Private equity firm M/C Partners has invested in celito. Financial terms of the cash injection were not disclosed.
Based in Raleigh, North Carolina and formed in 1999, celito is a communication and managed services provider to businesses leveraging its fully-owned fiber network.
For celito, the investment is an important milestone as it accelerates its expansion plans, according to the company. The investment will provide celito with the necessary resources and capital to expand its fiber network and service offerings in Raleigh and beyond, M/C Partners said.
The company’s founder and president Sharat Nagaraj will continue working alongside Danny Bottoms, who has joined celito as CEO. Bottoms is a telecommunications industry veteran who has led several private equity-backed companies.
M/C Partners Invests in Celito: Leadership Insight
Sharat Nagaraj, founder and president, celito, commented:
"I am delighted with the M/C partnership and the new opportunities it will provide celito and our outstanding team. With their investment, we will confidently grow our business to meet the evolving needs of our clients. The expertise M/C Partners brings to the table will play a crucial role in taking celito to the next level."
Ryan Carr, partner, M/C Partners, said:
"This investment in celito is the perfect combination of our two investment pillars, digital infrastructure and technology services. celito’s continually growing fiber network, commitment to exceptional client experience, and deep understanding of the local market are the foundation to create the preeminent service provider in the region."
About The Investor
M/C Partners is a well-known private equity firm in and around the IT consulting, IT services and MSP markets. Earlier deals involved acquiring and/or investing in such MSPs as:
- DAS42, a data analytics and business intelligence consulting company that partners closely with Snowflake and Looker.
- Edafio Technology Partners, an MSP that also offers private cloud, Microsoft 365 and cybersecurity services;
- an MSP unit from West Monroe Partners;
- Ascend Technologies;
- Ensono; and
- Thrive.
In recent years, M/C Partners has also reduced and/or exited its positions in some of those MSPs — such as Ensono and Thrive.
