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Tom Ferrando: Bridge Growth Partners to Buy CRGT in Federal Market Expansion Push

Tom Ferrando_GovConWire
Tom Ferrando

New York City-based private equity firm Bridge Growth Partners has agreed to purchase majority ownership of federal software development and data analytics services contractor CRGT from an affiliate of Veritas Capital for an undisclosed sum.

Bridge Growth said Wednesday that it expects to close the transaction by the end of the year and that Veritas, which acquired CRGT in 2008, will continue to hold a minority stake in CRGT.

A report from the Wall Street Journal says Bridge Growth will pay around $225 million to acquire the company.

“My team and I are excited to partner with Bridge Growth to continue our focused growth strategy and further expand our presence within federal agencies, ” said Tom Ferrando, president and CEO of CRGT.CRGT

“The federal IT services sector represents fertile ground for high value agile software development and data analytics, and CRGT provides an attractive growth platform given its existing customer relationships and strategic capabilities, ” said Alok Singh, co-founder and managing principal at Bridge Growth Partners.

Former Deltek CEO Kevin Parker, also a Bridge Growth co-founder and managing principal, has been appointed chairman of CRGT’s board of directors.

Singh, Bridge Growth co-founder Sander Levy and Veritas Managing Partner Ramzi Musallam will also hold positions on the board.

Wells Fargo and Stifel Nicolaus served as financial advisers to CRGT for the transaction, while Credit Suisse served as financial adviser to Bridge Growth and provided debt financing commitments for the deal.

GoldPoint Partners provided mezzanine debt financing and an equity co-investment for the deal.

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