MSP Acquisition: New Charter Technologies Adds Braver Technology To Its Unique Structure
This is technology M&A deal number 211 that ChannelE2E has covered so far in 2021. See all technology M&A deals for 2021 and 2020 listed here.
Operating for over 30 years, Braver Technology is a managed service provider that covers eastern Massachusetts and Rhode Island. As with other New Charter acquisitions, Braver will continue to operate independently and the company’s CEO, Kenny Rounds, is staying on board to lead the company.
New Charter Acquires Braver: An Organized Peer Group
Mitch Morgan, New Charter Technologies CEO commented on the deal:
“Kenny and the team at Braver bring a legacy of outstanding service to their clients in this important market for New Charter. Kenny has already proven to be an important element to our Leadership Team that drives our strategy forward.”
Braver’s CEO, Kenny Rounds, added:
“I aligned with the other business owners who weren’t looking to sell but rather join an organized peer group to grow and take the business to the next level. We’re going to progress forward at a much faster rate and enhance our service offerings, vendor relationships, and support structure. The fact that we can do this while maintaining our culture and identity is huge.”
New Charter’s Partnership Opportunities
New Charter is a portfolio company of Palo Alto, California-based private equity firm Oval Partners. The MSP was formed through the merger of four MSPs in 2020. Since then, New Charter has been acquiring high-performing MSPs and adding them to the company’s unique structure.
Essentially, New Charter offers founders the opportunity to reinvest alongside Oval and oversee the continued growth of the business. Owners continue to run their businesses while becoming part of New Charter’s leadership team.
The partnership model is designed to offer peer collaboration while maintaining company individuality, according to New Charter. For Braver, this partnership engagement process was well received.
“I talked to several of the existing partners and the feedback and dialogue was very candid and consistent. I specifically was attracted to the fact that the entire organization uses the Traction Entrepreneurial Operating System (EOS). At Braver, we use this system and attribute that to our growth. It’s great to see that there’s a developed plan and strategy in place that we all take a role in building and executing.”
With Braver, New Charter’s platform now includes seven MSPs with plans to continue growing. Past additions included Olmec Systems, an MSP headquartered in Denville, New Jersey, acquired in December 2020. In October, the company bought South Burlington, Vermont-based MSP The Tech Group. In November, it bought Denver, Colorado-based IT services provider Greystone Technology.
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, leading the search efforts.
Interested MSPs can Email him here: Dan@ovalpartners.com.