Presidio, Inc. (Pending:PSDO) has filed an S-1/A, setting the terms for its upcoming initial public offering with the Securities and Exchange Commission.
The company intends to sell 16,666,666 shares at a marketed price range of $14 to $16. It also has an additional 2.5 million shares as an overallotment option for its underwriters. If PSDO prices at the midpoint of its proposed range, and underwriters exercise their options to purchase additional shares, the company will have a market capitalization of $1.4B.
We previously highlighted this deal on our IPO Insights platform.
The underwriters include J.P. Morgan, Citigroup, Barclays, RBC Capital Markets, Credit Suisse, Goldman, Sachs & Co., Wells Fargo Securities, Evercore ISI, Guggenheim Securities, Apollo Global Securities and LionTree.
Business overview
Founded in 2003 and based in New York, Presidio Inc. is a reseller of a suite of IT solutions for the North American middle market. It offers businesses security, cloud and digital infrastructure solutions. As of June 30, 2016, the company reports it had 60 offices and more than 500 employees located across the U.S. The company reports that it also served more than 7,000 businesses and government organizations as of that date.
The company was acquired by PE firm Apollo Global Management in December 2015.
Executive management
Robert Cagnazzi is the chief executive officer of Presidio and has served in that role since Feb. 2012. Prior to that, Cagnazzi founded BlueWater Communications LLC in 2006, serving as its CEO until Presidio acquired it in 2012. He also previously served as the CEO of the North American division of Dimension Data Holdings PLC from 2001 to 2006.
Paul Fletcher is the chief financial officer and executive vice president of Presidio and has served in those roles since Aug. 2007. Prior to that, Fletcher was the chief financial officer and a senior vice president of Trex Company, Inc. from July 2003 until Sept. 2007 and as its vice president of finance from Oct. 2001 to Dec. 2002. Before that, Fletcher worked in a variety of different executive positions at Excel Telecommunications, Lomas Financial Corporation, and AMX LLC. He was a director of Vul Corporation from Sept. 2011 until July 2013.
