TH Lee Putnam of US acquires SPI Tech for $100M

New York based TH Lee Putnam Ventures Inc. (THLPV) has acquired majority control of publicly-listed SPI Technologies Inc., the largest independent provider of content outsourcing services, for $100 million.

The deal is believed to be one of the largest private equity transactions in the attractive multi-country business process outsourcing (BPO) sector.

SPI Technologies chief executive officer Ernest Cu said "the transaction is a vote of confidence not only in SPI’s capability as a global industry player but also in the Philippines as a major destination for BPO services."

Cu said the transaction also helps position SPI for the growing demand worldwide for outsourced business process services.

"THLPV’s expertise network and financial resources will allow us to deepen our service capabilities in the US, Europe and Asia, broaden our service offerings through select acquisitions and move quickly to the next high growth phase in our 24-year history," he said.

For his part, THLPV managing director Ramanan Raghavendran said:

"We believe TH Lee is uniquely positioned to assist SPI because of our investment experience in the BPO sector, our hands-on understanding of multi-country delivery and our network in the company’s target industries.

We are looking forward to working with Ernest Cu and the entire SPI team."

THLPV officials said they are privileged to be shareholders in a company that has built an enviable track record of growth, profitability and customer service.

Incorporated in 1980, SPI Technologies has since evolved into a multi-country outsourcing vendor with more than 1,000 employees in 18 offices across the US, Asia and Europe.

The preferred outsourcing vendor for large-scale, complex and information-intensive projects, SPI partners with companies to create, manage, deploy and store their content and data in a multi-format environment.

Over the last five years, the company has demonstrated strong growth and profitability in all of its industry-focused business units while also building high-quality customer relationships based on superior service levels.

THLPV, on the other hand, is a technology-focused private equity firm affiliated with Thomas H. Lee Partners, a leading buyout firm, and Putnam Investments, a leading global money management firm.