MSP Acquisition: New Charter Technologies Buys Olmec Systems
This is M&A deal number 518 that ChannelE2E has covered so far in 2020. See the full M&A deal list here.
Olmec has been in business for 34 years, and serves more than 5,000 endpoints in the New Jersey/New York City and metro Atlanta markets. As with all New Charter acquisitions, Olmec will continue to operate independently with owner and CEO Chris Forte and co-owner and vice president Jason Manteiga at the helm.
New Charter Acquires Olmec Systems: Executive Insight
Mitch Morgan, New Charter Technologies’ CEO commented on the deal:
“Chris and Jason have built a great culture, with a highly tenured group of professionals. The Olmec team has consistently added to their loyal client base over a long period of success. They bring a wealth of capabilities to New Charter.”
Olmec owner and CEO Chris Forte said:
“New Charter brings new things to the table that are going to help us grow. Things that we haven’t had in the past that are very appealing. I am really looking forward to that aspect of it.”
Co-owner and vice president of Olmec Jason Manteiga added:
“We have a great environment at Olmec! We enjoy everyone we work with and our team. Now, joining forces with other successful business professionals with a lot of experience and expertise… the other owners, New Charter and Oval Partners… It’s really exciting to see where this all goes.”
New Charter’s Unique Structure
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 earlier this year. 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 platform currently includes seven MSPs with plans to add more in the future. In October, New Charter acquired 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.