August 1, 2023 – New Canaan Funding Mezzanine VII SBIC, LP (“NCF VII SBIC”) provided financing to support the add-on acquisition of Herrod Tech by The Purple Guys (“TPG” or the “Company”) and Kian Capital Partners, LLC (“Kian”). NCF provided debt and equity financing as part of this acquisition.
TPG, headquartered in Shreveport, Louisiana, is a leading provider of comprehensive managed IT services to small and mid-sized businesses. As a trusted member of TPG’s clients’ teams, the Company works on the clients’ behalf to help grow their businesses and succeed by ensuring secure, reliable and cost-effective IT systems. This add-on acquisition, which expands the Company’s presence in key Texas markets, represents the eighth acquisition by TPG and Kian and is part of the fast-growing and highly innovative managed IT service provider’s larger strategy to become the leading IT service provider in the Central U.S. while continuing its legacy of improving clients’ productivity with partnership-oriented, trouble-free IT support.
New Canaan Funding (“NCF”), with offices in Naples, Florida, New Canaan, Connecticut and Wheaton, Illinois, is a mezzanine firm focused on the middle market private sponsor community. Since its beginnings in 1995, NCF has targeted acquisitions, recapitalizations and growth financings in conjunction with its private equity clients. NCF is currently investing out of its seventh fund. The investment in TPG represents NCF VII SBIC’s twelfth investment in the fund. This financing represents the second investment with Kian in NCF VII SBIC .
Kian Capital Partners forges partnerships to ignite growth and build enduring value with a goal to provide flexible financial resources and additional operational support to scale lower-middle-market businesses, realize aspirations and deliver long-term investment returns through genuine partnership. Kian is a private investment firm with $825 million of capital under management and 16 current investments and its team of seasoned investors has over 100 years of collective experience providing transformational capital solutions and board-level strategic and operational guidance to founder/owner operated businesses.
Contact and additional information for Kain Capital Partners, LLC can be found at https://www.kiancapital.com/.
Contact at New Canaan Funding: