New Charter Technologies, a private equity-backed MSP, has acquired Greystone Technology, an IT services provider from Denver, Colorado.
Terms of the deal were not disclosed. This is M&A deal number 477 that ChannelE2E has tracked. Find a full list of M&A deals here.
Founded in 2001, Greystone serves the Rocky Mountain region, including Denver, Boulder and Ft. Collins. The company will continue to operate independently with its previous owners, Peter Melby, Greystone CEO, and Jesse Armstrong, Greystone's chairman and president, remaining in their positions, the company said.
New Charter Acquires Greystone: Not An Exit Plan
New Charter Technologies CEO Mitch Morgan commented:
“The capabilities, market presence, and reputation that Greystone Technology brings to New Charter is a tremendous addition. Peter, Jesse, and the team have made Greystone a leader in the technology community in Denver and throughout our industry. The company has a host of awards, recognition, and industry accolades over a long period of time."
Greystone co-founder and CEO, Peter Melby said:
“Mergers, acquisition, and investments are not always beneficial in such a relationship-oriented industry. We found the exact right situation to continue to build. This is not an exit plan for us, it’s an entrance into bigger opportunity. We are excited to have a stronger foundation for our clients and team members as we continue to grow with greater stability.“
Greystone co-founder and president, Jesse Armstrong, added:
“We’re focused on building a caliber of business that the IT industry hasn’t yet seen. We have the best team in the industry and now we have the ideal investment partner, and the New Charter peer companies as well. The unique investment model solves the inherent challenge of scaling our organization without losing what makes us Greystone.”
New Charter’s Growth Plans
New Charter formed through the merger of four MSPs earlier this year. The company is a de facto collective of MSPs backed by private equity firm Oval Partners. Owners continue to run their businesses while becoming part of New Charter’s leadership team.
Greystone’s Peter Melby and Jesse Armstrong will both join the New Charter Technologies ownership group, according to the company.
The platform currently includes six MSPs and plans to add more in the future. In October, New Charter acquired South Burlington, Vermont-based MSP The Tech Group.
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: [email protected]).
