MINNEAPOLIS & WEST PALM BEACH, Fla., October 25, 2021--(BUSINESS WIRE)--Norwest Equity Partners ("NEP"), a leading middle market investment firm founded in 1961, has made a significant investment in Coretelligent (or the "Company"), a leading provider of comprehensive managed IT, cybersecurity, and cloud services. The transaction closed on October 21, 2021; financial terms of the transaction were not disclosed.
Headquartered in Westwood, MA, Coretelligent’s differentiated solutions are designed to secure and enhance an organization’s IT operations for optimal business performance. Coretelligent serves as an outsourced solution for most, if not all, of a client’s IT spend on storage, compute capacity, security, and computer software and hardware while wrapping these solutions with around the clock, white-glove, technical support. NEP is excited to partner with the Company’s founder and CEO, Kevin Routhier, to continue to grow the business which has a strong track record of organic and inorganic growth having completed three acquisitions since 2019.
"At Coretelligent, we remain steadfastly committed to delivering robust, comprehensive solutions for our clients’ evolving technology and security needs. Partnering with NEP provides Coretelligent tremendous opportunity for continued scale and differentiation in an increasingly competitive market," said Routhier. "We are thrilled to partner with NEP. Our collective alignment of core values, coupled with NEP’s incredible track record and industry expertise places Coretelligent in an optimal position as we embark on our next chapter."
Tim DeVries, NEP Managing Partner, commented, "Coretelligent’s best-in-class service offering has created stellar client relationships along with a compelling growth profile. We are very excited to partner with Kevin and the rest of the Coretelligent management team to extend the Company’s leadership position in the attractive managed IT services market."
Adam Garcia Eveloff, NEP Managing Director, stated, "This is a great opportunity for NEP given our experience with IT services investments, successful M&A execution, and partnership with founders. Kevin has built an outstanding team, and it is well positioned to take Coretelligent to the next level. We are excited to be part of the next stage of growth."
With offices in Minneapolis and West Palm Beach, NEP has been investing in growing, profitable, and scalable middle market companies for more than 60 years. NEP has deep experience working with IT services companies. Coretelligent fits well with NEP’s key investment themes in the space, including best-in-class solutions, a high-recurring revenue base, and both organic and inorganic growth opportuniti
es.
Drake Star Partners advised Coretelligent on the transaction; Winston & Strawn, LLP was legal advisor to NEP; and Alliance Bernstein provided debt financing.
More information can be found on coretelligent.com and nep.com.
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Contacts
Heather Goodwin
Chief Marketing and Communications Officer
Norwest Equity Partners
612.215.1676
hgoodwin@nep.com
