Mesirow Advises TBI on its Sale to AppDirect
- TBI is a leading technology services distributor managing cloud, voice, internet, data, security and mobility contracts
- The transaction creates one of the largest platforms within the technology services distribution space
- The successful transaction highlights Mesirow’s expertise and relationships within the general technology and IT services sectors, as well as significant experience advising privately held, family- and founder-owned businesses
CHICAGO, February 22, 2023 – Mesirow, an independent, employee-owned financial services firm, announced it acted as exclusive financial advisor to TBI, Inc. (“TBI” or the “Company”) on its sale to AppDirect, Inc. (“AppDirect”).
TBI, Inc. is a leading technology services distributor managing cloud, voice, internet, data, security and mobility contracts. Founded in 1991, the Company is one of the nation’s top third-party technology distributors. TBI sources, quotes and advises its customers on the best telecommunications services and contracts available and serves IT consultants, value-added resellers (VARs) and managed service providers (MSPs), among others.
Geoff Shepstone, Founder and Owner of TBI, said, “Over the past 30 years, TBI has built a reputation for offering a white-glove service rarely found in the industry, and for serving as a trusted partner to our clients’ businesses. Mesirow identified the ideal buyer for TBI in AppDirect, a company that is focused on putting relationships at the center of their business.”
Shane McDaniel, Managing Director at Mesirow, said, “TBI is one of the last remaining independent top technology service players in North America, and their acquisition by AppDirect marks one of the most significant transactions in the technology distribution space in recent years. Mesirow was honored to advise Geoff and the TBI team throughout this exciting transaction.”
Rocky Pontikes, Managing Director at Mesirow, said, “TBI’s client-advisor relationship is something that’s unparalleled in the industry, and this acquisition will enable TBI’s advisors to accelerate growth through the ability to offer more value-added services to clients. We look forward to TBI’s continued growth under AppDirect’s ownership.”
“TBI’s acquisition by AppDirect also creates one of the largest B2B subscription commerce marketplace platforms. The addition of TBI’s customer service, support and education resources to the platform, which advisors and subscribers rely on to run and grow their businesses, will serve as a critical component in AppDirect’s mission to put relationships at the center of their expanding network,” said Pete Shah, Senior Vice President of Finance at TBI. “We look forward to seeing the success of this partnership play out in the years to come.”
The sale of TBI represents another successful engagement completed by Mesirow Investment Banking and highlights the firm’s expertise within the technology industry. Committed to leveraging extensive sector-specific expertise across industry groups and nurturing deep longstanding relationships, Mesirow has a proven track record of completing highly tailored, complex and successful transactions on behalf of its clients.
Mesirow is an independent, employee-owned financial services firm founded in 1937. Headquartered in Chicago, with locations around the world, we serve clients through a personal, custom approach to reaching financial goals and acting as a force for social good. With capabilities spanning Global Investment Management, Capital Markets and Investment Banking, and Advisory Services, we invest in what matters: our clients, our communities, and our culture. To learn more, visit mesirow.com and follow us on LinkedIn.
Mesirow was recently named one of the Best Places to Work in Chicago by Crain’s Chicago Business and one of the Top 100 RIA firms by Barron’s.
TBI is one of the nation’s leading independent third-party technology service distributors.
For more than 30 years TBI has been assisting IT consultants, VARs, MSPs and more than 2,000 other industry professionals to source, advise and quote the right solution for each customer. Learn more: tbicom.com
AppDirect offers a subscription commerce platform that makes it simple to sell any service, through any channel, on any device—including SaaS, IaaS and DaaS. Our platform opens up endless opportunities for commerce innovation, giving businesses the freedom to grow. Learn more: appdirect.com
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Nothing contained herein constitutes an offer to sell or a solicitation of an offer to buy an interest in any Mesirow Financial investment vehicle(s). Mesirow Financial, Inc. is not affiliated with TBI, Inc., AppDirect, Inc., or their affiliates. Past performance is not indicative of future results. Mesirow refers to Mesirow Financial Holdings, Inc. and its divisions, subsidiaries, and affiliates. The Mesirow name and logo are registered service marks of Mesirow Financial Holdings, Inc. © 2022. All rights reserved. Securities offered through Mesirow Financial, Inc. member FINRA, SIPC.
2022 Crain’s Best Places to Work (Received August 2022 reflective of previous 12 months – Licensing fees paid post award for use of the ranking). Best Companies Group (BCG), an independent workplace excellence research firm, conducted a two-part survey. Part one, consisted of an employer questionnaire, used to collect information about benefits, policies, practices, and other general information. Part two was a confidential 77-question employee survey used to evaluate local employee’s workplace experience and culture. Rankings and/or recognition by unaffiliated rating services and/or publications are not indicative of a firm’s future performance nor do they evaluate the quality of services provided to clients or guarantee that he/she will experience a certain level of results if Mesirow is engaged, or continues to be engaged, to provide investment advisory services, nor should they be construed as a current or past endorsement of Mesirow by any of its clients.
2022 Barron’s Top RIAs (Received September 2022 for the year 2021 – Licensing fees paid post award for use of the ranking). In order to be considered for the Barron’s 2022 Top RIA Firms list, applicants were required to complete a 145-question survey, with the firm’s ADV informing the majority of responses. Firms were also required to meet a number of other specified requirements to be eligible for inclusion. Firms were ranked based on various qualitative and quantitative factors, including assets managed, the size and experience of teams, regulatory records of the advisors and firms, technology spending, staff diversity, organic and M&A growth, client segmentation as well as succession planning. Rankings and/or recognition by unaffiliated rating services and/or publications are not indicative of a firm’s future performance nor do they evaluate the quality of services provided to clients or guarantee that he/she will experience a certain level of results if Mesirow is engaged, or continues to be engaged, to provide investment advisory services, nor should they be construed as a current or past endorsement of Mesirow by any of its clients.