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Tree Line Capital Partners, PGIM Private Capital Increase Credit Facility to Support Ongoing Growth at New Charter Technologies

October 25, 2023, 07:50 AM
Filed Under: Technology

Tree Line Capital Partners served as Agent and Joint Lead Arranger on an increase to New Charter Technologies’ (“New Charter”) existing credit facility, inclusive of a revolver, funded term loan and delayed draw term loan for future acquisitions. PGIM Private Capital (“PPC”) served as Joint Lead Arranger on the transaction.

New Charter is a family of brands made of up the highest-performing Managed Service Providers (“MSP”) across North America.  With over 20 brands, New Charter provides IT support and consulting, managed IT services, managed security services and other outsourced IT needs.  New Charter was founded in 2018 in partnership with Oval Partners (“Oval”) and CEO Mitch Morgan.  New Charter provides MSP founders and leaders the unique opportunity to continue running their businesses while receiving investment and support from Oval to drive growth.  Tree Line first provided financing to New Charter in January of 2020 and has helped finance over 20 add-on acquisitions to date.

Mitch Morgan, CEO of New Charter, said “Tree Line has been a strong supporter of New Charter since inception, having backed us from our first acquisition.  They have always led with creativity and flexibility, which we have valued as New Charter has grown into a market-leading platform.  We’re excited to have PGIM Private Capital join them and are confident their collective capital positions will help us to continue to grow our business.”

Frank Cupido, Partner of Tree Line said “One of our core tenets at Tree Line is helping businesses transition from under $10M of EBITDA into middle market leaders through support of add-on acquisitions.  We have been impressed with the quality of the organization Mitch and the entire New Charter team have built throughout their expansion and look forward to our next phase of growth in partnership with PGIM Private Capital.”

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