Business Acquisition Transaction
DENVER (2015) – Class VI Partners (formerly CapitalValue Advisors (“CVA”)) is pleased to announce the acquisition of Information Technology Engineering Corporation (“ITEC”) by Fahrenheit IT Staffing and Consulting (“Fahrenheit”), a wholly owned subsidiary of Global Employment Solutions (“GES”). Class VI served as the exclusive financial advisor to ITEC.
“Closing a deal is always a bittersweet moment, and that was never more true than in this case. Helping John and Randy drive value to get to the point where it made sense to transact has been one of the greatest pleasures of my career. The journey was well worth it as we found an exceptionally good fit for ITEC and its employees while maximizing value for its shareholders. We will miss our daily interactions with both Randy and John and are grateful they allowed Class VI to be a part of the rich ITEC history,” said David Tolson, Managing Director at Class VI Partners.
Business acquisition
ITEC provides cost-effective, individually tailored staffing solutions for customers across the country. Through locating and hiring the highest-caliber talent available, ITEC has developed a first-class reputation in the industry. Since its inception in 1999, the company has seen strong and continuous growth due to its relentless commitment to its customers and employees.
ITEC’s employees possess technical understanding that is unparalleled in the industry and, as a result, are able to provide the most capable engineering staffing services to their customers. The company has provided staffing services to a variety of industry leaders and is a proud member of the National Association of Government Contractors. Customers of the company include Raytheon Company, Northrop Grumman, Lockheed Martin, Boeing, and Oracle. ITEC’s management team looks forward to continuing its dedication to customer service in conjunction with the strong market reputation of Fahrenheit and GES.
“This deal was many years in the making, as I began working with David Tolson about 10 years ago when Class VI and ITEC were in their early stages and still emerging as industry leaders. I watched David become an expert at coaching business owners to add value. My main goal in the transaction was to preserve the ITEC culture and minimize the impact of the transition on our employees and customers. David and his team brought me a deal that did that and much more. Coming down the stretch towards closing day, the Class VI team fought hard in the trenches every day to get a great deal done, while making it as easy on me as possible. Chris and David work very well together and have built an incredible team at Class VI. I have friends for life with their group, and I feel fortunate they chose to work with me. With the new strategic leadership and additional working capital provided by Fahrenheit, Randy and the rest of the ITEC team will continue to take the company to new heights,” said John Allen, Founder and CEO of ITEC.
Business Growth Strategies
Randy Dingle will continue his role as President of ITEC and work in conjunction with Fahrenheit and GES to navigate the companies’ growth strategies.
“It was critically important for us to find a partner that embraced ITEC’s culture and values, and we have found that company in GES and Fahrenheit. I am excited to be joining the family and look forward to working with Wayne Cavanaugh and Howard Brill,” said ITEC President, Randy Dingle.
The transaction was closed on May 26, 2015.
About Fahrenheit IT and Global Employment Solutions
Fahrenheit IT is an IT Staffing and Consulting Division of Global Employment Solutions. GES is a leading provider of professional staffing services with candidates in all 50 states. The company serves a diverse cross-section of companies and employees. With decades of professional staffing experience, GES is a preferred staffing partner to various government agencies, system integrators, and small to large multinational companies. In 2014, GES was acquired by TZP Group, a private equity firm based in New York, NY.
About Class VI Partners
Class VI provides middle-market investment banking services, including mergers and acquisitions advisory, corporate advisory, business valuation, and private capital raising services through its affiliate, Class VI Securities, LLC and Member FINRA. Class VI is also affiliated with and offers wealth management services through Class VI Family Office, LLC, a Registered Investment Advisor with the Securities & Exchange Commission.
John Allen, Founder and CEO of ITEC, and Randy Dingle, President of ITEC, are clients of Class VI Partners and are not being compensated for sharing their opinion and experience with the firm. Any compensation creates a conflict of interest. Comments by John Allen and Randy Dingle may not be representative of any other person’s experience with the firm and are no guarantee of future performance or success.
Additional Disclosures
Investment advisory services offered through Class VI Partners’ affiliate Class VI Family Office, LLC, a Registered Investment Adviser with the U.S Securities and Exchange Commission. Class VI Partners offers investment banking and private securities transactions through its affiliate, Class VI Securities, LLC. Class VI Securities, LLC is a registered broker/dealer and member of the Financial Industry Regulatory Authority (FINRA). Class VI Pathfinder, LLC provides general business consulting to privately held businesses. Collectively these entities are referred to herein as “Class VI”.
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