Align Networks, which is backed by General Atlantic, is merging with Universal SmartComp, which is a portfolio company of The Riverside Co. Financial terms weren’t disclosed. The combined company will operate under the Align Networks brand name and be led by Align CEO and President Butch Hofstetter. Both General Atlantic and Riverside will remain investors [...]
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CIT Partners has quietly sold Edgeview Partners back to its employees, peHUB has learned. CIT acquired the Charlotte, N.C.-based mid-market boutique consultancy in mid-2007.
CIT’s 2009 bankruptcy left Edgeview Partners in limbo, causing three of its partners to leave the firm, we reported in October. Before leaving, Co-founders Drew Quartapella and Matt Salisbury offered to buy Edgeview back from CIT, but the lending giant was unresponsive until recently. Yesterday Edgeview’s partners closed the deal to acquire the firm.
CIT sent peHUB the following statement:
Amid CIT’s bankruptcy scares and Carl Icahn drama, not much focus has been placed on the fate of Edgeview Partners, the mid-market boutique consultancy CIT acquired in mid-2007.
While Edgeview continues to do business, its founding partners Drew Quartapella and Matt Salisbury left in February. More recently, partner Bill Morrissett also departed.
According to the Charlotte Observer, Quartapella and Salisbury offered to buy the firm back, but CIT was unresponsive. The three men are subject to a non-compete period that was set when Edgeview originally sold to CIT. According two sources familiar with the firm, the non-compete expires in the middle of next year.
Meanwhile Edgeview’s remaining employees are waiting anxiously for the dust to settle around CIT. M&A advisory business has been slow in a credit crunch, and bringing in new deals with an unstable parent company doesn’t help.