A New York-based private equity firm recently acquired a controlling interest in Jacksonville-based Emtec, a provider of IT consulting and digital services to medium and large enterprises.
Emtec’s existing management team, led by CEO Sunil Misra, will continue to lead the business on the First Coast and will remain significant investosr.
Financial terms of the transaction were not disclosed. Canaccord Genuity and Gibson, Dunn & Crutcher LLP advised Kelso in connection with the transaction. Guggenheim Securities LLC and Dechert LLP advised Emtec in connection with the transaction.
“Emtec’s success has been made possible by our talented associates and our valued clients who trust Emtec with their most demanding digital engagements,” said Sunil Misra, CEO of Emtec. “We have developed a unique culture over our history, and we are excited to welcome a partner in Kelso who shares our passion for customer service, dedication to our associates, and commitment to investing for growth.”
In addition, John Castleman, formerly CEO of digital services firms Mobiquity and Alliance Global Services, will be joining Emtec’s board of directors as Chairman. Dinesh Desai, Emtec’s outgoing chairman, will continue as a board member and remain an investor in the company, according to a statement from the company.
“I am very proud of our amazing team and happy that our new partner, Kelso, shares our ethos of ‘client for life’. I firmly believe the Kelso partnership will help our associates scale new heights and be the best at what we do, while having fun doing it,” Desai said in a statement.
