New York – November 2021
– Tailwind Capital (“Tailwind”), a leading private equity firm focused on services investments within select end-markets, announced that it has entered into a definitive agreement to sell Fund III portfolio company Core BTS to Nomura Research Institute.
Core BTS is a leading information technology solution provider which leverages Microsoft and Cisco technology to modernize business applications and maximize the value of the cloud. Core BTS delivers world-class consulting, technical expertise and managed services to clients confronting their most complex technology challenges. Under Tailwind’s ownership, Core BTS completed four strategic add-on acquisitions, significantly expanding the company’s Microsoft solutions and capabilities.
Will Fleder, Partner at Tailwind, commented, “Our partnership with Core BTS demonstrates Tailwind’s continued success investing in and growing IT services companies, which are increasingly in demand as technology becomes more ubiquitous and central to companies’ ability to compete. Together with Core’s talented management team, we implemented an operationally-intensive value creation strategy focused on adding world class talent, using technology to improve operations and aggressively pursuing strategic add-on acquisitions – all of which has driven impressive growth.”
Paul Lidsky, the Chief Executive Officer of Core BTS, will continue to lead the Company along with the existing leadership team. Lidsky noted, “We truly appreciate the unwavering support that Tailwind Capital provided over the past three years. We are delighted to join the NRI family and excited about the impact that our greatly expanded scale and capabilities will bring to our clients, partners, and associates. Together with NRI, we remain committed to serving our clients and continuing to execute our growth strategy."
Jim Hoch, Partner at Tailwind, added, “We are incredibly proud of our partnership with the Core BTS team. Core BTS is a market leader that is well positioned for continued growth within an attractive market. We wish Paul and his team continued success as they embark on the next chapter of growth.”
The transaction is expected to close before the end of 2021 subject to receipt of regulatory approvals and the satisfaction of other customary closing conditions.
Evercore is serving as financial advisor to Core BTS and Davis Polk & Wardwell LLP is serving as legal advisor. Nomura Securities Co., Ltd is serving as financial advisor to NRI and Pillsbury Winthrop Shaw Pittman is serving as legal advisor.
About Tailwind Capital
Tailwind Capital is a leading private equity firm focused on services investments within select end markets. Tailwind partners with experienced management teams and entrepreneurs to transform businesses through organic growth initiatives, acquisitions, and operational and strategic investments. Since inception, Tailwind has invested in 48 portfolio companies and over 145 add-on acquisitions. For more information, please visit www.tailwind.com.
About Core BTS
Core BTS is a technology consulting and managed service provider. Recognized for accelerating the adoption of digital technology to transform business. Core BTS delivers robust cloud, modern workplace, collaboration, security, and networking solutions to clients nationwide. Learn more at www.corebts.com
Founded in 1965, NRI is a leading global provider of consulting services and system solutions, including management consulting, system integration, and IT management and solutions for the financial, manufacturing, retail and service industries. Clients from all layers of these individual industries partner with NRI to tap NRI’s research expertise and innovative solutions across the organization to expand businesses, design corporate structures and create new business strategies. NRI has more than 13,000 employees in more than 70 offices globally including New York, London, Tokyo, Hong Kong, Singapore, and Australia. NRI reports annual sales above $4.9 billion. NRI is rated “A” by S&P Global Ratings Japan. For more information, visit www.nri.com/en.