Manassas, VA, April 15, 2010 – Boyne Capital Partners, LLC announced today that they have teamed with Grindstone Partners, LLC and company management and acquired all of the outstanding shares of Fulcrum IT Services Company, LLC (“Fulcrum IT or the “Company”). Fulcrum IT, founded in 1987, is a Manassas, VA, based company which provides information technology (“IT”) services to the Federal government.
Fulcrum IT is a focused IT Federal services business providing engineering services to the intelligence community, various federal agencies and prime government contractors. Fulcrum IT provides mission critical services in five distinct categories: (i) enterprise services, (ii) applications development, (iii) data management and storage, (iv) information assurance and security and (v) intelligence analysis. All current management will remain at the Company, with Mr. Jeffrey Handy continuing to serve as the President and CEO and Mr. Carroll Johnson as the CFO.
“We continue to grow our customer list of leading intelligence agencies and cutting edge civilian agencies, and we will be able to bring even greater resources to our customers”, said Mr. Handy. Our new investors will help us drive new growth strategies and new service capabilities and resources and we’re very excited about the partnership”, added Handy.
Mr. Derek McDowell, Managing Partner of Boyne Capital said, “Fulcrum IT has built a terrific legacy of providing top notch service and delivery to its customers. The management team is very seasoned and has built a substantial organization serving some of the most prominent agencies of the government. We are very excited to partner with Jeff and Carroll to support their initiatives for the business.”
TD Bank provided the senior debt financing for the transaction. White & Case, LLP advised Boyne Grindstone, LLC in the transaction.
About Boyne Capital Partners, LLC:
Boyne Capital Partners is a Miami, FL based private equity firm. Co-founders Derek McDowell and Jim Malone have decades of knowledge in diversified industries including professional services businesses and companies servicing government clients. Boyne Capital Partners creates shareholder value by providing capital and management assistance to lower middle market companies. Boyne currently manages over $70 million of equity capital. For more information please visit www.boynecapital.com or call 305.856.9500.
About Grindstone Partners, LLC:
Grindstone Partners is an Alexandria, VA based private investment and advisory firm focused on small to mid cap investments. The firm’s founder, Michael Bluestein, has over 20 years of experience in leveraged buyout and growth capital investing. He has extensive experience investing in service and technology companies and has worked with companies serving the federal government. For more information please visit www.grindstonepartners.com or call 703.627.9577.
About Fulcrum IT Services Company:
Fulcrum IT is an information technology company based in Manassas, Virginia, that provides IT solutions and services for federal, state, local, and commercial customers. Fulcrum IT specializes in the areas of enterprise systems operations, system and application development, data management solutions, information and infrastructure assurance and intelligence analysis and methodologies. For more information please visit www.fulcrumit.com or call 703.331.1500.