It was the Boston-based private equity firm’s first deal since being somewhat quietly formed late last year by Steve Jenks and Sandy McGrath, former managing partners with
Jenks says that the transaction, done in partnership with Gemini Investors and Harbert Mezzanine Partners, is representative of the types of deals Candescent is looking for.
The firm intends to invest in health care services, business services, software and consumer product services companies, according to Jenks. The firm seeks companies in the lower part of the lower middle-market with between $10 million and $50 million in revenue.
“It’s effectively what we were doing at Capital Resource Partners, but with a little more of a control focus,” Jenks says