PE Firm CenterGate Capital Invests in Canadian MSP Soroc Technology
Austin, Texas-based private equity firm CenterGate Capital has invested in Soroc Technology, a Canadian outsourced IT services provider. The investor didn’t disclose whether it was a minority or majority investment, nor was the amount disclosed.
Soroc was founded in 1981 in Woodbridge, Ontario. The company works with blue-chip customers in the financial services, technology, and retail industries across North America. Its offerings include IT services, including on-site and help desk support, procurement and deployment, professional services, recruiting, and business continuity and disaster recovery services.
Soroc founder and CEO Rudy Cheddie will continue to lead Soroc and serve as chairman on its board of directors, according to CenterGate.
CenterGate’s Soroc Investment
Cheddie commented on the news:
“We are excited about our partnership with CenterGate and what it means for our employees, customers, and vendors. CenterGate’s investment will provide us the capital and strategic resources to continue to grow our service offering while maintaining our focus on unparalleled customer service.”
Tim Liu, managing director at CenterGate Capital, added:
“Rudy and the entire Soroc team have an impressive track record, and we look forward to working with the team to continue Soroc’s growth. Soroc has a reputation for the highest levels of customer service, which uniquely positions the company to be successful.”
CenterGate’s Investment Strategy
CenterGate focuses on investing in lower middle market companies with $20 to $250 million of revenue.
CenterGate primarily focuses on partnering with management in order to create value for its stakeholders, according to the firm. CenterGate advises its portfolio companies on financial and operational matters and provides “strategic insight” to assist management in driving long-term sustainable growth in lower mid-market companies.
Wow, Soroc is still around. I did some consulting work for them in the mid 2000’s.