Pamlico Capital has closed on the sale of Dexter & Chaney to Viewpoint Construction Software, a portfolio company of Bain Capital Private Equity since April 2014. Pamlico acquired Dexter + Chaney in December 2014.
Dexter & Chaney is a provider of enterprise resource planning (ERP) software to the construction industry. ERP software is a suite of integrated applications that is used to collect, store, 
manage and interpret business data including product planning, manufacturing, service delivery, marketing and sales, shipping and payment. The company’s lead product, Spectrum Construction Software, is cloud-based and uses a web browser interface to allow construction contractors to manage the daily operation of their businesses. Dexter + Chaney serves contractors of all types and sizes, from locally-owned subcontractors to large construction firms, in a wide range of end markets, including heavy/highway and utility, general contractors, electrical, mechanical, and specialty subcontractors. The company was founded in 1981 by its CEO and Founder John Chaney. Norbert Orth is the company’s President. Dexter + Chaney is headquartered in Seattle (www.DexterChaney.com).
“After spending 35 years in business with no external funding, we feel very fortunate to have chosen Pamlico as our first investor. Their insights, strategic guidance, and support have helped us achieve fantastic growth over the last few years,” said Mr. Chaney.
During Pamlico’s term of ownership, the firm recruited key executives to join Messrs. Chaney and Orth including Brian Rice, Chief Financial Officer; Eric Newton, SVP of Sales and Marketing; and Scott Rosenbloom, VP Strategy. The firm also assisted the team with new strategic initiatives, including investments in product development and sales and marketing. “Our investment thesis in the construction technology space led us to Dexter + Chaney. This transaction validates the strength of the Spectrum Construction Software product and the hard work by the entire Dexter + Chaney team, who we thank for their efforts on behalf of Pamlico and wish continued success as part of Viewpoint,” said Pamlico Partner Eric Wilkins.
Pamlico Capital invests from $20 million to $100 million in companies with total enterprise values of between $50 million and $250 million. Sectors of interest include business and technology services, communications, and healthcare. Pamlico was founded in 1988 and is based in Charlotte (www.pamlicocapital.com).
“We really enjoyed working with John Chaney, Norbert Orth, and the entire Dexter + Chaney team. They are talented operators and we are thankful to have had the opportunity to help them achieve their vision for Dexter + Chaney,” said Walker Simmons, a Partner at Pamlico.
Viewpoint Construction Software, the buyer of Dexter & Chaney, is a provider of construction-specific software used in the global construction and capital project industries. The company is headquartered in Portland, OR (www.viewpoint.com).
Boston-based Aeris Partners (www.aerispartners.com) was the financial advisor to Dexter + Chaney and Pamlico.
© 2017 Private Equity Professional | July 25, 2017
PPG Industries has signed an agreement to acquire The Crown Group, a provider of coating services to the automotive, agricultural, heavy truck and industrial markets. The Crown Group has been a portfolio company of High Road Capital Partners and Charter Oak Capital Partners since May 2013.
High Road invests in manufacturing, service, or value-added distribution businesses with revenues of $10 million to $100 million and EBITDAs of $3 million to $10 million. High Road has completed 42 transactions – 17 platform investments, 20 add-on acquisitions and five exits – since its founding in 2007. High Road is based in New York (
Charter Oak Equity invests in niche manufacturing, value-added distribution, and service companies ranging in size from $25 million to $150 million of enterprise value. Charter Oak was founded in 2006 and is based in Westport, CT (
PPG Industries (NYSE:PPG) is a global supplier of paints, coatings, specialty materials, and fiberglass. The company has annual revenues greater than $14 billion and is headquartered in Pittsburgh (
Industrial Opportunity Partners (IOP) has sold its portfolio company Kuss Filtration to Italian micro filtration company GVS. IOP formed Kuss Filtration in October 2011 to acquire the light-duty diesel and gasoline engine filtration operations of Cummins.
GVS manufactures and sells plastic filters and components that are used in the healthcare, life sciences, automotive, commercial and industrial filtration, appliance, and personal safety markets. The company has eleven manufacturing plants in Italy, the UK, Brazil, China, Romania, and the US. GVS was founded in 1979 and is headquartered near Bologna in Zola Predosa, Italy (
IOP focuses on acquiring middle-market manufacturing and value-added distribution businesses, typically with revenues between $30 million and $350 million. The firm targets businesses with strong product, customer, and market positions and provides both management and operational resources to support sales growth and operational improvements. IOP was founded in 2005 and is headquartered in the Chicago suburb of Evanston (
Middle market investor WM Partners has held a final close of the firm’s first fund, HPH Specialized Fund 1, LP, with over $307 million in commitments. The new fund closed on June 30th, 2017 and exceeded the target of $300 million.
WM Partners specializes in growth equity and buyout investments in the health and wellness sectors. Typical targets will have revenues from $20 million to $60 million, be cash flow positive, and will be located in North America and Europe. WM Partners was co-founded by Alejandro Weinstein and Jose Minski and is based in Ft. Lauderdale (
The principals of WM contributed the Fund’s foundational investment through an in-kind contribution of the equity of Wellnext Holdings, a nutritional supplements company that was founded by Messrs. Weinstein and Minski in 1986. Wellnext is a manufacturer, packager and marketer of solid dose, softgels, gummies, and powders under an array of brands including Blessed Herbs, Champion, Health Resources, Iceland Health, Nutri-Health, Rainbow Light, Sedona Labs and others. The company sells its products through specialty retailers, online, and direct to consumer channels. Wellnext is based in Sunrise, FL (
Fund I’s strategy is to invest $15 million to $75 million of equity to acquire lower-middle market companies with leading brands in the vitamins, minerals and supplements (VMS) 
and natural personal care sectors and will integrate them under Wellnext Holdings. To date, Fund I has closed on three acquisitions: Vitamin Research was acquired 
in November 2015, Stop Aging Now was acquired in February 2016; and Natural Vitality was acquired in March 2016. A fourth acquisition was closed last week and will be announced shortly.
