Stout has advised on the sale of Managecore, LLC (Managecore) a portfolio company of Blackthorne Partners (Blackthorne), to Protera Technologies, Inc. (Protera), a portfolio company of Pamlico Capital (Pamlico). Stout served as the exclusive financial advisor to Managecore and Blackthorne in connection with the transaction.

Founded in 2016 and based in Franklin, Wisconsin, Managecore is a certified SAP Partner and a leading provider of SAP Technical Managed Services. Utilizing highly skilled engineers and industry leading technology, Managecore provides intelligent solutions for the enterprise customer. Managecore is also a recognized leader in RISE with SAP, SAP HANA transformations, Cloud solutions and Basis managed services as well as the Google SAP Cloud Partner of the Year on multiple occasions.

Protera is a next-generation cloud modernization company providing a full suite of services ranging from IT strategy and design to implementation and management. The Managecore acquisition deepens Protera’s commitment to SAP and brings strong expertise in Google Cloud Platform, complementing Protera’s long-standing partnerships with Amazon Web Services and Azure. This unique combination of capabilities and global support creates a market-leading specialist for SAP on the public cloud.

Frank Powell, CEO of Managecore, said, “I am excited to announce our acquisition by Protera. This marks a pivotal milestone in our company's journey as we become an integral part of the Protera organization. The Stout team did an excellent job advising us on the transaction and finding us the perfect partner in Protera. They showed a deep understanding of the IT Services market and thoughtfully guided us throughout all phases of the deal. We are thrilled with the outcome they helped us achieve, and more importantly, the home with Protera which will help us realize accelerated growth.”

Steve Balistreri and John Syburg, Managing Directors at Blackthorne, said in a joint statement, “It has been a privilege to support a team as outstanding as Frank Powell, Nick Miletich, and the entire Managecore organization over the past seven years. We are excited for the partnership and feel that Managecore is well positioned to continue its success and growth with Protera.”

Seth Morganstern, Stout Managing Director, added, “It has been an honor to work with the Managecore team. They have built a world-class SAP managed services provider that is well positioned to capitalize on clients’ ongoing cloud transformation initiatives. We are thrilled to help the next chapter of growth for Managecore and Protera and wish the team continued success.”

Stout’s Seth Morganstern, Conrad Hahne, Annelise Munger, and Kate Hardiman executed the transaction.

Godfrey & Kahn served as legal counsel to Managecore and Blackthorne, and Alston & Bird served as legal counsel to Protera and Pamlico.

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