge solution innovation and industry leading service and support.”
Clearlake Capital Group focuses on special situations and private equity investments such as corporate divestitures, recapitalizations, buyouts, reorganizations, turnarounds and other equity investments. Clearlake currently manages approximately $1.4 billion of equity capital, and its founding principals have led more than 50 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.