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.