PALO ALTO, Calif., Feb. 25, 2021 /PRNewswire/ — New Charter Technologies, a portfolio company of Palo Alto-based private equity firm Oval Partners, announced the acquisition of Stronghold Data, the leading IT services provider spanning across MO, KS, OK, and AR. With over 30 years of experience in the market, Stronghold Data prides itself on its innovative service model, high-quality IT solutions, and relationship-driven culture.
With this addition, New Charter is quickly becoming one of the leading Managed Service Providers (MSPs) in North America. Mitch Morgan, CEO of New Charter describes, “Stronghold Data’s core values are incredibly aligned to the values of our platform of companies, and to New Charter overall. Consistent with our mission, Stronghold is a truly a Best-in-Class MSP. We welcome James Richards and the outstanding team from Stronghold.”
One of the first things that captured the attention of Stronghold Data’s CEO, James Richards, regarding this opportunity, was to see their peers joining New Charter and finding success in the partnership. “We have years of experience working with many of the partners that are involved in New Charter, and we trust their integrity and ability to operate like us as top-performing companies. We truly felt that this was the best blueprint for the future of our company. It provides growth for our team members and additional resources for our current and future clients. For our next stage of growth, these were the key pillars to why we took this step. We are not waiting for the future at Stronghold Data; we are envisioning it today,” explains James.
New Charter Technologies offers founders of high performing MSPs a uniquely compelling opportunity to reinvest alongside Oval Partners in the continued growth of the business. New Charter companies are all industry-leading, Best-in-Class (top quartile) MSPs. Features of this unique partnership include:
- An unprecedented Ownership Model in which owners can take cash off the table and re-invest in New Charter in a single class of shares alongside Oval’s investment
- Owners continue to run their respective businesses and become a part of New Charter’s leadership team tasked with building New Charter to achieve standing as a leading national MSP
- New Charter Technologies’ operating model includes strategic leadership and a highly successful capital provider with permanent capital
According to John Knoll, Co-Founder and Managing Director at Oval, “Stronghold Data represents the 8th high quality MSP to join the New Charter investment. James has built a differentiated Managed Service business that boasts a loyal customer base and exciting growth opportunities. He will be a great partner in a complementary geography to grow alongside the team.”
Stronghold is excited to begin tapping into all the benefits this new partnership has to offer. James explains, “All of the components of New Charter will help us maintain employee morale, grow staff, increase offerings to clients, and build upon the momentum and relationships the team has established for over thirty years.”
SOURCE New Charter Technologies