Ridgemont Equity Partners, a middle market private equity investor, announced an investment in Strata Information Group (SIG), a leading provider of managed services for higher education.
The company’s comprehensive service offering includes enterprise resource management (ERP), customer relationship management (CRM), cybersecurity, and other enterprise-level managed service and application service capabilities. Shortly after closing the investment, SIG acquired BHA Technologies (BHA), a strategic service partner to higher education software provider Ellucian.
Fort Point Capital invested in SIG in 2021 and remains a minority investor, along with Ridgemont and SIG’s management team. And Canaccord Genuity and Goodwin Procter served as financial and legal advisors to Ridgemont, respectively.
Baird and Kirkland & Ellis served as financial and legal advisors to SIG, respectively. BMO Sponsor Finance and Crescent Direct Lending provided debt financing for the transaction.
KEY QUOTES:
“The SIG management team is thrilled to partner with Ridgemont. We are aligned with a partner that shares our vision of providing high-quality and mission-critical services to higher education institutions. Ridgemont also brings experience and resources to accelerate organic and inorganic growth. To begin our partnership, we are acquiring BHA, which underscores our commitment to the Ellucian Partner Network and our strategic relationship with Ellucian.”
– Brent Rhymes, CEO of SIG
“We are excited to partner with the SIG management team to accelerate growth. The Company is a market leader in higher education, strategically positioned to capitalize on the broader growth trends within the technology services industry. We have closely tracked the Company’s success for several years given our investment activity within the education vertical and firmwide focus on tech-enabled service business models.”
– Anthony Cassano, Partner at Ridgemont
“The company has a proven track record of expanding its service offerings in the higher education sector, with long-standing customer relationships and a team of talented industry experts. Building on this strong foundation, we are excited to support SIG’s continued growth through organic initiatives and strategic acquisitions like BHA.”
– Ryan Shanahan, Principal at Ridgemont
