Boston, MA – June, 2016 – Candescent Partners, LLC, is pleased to announce the acquisition of its portfolio company Quadrant Software by Fresche Legacy. Inc. Quadrant Software was originally acquired by Candescent Partners in 2010.
Quadrant is a leading provider of software which modernizes and “mobilizes” business applications running on IBM I, z/OS and Avaya platforms, with solutions for business intelligence, digital document distribution and development tools.
Steve Jenks, Managing Partner of Candescent Partners, said “This transaction represents a successful exit for Quadrant Software, its investors, and management. Since we purchased the Company in 2010, Quadrant has completed and integrated three major acquisitions and the business is well-positioned to continue its success in combination with Fresche Legacy. Steve Woodard and his team have done a phenomenal job and we thank them for all of their hard work.”
Shea & Company acted as the exclusive financial advisor and Choate, Hall & Stewart served as legal advisor to Quadrant Software.
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. Steve Jenks and Sandy McGrath founded Candescent in 2008. Steve Sahlman joined the partnership in 2009. Candescent invests in businesses with annual EBITDA between $2 and $8 million and enterprise values between $10 and $75 million. For more information, visit: www.candescentpartners.com