U.S. private equity firm Third Century Investment Associates has recapitalized and acquired a stake in Decisive Technologies Inc, an Ottawa-based provider of enterprise information technology infrastructure services, and the affiliated BriteSky Technologies Inc, a provider of managed cloud services. Terms weren’t disclosed for the deal, which included financing from Roynat Capital. Canadian investment banking firm FirePower Capital Corp announced the transaction, on which it advised. President Mike Smith, who founded Decisive in 2001 alongside Joey Harrison and Richard Losier, said the partnership with Third Century will help accelerate the company’s growth.
FirePower Capital announces the Recapitalization and Partial Sale of Decisive Holdings Inc. and BriteSky Technologies Inc. by Roynat Capital Inc. and Third Century Investment Associates, LP
TORONTO, June 18, 2018 /CNW/ – FirePower Capital Corp. (“FirePower”), Canada’s entrepreneurial investment bank and investor, is pleased to announce it advised on the recapitalization and partial sale of Decisive Technologies Inc. (a wholly owned subsidiary of Decisive Holdings Inc.), a value-added reseller of IT hardware, and BriteSky Technologies Inc., a Canadian, managed cloud services provider (collectively “Decisive”), to Roynat Capital Inc. (“Roynat”) and Third Century Investment Associates, LP (“Third Century”), a growth investor. FirePower acted as exclusive advisor to Decisive, negotiating a successful new partnership that is fully-aligned with the shareholders’ vision for the future of the company.
“We’ve had great success in building the business organically over the past five years,” said Mike Smith, President of Decisive. “But we reached a juncture where we needed access to additional capital to help accelerate the company’s growth. FirePower worked hard to understand our priorities. Our deal with Third Century fits our objectives and allows us to continue to build the company with an investor that shares our vision. In addition to finding a buyer that recognized the potential in our company, FirePower’s investment banking team guided us through essential discussions to ensure our values and vision were aligned with that of the buyer.”
“We are thrilled to be joining the Decisive family,” said Joel Iglehart, Partner, Third Century. “From the beginning, it was clear the company offers a unique value proposition to the market. Over the last several years, Decisive has enjoyed remarkable success, which is a testament to the leadership of the three founders, Mike Smith, Joey Harrison and Richard Losier, as well as the broader management team. We are motivated to accelerate the company’s current growth trajectory, while continuing to offer superior service to our customers and supplier partners for many years to come.”
“Roynat has delivered a unique and comprehensive financing solution for Third Century’s investment in Decisive,” said Jason Simon, Associate Director with Roynat. “We look forward to building a long-term partnership and supporting the continued growth of the company. The three founders have built a strong business and are well-aligned with Third Century to build upon this foundation and accelerate growth. We’re thrilled to be a part of the deal and to see what the future holds for this new partnership.”
“Our investment banking team strives to understand the unique priorities of sellers,” said Ilan Jacobson, Founding Partner and CEO of FirePower. “In this case, our team understood that an alignment of values and vision was critical. We worked hard to achieve this: surfacing the right buyer, guiding discussions, and negotiating deal structure to make certain our clients objectives were met or surpassed.”
About FirePower: FirePower is the investment banking and private capital firm built for Canada’s entrepreneurs. Our team of 30+ deal professionals helps their mid-market businesses complete mission-critical transactions, by advising them or investing in their companies directly. www.firepowercapital.com
About Decisive: Decisive Technologies provides the most reliable, resilient, and fully integrated custom Enterprise IT Infrastructure solutions that optimize business processes and improve business outcomes. Decisive’s solutions are custom-engineered and purpose-built to fit the unique needs of medium and large enterprises. They are optimized to ensure the security and availability of business-critical data and improve business operations using the fastest and most advanced enterprise networking technologies. www.decisive.ca
About BriteSky: BriteSky provides the most flexible, cost-effective, and secure enterprise cloud services and solutions for Canadian businesses. Unlike generic, preconfigured offerings, BriteSky enterprise-grade cloud services and solutions are purpose-built for medium and large enterprises. They are engineered to enable the creation of customized, highly secure virtual data vaults that fit the unique needs of each business. www.britesky.ca
About Roynat Capital Inc.: Roynat delivers creative capital solutions to businesses across North America. With offices nationwide, Roynat offers financing alternatives by drawing on a broad range of financial solutions including term loans, asset based lending, subordinated debt and equity. Roynat is a wholly owned subsidiary of Scotiabank. For more information, please visit www.roynat.com.
About Third Century: Third Century Investment Associates, LP manages growth capital for significant investments in privately-held businesses throughout Canada and the United States. The firm invests actively in partnership with operating companies and carefully selected management teams. Third Century’s team targets proven businesses in specialized, high-growth sectors to develop new company investments over the long-term. www.thirdcentury.com
For further information: Karen Fisman, Director, Communications, FirePower Capital, [email protected]