Thomas H. Lee Partners

CompuCom switching sponsors for $1.1 billion

April 8, 2013: 4:13 PM ET

compucom_websitePrivate equity firms swap CompuCom.

FORTUNE -- Thomas H. Lee Partners this afternoon announced that it has agreed to acquire CompuCom Systems Inc., a Dallas-based provider of IT consulting and outsourcing solutions. No financial terms were disclosed, but Fortune has learned that the sale price was approximately $1.1 billion.

That means a big return for Court Square Capital Partners, which paid $504 million to buy CompuCom back in 2007 from another private equity firm. The exact multiple is a bit unclear, however, because Court Square also invested additional cash to support latter bolt-on acquisitions like the North American operations of Getronics NV.

CompuCom also represents the first new deal for THL Partners since last June, when the firm led a $2.69 billion recap for party supplies retailer Party City Holdings. Assuming that the $1.1 billion for CompuCom is at least 40% equity, then THL is now more than 80% committed on its current fund -- an $8.1 billion vehicle closed in 2007. As we previously reported, the Boston-based firm plans to begin raising its next fund later this year.

According to a press release, CompuCom generated $2.3 billion of gross revenue in 2012, and has more than 11,500 worldwide employees.

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