Summit Hosting Announces Recapitalization with Silver Oak Services Partners
ALPHARETTA, Ga., Oct. 20, 2021 /PRNewswire/ -- Summit Hosting ("Summit") announced it has partnered with Silver Oak Services Partners ("Silver Oak") in a recapitalization of the business. Silver Oak is a leading lower middle market private equity firm focused exclusively on service businesses.
Founded in 2006 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.
Summit's senior management team invested alongside Silver Oak in the transaction. The existing management team will continue in their current roles with Summit and retain a significant ownership stake in the business going forward.
"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," said Stan Kania, CEO of Summit Hosting. 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."
About Summit Hosting: Summit Hosting is a leading cloud hosting provider for accounting and other business software applications, including QuickBooks, Sage, and SAP Programs in North America. Since 2006, we have been offering top-tier hosting platforms for customers worldwide, with over 8,000 servers and 30,000 end-users running in our environments. We pride ourselves on giving our customers every tool they need to make their day-to-day more manageable and allow their business to grow.
About Silver Oak Services Partners: Founded in 2005 and based in Evanston, IL, Silver Oak is a leading lower middle market private equity firm focused exclusively on service businesses. Silver Oak invests in business, healthcare, and consumer services companies in the lower middle market, typically with EBITDA of $4 million to $25 million.
SOURCE Summit Hosting
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