PALO ALTO, Calif.--(BUSINESS WIRE)--HGGC, a values-driven middle-market private equity firm with over $6.9 billion of cumulative capital commitments, today announced that it has signed a definitive agreement to sell AMI (or “the Company”) to investment firm THL Partners. Terms of the private transaction were not disclosed. The transaction is expected to close in Q4 2024, pending regulatory approvals.
AMI develops foundational software and firmware that powers, manages, and secures a vast array of computing platforms, widely used across data centers. Its solutions are designed to optimize performance, enhance manageability, bolster security, and ensure scalability in mission-critical environments. Headquartered in Duluth, Georgia, AMI employs over 1,500 engineers across seven countries, serving a global customer base that includes technology leaders like Microsoft, Intel, and Nvidia.
"Since 2019, our partnership with AMI has been a tremendous success," said HGGC. "Together, we’ve achieved significant growth and innovation, positioning AMI as a leader in the industry. Our work began with facilitating the transition of leadership from AMI's founder to CEO Sanjoy Maity. We also helped to strengthen the executive team by filling key positions such as CFO, CHRO, Chief Product Officer, Chief Information Security Officer, and Chief Engineering Development Officer. Additionally, we appointed three new board members to actively support the company's growth.”
During its ownership, HGGC made substantial investments to accelerate and scale AMI’s growth, from implementing advanced ERP and CRM systems to instilling best-in-class go-to-market strategies within the sales team. Under HGGC’s guidance, AMI also introduced several new product lines that significantly expanded its offerings, including a new security product line and key open-source initiatives in line with industry trends. “This is a prime example of our investment strategy—acquiring good businesses and collaborating with management to build even stronger companies,” said HGGC.
"The progress AMI has achieved over the past five years with HGGC has been remarkable, significantly enhancing our capacity to innovate and deliver world-class solutions," said Maity. "HGGC’s steady guidance and expertise in business growth ensured that our expansion was both strategic and well-executed, strengthening AMI’s reputation as a trusted partner to our customers."
BofA Securities served as lead financial advisor and Kirkland & Ellis acted as legal advisor to AMI and HGGC. Deutsche Bank Securities Inc. also served as a financial advisor.
About HGGC
HGGC is a values-driven, partnership-focused private investment firm. The firm’s ecosystem of investors, operators, and professionals are united by the shared mission to develop leading enterprises and build long term value together. HGGC invests in technology, business services, financial services and consumer enterprises generally valued between $200M – $1.5B+. The firm is based in Palo Alto, CA and manages over $6.9 billion in cumulative capital commitments. Since its inception in 2007, HGGC has completed more than 700 platform investments, add-on acquisitions, recapitalizations, and liquidity events with an aggregate transaction value of over $80 billion. More information, including a complete list of current and former investments, is available at www.hggc.com.
About AMI
AMI (http://www.ami.com) is Firmware Reimagined for modern computing. As a global leader in Dynamic Firmware for security, orchestration, and manageability solutions, AMI enables the world’s compute platforms from on-premises to the cloud to the edge. AMI’s industry-leading foundational technology and unwavering customer support have generated lasting partnerships and spurred innovation for some of the most prominent brands in the high-tech industry.
