Valley News Business enterprise Writer
Published: 6/3/2021 10:01:20 PM
Modified: 6/3/2021 10:01:16 PM
CLAREMONT — A key New York non-public fairness fund has acquired handle of Claremont IT consulting business Pink River Technologies.
Cerberus Funds Management, which oversees a portfolio of organizations in aerospace, protection, wellness treatment, actual estate and retail, declared in a news release this 7 days that it purchased by an affiliate a “majority stake” in Pink River from a team that features the company’s primary shareholders and Acacia Partners.
Terms weren’t disclosed.
Red River Technological know-how, established in Hanover in 1995 with a handful of staff members as Purple River Computer Co. right before relocating to a refurbished mill making on the Sugar River in Claremont, contracts to give IT management and support services for the federal govt, municipalities and the non-public sector.
Contacting Cerberus — whose portfolio of providers generates $70 billion in revenue — a “world-class lover,” Pink River CEO Alan Dumas in the news release claimed the the greater part fairness sale would allow for the organization to “invest in growing our abilities, more generate operational excellence, and go after strategic acquisitions to much better serve our shoppers.”
For its section, Cerberus indicated that that Purple River is a worthwhile expense chance, provided the government’s and non-public sector’s crucial reliance on digital technological innovation and the need to deal with and manage digital infrastructure.
“Digital transformation and modernization are essential to the results of government businesses and businesses. Red River is a dependable associate that is nicely-positioned to fulfill the expanding desire for built-in technological innovation solutions and solutions,” Michael Sanford, senior taking care of director at Cerberus, said in the news release.
Cerberus owns the Shaw’s grocery store chain, and its past investments involve gunmaker Remington and the Hollywood studio Spyglass Amusement.
Previous Vice Dan President Dan Quayle and previous Treasury Secretary John Snow are amongst its senior management workforce.
The Cerberus news launch was silent on regardless of whether the sale would outcome in employee layoffs — a prevalent occurrence when private fairness corporations get locally owned startups — but mentioned that co-founder Rick Bolduc will carry on as a board member and Dumas “will keep on to guide the organization and its operations along with the existing management crew.”
Messages despatched to Red River spokespeople and executives requesting remark were being not instantly returned.
A spokesperson for Cerberus declined to remark on report.
As a privately held enterprise, Pink River does not launch monetary outcomes but claims it employs 750 folks at workplaces in four states.
That’s an maximize from 2017 when the enterprise stated it had 250 personnel, of which about 100 labored at its Claremont headquarters, and was approaching $500 million in revenues.
The 25-year previous company, irrespective of amazing advancement, has not been with out some higher-profile setbacks.
Two yrs in the past its not long ago promoted CEO, Jeffrey Sessions, was killed in a boating incident in Maryland.
And in 2011, the organization paid out $2.3 million to settle costs that it violated the Wrong Statements Act by failing to offer solutions to federal businesses it had contracted with.
A co-founder of the organization, Breck Taylor, pleaded responsible to rates of defrauding federal companies and was sentenced to 3 years in jail.
Get hold of John Lippman at [email protected]