Boston-based Candescent Partners has led a syndicate of firms in the buyout of Mansfield, Mass.-based Quadrant Software, which makes electronic document management software. Co-investors include Harbert Mezzanine Capital, Bush O’Donnell Capital Partners, Massachusetts Capital Resource Company and Brooke Private Equity Associates. The group bought Quadrant from its founders. Financial terms were not released.
Candescent Partners is pleased to announce the acquisition of Quadrant Software, Inc. Candescent led the transaction with co-investors Harbert Mezzanine Capital, Bush O’Donnell Capital Partners, Massachusetts Capital Resource Company and Brooke Private Equity Associates. Candescent acquired the business from its founders.
Quadrant Software, headquartered in Mansfield, MA, is a leading provider of electronic document management software primarily for the IBM iSeries. The IBM iSeries is an integrated operating environment with a more than 20 year reputation for exceptional security and business resilience. Quadrant’s two primary products, FastFax and Formtastic, enable end-users to manage “revenue critical” documents such as invoices, purchase orders, sales orders and order acknowledgments more effectively and simply.
As part of the transaction, Stephen Woodard, will become Quadrant’s new Chief Executive Officer.
About Candescent Partners, LLC
Candescent Partners is a Boston-based private equity firm that invests in the acquisition, growth and recapitalization of lower middle market companies in healthcare services, business services, software and consumer products and services. Founded by Steve Jenks and Sandy McGrath, Candescent invests in businesses with annual EBITDA between $2 and $8 million and enterprise values between $10 and $75 million. Quadrant is Candescent’s second platform acquisition, following Candescent Healing, a specialized wound care services company.