MSP Acquisition: New Charter Technologies Buys The Tech Group
This is M&A deal number 413 that ChannelE2E has covered so far in 2020. See the full M&A deal list here.
New Charter formed through the merger of four MSPs earlier this year. The Tech Group, meanwhile, specializes in network security, offering monitoring, network inventory documentation, and remote and/or on-site technical support. TTG also provides full network assessment, project, and support services.
New Charter Acquires The Tech Group: Enhanced Client Service
In a statement about the deal, Mitch Morgan, New Charter Technologies CEO, explained:
“The Tech Group client focus is second to none, and the team lives their mission every day of bringing “The Human Side of IT” to their interactions. It was extremely important to all of us that Steve Loyer, Owner of Tech Group, continue leading the company well into the future. The ownership model built by our capital partner, Oval Partners, has provided them the opportunity to re-invest into this platform. This stability and enhanced capabilities will be important to clients and employees of The Tech Group.”
The Tech Group owner Steve Loyer added:
“We are proud of the business we have built and the clients we have served in the Vermont market over the last 26 years. We are able to bring increased value to our clients through world-class level experience, skillsets, and services, through being part of New Charter.”
John Knoll, Co-Founder and managing director at Oval, concluded:
“The Tech Group is a great addition to our growing platform of MSP companies at New Charter. Steve and the team have a legacy of great client service that will be enhanced under the New Charter partnership.”
New Charter’s MSP Benefits
At the time of its founding, New Charter explained to ChannelE2E that it was looking for additional MSPs to join the group, with Dan Ruhl, a partner at Oval Partners, helming the search efforts. (email him here: Dan@ovalpartners.com).
The benefits for MSPs, according to prepared bullets from the company, include:
- Structured as a true partnership, with MSP owners taking some cash off the table and then reinvesting into New Charter in a single class of shares alongside Oval Partners.
- New Charter’s operating model provides strategic leadership and development support, enabling entrepreneurs to improve their businesses through best practice and resource sharing between operating companies.
- In addition to continuing to run their business, owners also become part of New Charter’s leadership team to help guide the larger business as it becomes a leading national MSP.