New Charter Technologies and Private Equity Firm Oval Partners Launch a New Category of Managed Service Provider (MSP) with Four Founding Companies

New Ownership Model brings together Four Best-In-Class Industry Leadersas partners in New Charter Technologies

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Sep 02, 2020, 08:36 ET

PALO ALTO, Calif., Sept. 2, 2020 /PRNewswire/ -- New Charter Technologies and Oval Partners today announced the acquisition of four founding companies and their decision to bring this model to the technology industry. The structure allows participating companies to fully participate in investment returns previously available only to PE firms.

Mitch Morgan, New Charter Technologies CEO explains, "Our partner companies will enjoy the best of both worlds by continuing to run their business, and partner with other high performance MSPs. Business owners take cash for their shares and are able to reinvest in New Charter side-by-side with Oval Partners."

Mitch partnered with Oval Partners, a Palo Alto-based investment firm founded by John Knoll and Jake Mizrahi who understand the value of this differentiated approach in which MSPs are highly aligned but not highly integrated.

John Knoll commented, "The MSP market fits perfectly with Oval's unique approach of investing our permanent capital in true partnership with founders of well performing businesses. High caliber MSP owners interested in this model stand to benefit strategically and financially from this partnership as we endeavor to build unprecedented scale in the MSP market."

New Charter Technologies features the following highlights:

The unique, unprecedented ownership structure allows MSP owners to take cash off the table and also reinvest into New Charter in a single class of shares alongside Oval Partners
New Charter's operating model provides strategic leadership and development support, enabling entrepreneurs to improve their businesses through best practice and resource sharing between operating companies
In addition to continuing to run their business, owners also become part of New Charter's leadership team to guide the larger business as it becomes a leading national MSP
New Charter quickly added four industry-leading, Best-in-Class MSPs to the platform, with more to come

The founding MSPs have achieved best-in-class financial performance, and will enjoy the benefits of an enterprise-scale, PE-backed Managed Service Provider platform (financial depth, economies of scale, shared knowledge and resources, accelerated growth, North American footprint, access to capital, etc.) while maintaining autonomy, culture, leadership, personal investment/financial upside, and other benefits of running your own business.

According to Morgan, "We are so fortunate to have attracted four extraordinary companies, with proven leadership, and a legacy of high performance. The owners of these companies have re-invested in the business, and are deepening their commitment to their employees and clients."

Click here for the full press release and quotes from the founding companies.

About New Charter

About Oval Partners

Media Contact:
Dan Escovitz, Oval Partners
312.375.0050
[email protected]

SOURCE New Charter Technologies