Business

Charlotte private equity firm Pamlico Capital sells Utah business

Charlotte private equity firm Pamlico Capital said this week it is selling one of its businesses, Clear Link Technologies, a Salt Lake City-based provider of marketing, sales and technology services, for $207 million.

The buyer is Sykes Enterprises, a Tampa, Fla., customer service and technical support provider. The deal is expected to close in the second quarter of 2016, Pamlico said in a statement.

Pamlico bought Clear Link in January 2011 and has built up its management team, launched an insurance division, grown its revenue and assisted with strategic acquisitions.

Pamlico was started in 1988 as the private equity arm of Charlotte-based First Union, which later became Wachovia and then Wells Fargo. The firm raised outside capital in 2007 and became fully independent under the Pamlico name in 2010, when it spun off from Wells Fargo.

Private equity firms operate by pooling funds from investors to take ownership in a company. They then look to profit by improving operations and cutting costs before selling the company again or taking it public.

Pamlico’s portfolio includes middle-market companies in business and technology services, communications and health care.

Staff Writer Rick Rothacker contributed.

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