Pamlico Capital Closes Sale of Dexter + Chaney
Pamlico Capital (“Pamlico”), a leading middle market private equity firm focused on growth oriented businesses, has closed the previously announced sale of its portfolio company Dexter & Chaney, LLC (“Dexter + Chaney”) to Viewpoint Construction Software (“Viewpoint”). Terms of the transaction were not disclosed.
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 1,100 contractors. Pamlico acquired Dexter + Chaney in partnership with management in December 2014. Since that time, Pamlico has helped recruit a world-class management team, adding key executives including Brian Rice (Chief Financial Officer), Eric Newton (SVP of Sales and Marketing), and Scott Rosenbloom (VP Strategy), and has assisted the team with accelerating growth through various strategic initiatives, including investments in product development and sales and marketing.
“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 Dexter + Chaney founder and Executive Chairman John Chaney. Norbert Orth, President and CEO, added, "Pamlico’s partnership allowed us to achieve our strategic growth initiatives around increasing market share and extending product leadership. We are grateful for our partnership and are now excited to be joining Viewpoint to further expand our capabilities for our valued customers.”
Walker Simmons, Partner at Pamlico, said, “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.” Pamlico Partner Eric Wilkins added, “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.”
Dexter + Chaney and Pamlico were advised by Aeris Partners (financial advisor) and Troutman Sanders LLP (legal 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.