GTCR, a Chicago-based private equity firm, is selling a stake in Park Place Technologies, a global third-party maintenance provider headquartered in Mayfield Heights, to Charlesbank Capital Partners, a Boston-based private equity firm.

Since GTCR's acquisition in 2015, Park Place has achieved strong organic growth by expanding its salesforce and technical capabilities and entering new international markets. Park Place's growth has been further aided by its acquisition activity, completing 11 acquisitions since 2016. The result of these initiatives has seen revenue and EBITDA grow significantly under GTCR's ownership. Park Place Technologies services more than 16,000 customers in over 140 countries with more than 1,200 employees.

Park Place and GTCR were advised by UBS Investment Bank, Harris Williams and Lazard as financial advisers and Kirkland & Ellis LLP as legal counsel. Ropes & Gray LLP served as legal counsel to Charlesbank.