Bridge Growth Partners makes $225M deal for CRGT Inc.
- By Mark Hoover
- Nov 05, 2014
Bridge Growth Partners has acquired CRGT Inc. from an affiliate of Veritas Capital in a deal that sees ownership move from one private equity group to another.
While financial terms of the deal were not disclosed by the company or the equity firms, the Wall Street Journal reported that it was valued at $225 million.
CRGT itself is no stranger to acquisitions; over the past four years, the company has made three acquisitions. The company specializes in lifecycle IT services and technology solutions as well other services including big data analytics, business intelligence, enterprise architecture, IT solutions, applications development and more.
“The federal IT services sector represents fertile ground for high value agile software development and data analytics, and CRGT provides an attractive growth platform given its existing customer relationships and strategic capabilities,” said Alok Singh, co‐founder and managing principal of Bridge Growth Partners.
Singh was once lead director at enterprise software and information solutions firm Deltek when he was with the private equity group New Mountain Capital, a previous owner of Deltek. Bridge Growth Partners was co-founded by previous Deltek President and CEO Kevin Parker. He serves as principal at Bridge Growth Partners.
This is the first acquisition by the group since it formed in June 2013.
Wells Fargo and Stifel Nicolaus served as CRGT’s financial advisors in the transaction. Credit Suisse served as financial advisor to Bridge Growth.
Mark Hoover is a senior staff writer with Washington Technology. You can contact him at email@example.com, or connect with him on Twitter at @mhooverWT.