Balance Point backs Frontenac’s buyout of Prime Technology

Balance Point Capital has made an investment to back Frontenac's acquisition of Wayne, Pennsylvania-based Prime Technology Group, a provider of customized business software solutions.

Balance Point Capital has made an investment to back Frontenac’s acquisition of Wayne, Pennsylvania-based Prime Technology Group, a provider of customized business software solutions for clients in the healthcare, insurance and finance sectors. No financial terms were disclosed.

PRESS RELEASE

WESTPORT, Conn., April 14, 2020 /PRNewswire/ — Balance Point Capital (“Balance Point”), in conjunction with its affiliated fund, Balance Point Capital Partners III, L.P., is pleased to announce its investment in Prime Technology Group, LLC (“Prime” or the “Company”) in support of Frontenac XI Private Capital Limited Partnership’s and Frontenac XI Private Capital (Parallel) Limited Partnership’s (“Frontenac”) acquisition of the Company. Balance Point created a bespoke debt and equity capital solution to facilitate the acquisition.

Founded in 2001 and headquartered in Wayne, PA, Prime is a leading provider of customized business software solutions for clients in the healthcare, insurance and finance verticals. Prime’s core product offerings include application development, data management, cloud services, and content management.

The Company’s subject matter experts and development teams partner with clients to create bespoke enterprise platforms that solve complex business needs. Prime then provides ongoing support and maintenance services post initial product rollout.

“Having closed our sixth fund in February, Balance Point is grateful to have significant capital available, particularly during these challenging times, and we are very happy to partner with Frontenac in investing in the exceptional platform that is Prime. We believe that coupling Prime’s industry leading management and development teams with Frontenac’s and our experience is a formidable combination,” commented Justin Kaplan, a Partner at Balance Point.

Seth Alvord, Balance Point’s Managing Partner, added “We are pleased to work with Frontenac to add Prime to our portfolio. Given the uncertainty attendant to the current environment, we are not only enthusiastic about our investment in Prime, but also view it as another demonstration of our continuing commitment to support lower middle market businesses and sponsors.”

Joe Rondinelli, Principal at Frontenac added “We’re looking forward to working with Balance Point as our financing partner on this transaction. Their collaborative approach, past experiences and speed of execution will continue to be difference makers as Prime looks to make growth investments and execute on an acquisition strategy.”

About Balance Point Capital
Balance Point Capital is an alternative investment manager focused on the lower middle market. With more than $1.1 billion in assets under management, Balance Point invests debt and equity capital in select lower middle market companies across a variety of investment vehicles. We take a long-term, partnership approach to investing and are committed to building lasting relationships with our partners, management teams and intermediaries.

Balance Point Capital Advisors, LLC (referred to herein as Balance Point Capital) is a registered investment advisor. Further information is available at www.balancepointcapital.com.

About Prime Technology Group
Prime Technology Group is a global technology services Company. The Company provides outsourced software application development solutions, managed software solutions and enterprise content management solutions for highly regulated industries including healthcare, insurance and financial services. Prime works with clients to develop, deliver and then maintain and support complex technology systems which are critical to the client’s core business operations. The Company’s core practice areas include application development, data management, content management and cloud services. The Company is headquartered in Wayne, PA with additional offices in Detroit, MI and Hyderabad, India. For more information, please visit www.primetgi.com.