Dexter + Chaney Receives Equity Investment from Pamlico Capital
Pamlico Capital and the management team of Dexter & Chaney, Inc. announced today that Pamlico has made a growth equity investment in the Company. 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. Pamlico typically makes growth equity investments of up to $100 million alongside proven management teams in its target industries.
Headquartered in Seattle, Washington, and founded in 1981, Dexter + Chaney is a leading provider of financial and operational management software for construction contractors. The Company’s product, Spectrum® Construction Software, is an integral component of daily operations for more than 1,000 contractors. With more than 30 years of experience in providing construction management software, Dexter + Chaney knows how to design products with contractors in mind. Dexter + Chaney recently became the first construction software company to deliver complete and integrated construction management software using true cloud-based technology with an intuitive web browser interface.
Mr. Orth noted, “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. They are committed to partnering with us as we continue to lead the marketplace in delivering a fully integrated suite of cloud-based solutions to address contractors’ needs throughout the construction lifecycle. We look forward to leveraging the expertise and funding of our new partners to further accelerate our growth.”
Pamlico Partner Walker Simmons said, “The management team’s passion for addressing contractors’ needs with quality software applications, and their corporate culture dedicated to outstanding customer service, are both validated by Dexter + Chaney’s industry-leading customer retention rates.” Pamlico Partner Eric Wilkins added, “We are thrilled to be management’s first institutional equity partner. We believe our experience can help the Company broaden its marketing reach and actively pursue product expansion through acquisitions.” Dexter + Chaney will represent the fifth investment in Pamlico Capital III, a fund with $650 million of committed capital.
Dexter + Chaney was advised by Lane Powell (legal counsel) and Greene Holcomb Fisher (financial advisor).
Pamlico Capital is a private equity firm founded in 1988 that invests in growing middle market companies in North America. Pamlico Capital seeks control-oriented growth equity investments of up to $200 million alongside founders and proven leaders in its target industries: communications, healthcare, services and software. The firm, based in Charlotte, NC, has assets under management of almost $3.5 billion. For additional information, please visit www.pamlicocapital.com.