May 2, 2023
Alfar Capital and Walter Capital Partners have acquired MSP Corp for more than $100 million. MSP Corp will merge with Groupe Access, an MSP with a focus on cybersecurity. The new MSP Corp targets digital transformation, cloud computing and cybersecurity.
MSP Corp will be majority-owned by Alfar Capital and Walter Capital Partners, while BDC Capital retains a minority stake in the new company. Habib Malik, former Groupe Access CEO, and Ravi Ramharak, CEO and cofounder of MSP Corp, will retain ownership stakes. Malik will lead MSP Corp, while Ramharak will serve as chief Mergers and acquisitions officer. Jason Dacosta, president and cofounder of MSP Corp, will leave the company. MSP Corp plans to grow organically and through acquisitions in Canada and the U.S.
MSP Corp’s Ravi Ramharak
“After working in the MSP industry for over 18 years, I am amazed at the evolution and depth of which all our companies have performed,” Ramharak said. “Under the new stewardship of Habib, I can only imagine the heights our teams will reach in this new partnership that benefits everyone.”
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MSP Corp Sells for $100 Million, Rolls Up 15 Companies
MSP Corp now has more than 400 IT employees and will serve as the parent of 15 companies in Canada. They include:
Groupe Access and MyCloud, Québec; HLB System Solutions MBC Computer Systems, Netex Managed Services, Onserve, Stronghold Services, andTenet Computer Group, Ontario; Broadview Networks, Manitoba; Virtual Data, Saskatchewan; Catalyst Network Solutions, Microtek Corporation, and RJ Systems, Alberta; Softlanding Solutions, British Columbia; and Tangerine Technology, Yukon.
“Our combined expertise and resources, along with the support of our new MSP group of companies, will allow us to deliver cutting-edge solutions and address the most pressing technology challenges businesses face today,” Malik said.
Desjardins provided financing for the transaction, while Fasken Martineau DuMoulin acted as legal counsel for Alfar Capital and Walter Capital. Legal counsel for the sellers included Dentons for MSP Corp, and Blakes, Cassels & Graydon for BDC Growth Equity Partners. FOCUS Investment Banking and CIBC Capital Markets served as financial advisors to MSP Corp.
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