Bridge Growth closes CRGT deal
Bridge Growth Partners closed its $225 million deal for CRGT Inc., marking the return to the federal market of Kevin Parker, former CEO of Deltek.
Parker and Alok Singh founded Bridge Growth in 2013. This is their first acquisition. Singh was on Deltek’s board of directors when he was with the private equity group New Mountain Capital and it owned Deltek.
The deal for CRGT was reported to be worth $225 million by the Wall Street Journal when the deal was announced in November.
With the closing of the acquisition, Parker becomes chairman of CRGT’s board. Singh, Sander Levy, another Bridge Growth founder, and Ramzi Musallam of Veritas Capital also are on the board.
Bridge Growth acquired CRGT from Veritas, but Veritas will keep a minority stake in the company.
CRGT’s management team led by president and CEO Tom Ferrando, remains in place.
“My team and I are excited to partner with Bridge Growth and begin the next chapter of our company’s history,” Ferrando said in a statement. “We are confident that together we will enhance our status as a leading IT services provider and continue to serve our valued customers.”
Look for CRGT to continue its acquisitive ways with its new ownership, who called CRGT a growth platform. As part of Veritas, the company made three deals in the last four years, including the acquisition of Guident Technologies, a frequent member of Washington Technology’s annual Fast 50 rankings.
Wells Fargo and Stifel Nicolaus served as CRGT’s financial advisors in the transaction. Credit Suisse served as financial advisor to Bridge Growth.
Posted by Nick Wakeman on Jan 23, 2015 at 9:34 AM