Silver Oak Services Partners Leads Recapitalization of Summit Hosting
Oct. 20, 2021 -Portfolio Company News
October 20, 2021. Silver Oak Services Partners, LLC (“Silver Oak”), a leading lower middle market private equity firm focused exclusively on service businesses, announced it has led the recapitalization of Summit Hosting (“Summit”) in partnership with management.
Founded in 2005 and headquartered in Alpharetta, GA, Summit is a provider of dedicated cloud hosting services for accounting and other business software applications for small and medium-sized businesses. Summit serves over 30,000 end users across a variety of end markets throughout the U.S. and Canada.
Silver Oak invested alongside Summit’s senior management team in the transaction. The existing management team will continue in their current roles with Summit and retain a significant ownership stake in the business.
Stan Kania, CEO of Summit Hosting, said “Our team is excited to partner with Silver Oak to execute upon our long-term growth strategy while continuing to provide high-quality service to our customers. Silver Oak’s additional capital, resources, and expertise in scaling businesses will help facilitate the next chapter of growth for Summit." Warren Patterson, COO of Summit Hosting, added, “The Summit team is thrilled to partner alongside Silver Oak and build upon our existing momentum in the financial and ERP hosting industry. Businesses continue to move from on-prem servers to redundant, managed, and secure cloud environments. Summit Hosting continues to define itself as the premier provider for cloud-based hosting.”
Silver Oak was originally attracted to the sector as the increased adoption of cloud infrastructure by small and medium-sized businesses is expected to drive strong continued demand for managed cloud solutions. Wade Glisson, Partner at Silver Oak, said, “Summit has developed a strong reputation as a high-quality provider of managed cloud solutions and is well positioned to capitalize on the industry tailwinds within cloud infrastructure. We are excited to partner with such an experienced team in the space.”
Please contact Dan Gill, Wade Glisson or Taylor Wood of Silver Oak for additional information and click here to view the press release.