Private Equity Firm Invests In MSP: LNC Partners Backs Cantey
Private equity firm LNC Partners has invested in Cantey Tech Consulting and its Cantey EDU subsidiary. Financial terms of the MSP investment were not disclosed. FOCUS Investment Banking, a national middle market investment banking firm, advised Cantey Tech on the deal.
Cantey Tech, founded in 2007, has made the Inc. 5000 list of fastest-growing privately held companies in the United States for nine straight years. The LNC Partners investment will allow Cantey Tech to efficiently pursue acquisitions, the private equity firm and MSP said. Cantey Tech CEO Willis Cantey continues to lead the MSP, post-investment.
Cantey Tech Business Background
Cantey Tech’s areas of expertise include IT consulting services, help desk support, data security, cloud management, backup and disaster recovery, hosting, application support and vendor management., the MSP says.
The MSP, based in Charleston, South Carolina, supports small and midsized businesses in the southeast United States. The subsidiary, Cantey EDU, is a national provider of IT support services to the education market.
LNC Partners, based in Northern Virginia, has over $500 million of capital under management. The private equity firm typically provides between $5 million to $35 million of capital to companies that generate at least $2 million of EBITDA, LNC indicates.
In a prepared statement about the deal, Cantey Tech CEO Willis Cantey said:
“We founded Cantey Tech fourteen years ago with a focus on providing clients with the most responsive and highest level of IT support and employees with an exciting career path alongside amazing colleagues who love helping people with technology. We are thrilled to have found a partner in LNC that shares those goals and fully supports our existing team and strategy. LNC’s flexible capital and strategic support will fuel our next stage of growth and allow us to continue to improve our client and employee experiences.”
Added Kevin Cunningham, managing director of LNC Partners:
“We have been very impressed with Willis Cantey and the Cantey team, and are excited to partner with them toward the company’s continued growth. Cantey Tech has clearly distinguished itself through the depth of its management team, positive company culture, and world-class systems and operating practices, which are attributes that have contributed to its strong customer relationships and long-history of success.”