Pamlico Capital has made a growth equity investment in Dexter + Chaney, a provider of enterprise resource planning software to the construction industry.
Enterprise resource planning (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.
Dexter + Chaney’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 and is headquartered in Seattle (www.DexterChaney.com).
The company’s CEO and Founder, John Chaney, along with President, Norbert Orth, and other executive management team members will retain significant ownership of Dexter + Chaney and will continue to manage the growth of the company in partnership with Pamlico.
“We are thrilled to be management’s first institutional equity partner,” said Pamlico Partner Eric Wilkins. “We believe our experience can help the company broaden its marketing reach and actively pursue product expansion through acquisitions.”
Pamlico Capital invests from $25 million to $100 million in companies with total enterprise values of between $50 million and $250 million. Sectors of interest include business & technology services, communications, and healthcare. Dexter + Chaney is the fifth investment in Pamlico Capital III, a fund with $650 million of committed capital. Pamlico Capital was founded in 1988 and is based in Charlotte (www.pamlicocapital.com).
“This investment by Pamlico will allow us to put more dollars to work in our growth initiatives, including broadening our product capabilities, deepening integration functionality, and maintaining high-touch customer support,” said Mr. Orth. “We look forward to leveraging the expertise and funding of our new partners to further accelerate our growth.”
Greene Holcomb Fisher (www.ghf.net) was the financial advisor to Dexter + Chaney and Lane Powell provided legal counsel.
© 2015 PEPD • Private Equity’s Leading News Magazine • 1-16-15