Charlotte, NC (October 18, 2023) — Broadtree Partners (“Broadtree”), a lower-middle market private equity firm, announced today that its portfolio company, Cartridge Technologies, LLC (“CTI”), has been acquired by CenterGate Capital (“CenterGate”), a middle-market private equity firm. DC Advisory (“DCA”) acted as the sell-side representative for CTI. Terms of the transaction were not disclosed.
“We are proud to have partnered with the CTI founders and team on what has been an incredibly successful chapter in CTI’s history,” said Brad Batten, Managing Partner at Broadtree. “Colin Murphy’s leadership and the strength of the CTI team have carried forward the founders’ legacy and propelled the business to achieve great things.”
Established in 1990, CTI is a prime contractor to the Federal Government and currently provides managed print services to over 200 unique clients across all 50 U.S. states. Over its 33-year history, CTI has developed an unparalleled expertise in helping federal agencies design, deploy, and manage highly secure print environments through a combination of industry-leading print hardware and software solutions. The company’s mission-focused approach enables the delivery of highly effective MPS solutions for customers operating within highly secure and stringent requirements. During its partnership with Broadtree, CTI grew revenue by greater than 2.5x, expanded its headcount by 35%, and increased the number of devices under management by 80%.
CTI CEO Colin Murphy said, “I am very proud of what the CTI team has been able to accomplish. CTI has become a premier managed print services provider to the federal government, and we are excited to partner with CenterGate for our next phase of growth.”
Holland & Knight served as legal advisor to Broadtree and CTI.
About Broadtree Partners
Broadtree Partners, headquartered in Charlotte, North Carolina, is a lower-middle market PE firm with an operator-centric model. Broadtree seeks to partner with business owners and entrepreneurs to provide operational resources and institutional capital to transform and grow founder-owned businesses in the lower-middle market. Broadtree’s goal is to fuel stable, long-term growth while preserving the company’s core values. Broadtree’s team of operators and entrepreneurs works very closely with owners throughout the transaction process and transitions to running the day-to-day operations after an acquisition. By leading with its high caliber operating talent, Broadtree’s unique executive-in-residence approach provides owners with the flexibility to preserve their legacy by either smoothly exiting their companies and seamlessly changing leadership, or by partnering with Broadtree’s operational and financial resources to further accelerate growth.
For more information, visit https://www.broadtreepartners.com.
CTI is a leading managed print services provider to the federal government. CTI services over 200 unique customers spanning some of the most well-known agencies in the U.S. government. Over its 33-year history, CTI has developed unmatched expertise in managed print services for federal agencies, stemming from deep customer relationships and specialized technical know-how, backed by technology-enabled service.
For more information, visit https://www.ctimd.com.
About DC Advisory
DC Advisory is an international investment bank committed to making a difference. As part of an established global business, we offer access to over 650 professionals in 22 locations throughout Asia, Europe, and the US. Across 11 industry focused teams, we offer tailored, independent advice on M&A, debt raisings and restructurings, private capital, and access to unrivalled Asia investment knowledge.
For more information, visit https://www.dcadvisory.com/about-us/.
About CenterGate Capital
CenterGate Capital is a private equity firm managing over $740 million. We focus on growing lower middle market companies. Our goal is to partner with management to create value for all stakeholders of our portfolio companies. CenterGate possesses flexible capital, enabling us to tailor each investment to a company's ownership goals and growth strategies. We structure transactions to enable owners to monetize their equity while also positioning companies for future growth.
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