Business Wire
30 September 2024
Salute Holdings, LLC (“Salute” or the “Company”), a leading provider of integrated asset management services for the data center industry, today announced it has received a majority investment from funds managed by New Mountain Capital, LLC (“New Mountain”), a leading growth-oriented alternative investment firm headquartered in New York. Current investor LLR Partners (“LLR”) will maintain a significant minority investment in the Company.
Founded in 2013, Salute provides comprehensive services across the full lifecycle of data centers, including facility operations and management, quality assurance and quality control inspection, and technical commissioning and retrofitting services. Driven by its commitment to reliable services and a broad range of end-to-end solutions, the Company serves a blue-chip customer base of leading data center asset owners and employs more than 1,200 dedicated professionals, approximately 40% of whom are veterans of the United States Armed Forces.
With this investment and the added resources of New Mountain, Salute is well-positioned to continue executing on its strong growth trajectory, expanding its portfolio of technology-enabled offerings and continuing its innovative, multi-skilled training approach to recruiting and retaining best-in-class talent.
“New Mountain’s track record of building leading companies in critical infrastructure services and alignment with our growth strategy makes them an ideal partner for Salute,” said Erich Sanchack, Salute’s CEO. “We are also appreciative of LLR’s support and continued partnership as we build on our current momentum. Salute is well-positioned to meet our customers’ evolving needs in a dynamic market and to continue to invest in our capabilities and talented employees.”
Joe Walker, Managing Director at New Mountain, said, “New Mountain has long admired Salute’s business and its dedication to helping data center owners manage their complex infrastructure reliably and sustainably. We are excited to partner with Erich, the rest of the Company’s experienced leadership team, and LLR to continue building Salute as the leading partner and employer of choice in the data center industry.” Rishi Abuwala, Director at New Mountain, added, “Salute’s commitment to quality, innovation, and responsibility is critical to its success and we look forward to investing further in the Company’s industry-leading capabilities and technology-enabled solutions.”
“Since its founding, Salute has achieved impressive organic growth, attracted top tier talent to its team, executed on strategic acquisitions, and expanded its international presence. We’re thrilled to continue supporting Salute’s growth trajectory and mission to provide meaningful value for its customers and employees, and we are excited to partner with New Mountain on this next stage of growth,” said Michael Levenberg, Partner at LLR.
DLA Piper served as legal counsel to Salute. Simpson Thacher & Bartlett served as legal counsel to New Mountain Capital.
About Salute
Salute is the leading independent provider of comprehensive and integrated lifecycle services for data centers. Our vision is to be the world leader in providing end-to-end services for owners, operators, investors, and general contractors. Our team provides top-tier talent and services across design, build, operations, and refresh, including commissioning and QA/QC through Iconicx, for our customers’ most mission-critical and technical needs.
For over a decade, Salute has been synonymous with developing talent from inside and outside the industry, providing the critical resources needed by the hyperscale, cloud, colocation, edge, and enterprise markets. The company operates from 12 global offices in over 102 markets worldwide and employs over 1,200 people. For more information, visit: https://salutemissioncritical.com/
About New Mountain Capital
New Mountain Capital is a New York-based investment firm that emphasizes business building and growth, rather than excessive risk, as it pursues long-term capital appreciation. The firm currently manages private equity, strategic equity, credit, and net lease real estate funds with nearly $55 billion in assets under management. New Mountain seeks out what it believes to be the highest quality growth leaders in carefully selected industry sectors and then works intensively with management to build the value of these companies. For more information, visit: www.newmountaincapital.com
About LLR
LLR Partners is a private equity firm investing in technology, financial services and healthcare businesses. LLR collaborates with its portfolio companies to identify and execute on key growth initiatives and help create long-term value. Founded in 1999 and with more than $6 billion raised across seven funds, LLR is a flexible provider of equity capital for growth, recapitalizations and buyouts. For more information, visit: www.llrpartners.com
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