MB Financial, Star Mountain Financing Supports Emtec Buy
Emtec completed a round of growth capital with MB Financial and Star Mountain Capital, and received an additional investment from NewSpring Capital. Proceeds financed the acquisition of Lucidity Consulting Group and funded long-term growth.
Mike Sharkey, president at MB Financial commented, “We are very excited to be able to become a long-term partner with Emtec in its continued growth. We believe the Company’s management team brings a great deal of expertise and experience to the IT Services Market, and we are excited about the new capabilities Lucidity brings to the Company. Management has positioned themselves to move Emtec’s name into the frontlines of the IT consulting and outsourcing market. We are looking forward to being a key partner for Management of the Company in the future.”
Brett Hickey, CEO of Star Mountain Capital provided some additional color, “We have been working with Emtec’s Partner Peachtree Equity on several opportunities and had also been made aware of Emtec’s growing position in the IT services market through a number of meetings with Management. We are very pleased to have the opportunity to assist Management in its growth plans and we look forward to playing a role in several other opportunities the Company will be examining. Lucidity provides a unique set of synergies for Emtec and we believe it will be a cornerstone in their vertical alignment.”
Steve Hobman, general partner of New Spring Mezzanine, added, “We continue to support Emtec as it grows its presence in new areas of the IT services market. This is the third investment we have made with the Company and we have been impressed with the repositioning and growth of the core business. We welcome our new Investment Partners in sharing in the continued success of the organization.”
Greg Chandler, CFO of Emtec, stated, “We are extremely happy to have attracted our new investors and welcome them to the Emtec team. Emtec has entered into a new stage of growth and is looking forward to the support of all of our Partners -New Spring, Peachtree, Star Mountain and MB. We were extremely impressed with the speed with which our investors executed the transaction. We will continue to grow organically and are actively seeking new acquisitions. The Lucidity team is a welcome addition to the Emtec family and all of us are looking for them to be an important part of the Emtec story. I would also like to thank PNC Business Credit for years of support, especially Mike Wagner and Jacqueline Mackenzie, who have been exceptional partners to us over the last three years.”
Emtec provides industry-specific digital solutions to organizations in the enterprise, federal, state and local government, and education markets.