Middle-market private equity firm Pamlico Capital (Pamlico) has closed the previously announced sale of its portfolio company Dexter & Chaney (Dexter + Chaney) to Viewpoint Construction Software (Viewpoint). Terms of the transaction have not been disclosed.
Headquartered in Seattle, Washington and founded in 1981, Dexter + Chaney is a provider of financial and operational management software for construction contractors. The Company’s product, Spectrum Construction Software, is used by more than 1,100 contractors. Pamlico acquired Dexter + Chaney in partnership with management in December 2014. Since that time, Pamlico has helped recruit a new management team, adding senior executives including Brian Rice (Chief Financial Officer), Eric Newton (SVP of Sales and Marketing), and Scott Rosenbloom (VP Strategy).
“After spending 35 years in business with no external funding, we feel very fortunate to have chosen Pamlico as our first investor. Their insights, strategic guidance, and support have helped us achieve fantastic growth over the last few years,” says Dexter + Chaney founder and Executive Chairman John Chaney. Norbert Orth, President and CEO, added, “Pamlico’s partnership allowed us to achieve our strategic growth initiatives around increasing market share and extending product leadership. We are grateful for our partnership and are now excited to be joining Viewpoint to further expand our capabilities for our valued customers.”
Walker Simmons, Partner at Pamlico, says: “We really enjoyed working with John Chaney, Norbert Orth, and the entire Dexter + Chaney team. They are talented operators and we are thankful to have had the opportunity to help them achieve their vision for Dexter + Chaney.”
Pamlico Partner Eric Wilkins adds: “Our investment thesis in the construction technology space led us to Dexter + Chaney. This transaction validates the strength of the Spectrum Construction Software product and the hard work by the entire Dexter + Chaney team, who we thank for their efforts on behalf of Pamlico and wish continued success as part of Viewpoint.”
Dexter + Chaney and Pamlico were advised by Aeris Partners (financial advisor) and Troutman Sanders LLP (legal advisor).
