NEW YORK--(BUSINESS WIRE)--Bridge Growth Partners, LLC today announced it has entered into a definitive agreement to acquire CRGT Inc., a leading provider of custom software development and data analytics to federal government agencies, from an affiliate of Veritas Capital.
“My team and I are excited to partner with Bridge Growth to continue our focused growth strategy and further expand our presence within federal agencies,” said Tom Ferrando, President and Chief Executive Officer of CRGT. “We are confident that together we will enhance our status as a leading IT services provider and continue to serve our valued customers.”
“The federal IT services sector represents fertile ground for high value agile software development and data analytics, and CRGT provides an attractive growth platform given its existing customer relationships and strategic capabilities,” said Alok Singh, co-founder and Managing Principal of Bridge Growth Partners. “We look forward to bringing our experience and strong relationships in the sector to support Tom and the rest of the CRGT leadership team.”
Bridge Growth’s principals have a long history in the federal contracting sector. Bridge Growth co-founder and Managing Principal Kevin Parker previously served as Chairman and CEO of Deltek, the preeminent enterprise software provider for professional services firms and government contractors based in Washington, DC. Alok Singh also served as Deltek’s lead director.
Parker will serve as Chairman of the Board of Directors of CRGT and will be joined on the board by Singh, Bridge Growth co-founder Sander Levy, and Veritas Capital Managing Partner Ramzi Musallam.
“We are grateful to Tom Ferrando and his team for what they have achieved thus far and we look forward to working with Alok, Kevin, Sander and the Bridge Growth team, along with management, to help take the company to the next level,” said Musallam. Veritas, which first acquired CRGT in 2008, will continue to hold a minority stake in CRGT following the close of the transaction.
Terms of the transaction, which is expected to close by year end, were not disclosed. Wells Fargo and Stifel Nicolaus served as CRGT’s financial advisors in the transaction. Credit Suisse served as financial advisor to Bridge Growth and provided debt financing commitments in support of the transaction. GoldPoint Partners provided mezzanine debt financing and an equity co-investment. Willkie Farr & Gallagher LLP served as legal advisor for Bridge Growth. Schulte Roth & Zabel LLP served as legal advisor for Veritas and the CRGT.
About CRGT
CRGT is a full life-cycle IT services provider for the Federal Government, offering customers agile software development, data analytics, and cyber security & infrastructure support. Working as a partner with government agencies that span civilian services, national defense, and domestic security, CRGT has earned a record of success with integration and operations of large-scale, high-volume solutions. CRGT’s customer base includes the United States Postal Service, Securities and Exchange Commission, Patent and Trademark Office, Department of Defense, Department of Justice, Department of Homeland Security, and more. For additional information on CRGT, please visit www.crgt.com.
About Bridge Growth Partners
Bridge Growth Partners, LLC is a uniquely structured growth-oriented private equity firm that focuses on investments in the technology and financial services sectors. Bridge Growth was founded with the goal of bringing together significant investment, financial, operating, and strategic business building expertise and talent. The firm's founding principals are Sander Levy, Kevin Parker and Alok Singh, who each have extensive experience in strategic development, corporate positioning, driving growth and operating improvements, and building effective boards of directors with world-class governance practices. For more information about Bridge Growth Partners, please visit www.bridgegrowthpartners.com.
About Veritas Capital
Veritas Capital is a leading private equity firm that invests in companies that provide critical products and services to government and commercial customers worldwide including those operating in aerospace & defense, healthcare, technology, national security, communications, energy and education. Veritas seeks to create value by strategically transforming the companies in which it invests through organic and inorganic means. For more information on Veritas Capital and its current and past investments, visit www.veritascapital.com.