Private equity firm Pamlico Capital said it is investing in construction software company Dexter & Chaney.
Officials say Dexter & Chaney CEO and founder John Chaney and President Norbert Orth, along with rest of the executive management team, will retain ownership of the company, and will continue to manage the growth of the company with Pamlico.
The amount of Pamlico’s investment was not disclosed.
“The management team’s passion for addressing contractors’ needs with quality software applications, and their corporate culture dedicated to outstanding customer service, are both validated by Dexter & Chaney’s industry-leading customer retention rates,” said Pamlico partner Walker Simmons.
Orth said the investment will quickly pay dividends.
“This investment by Pamlico will allow us to put more dollars to work in our growth initiatives, including broadening our product capabilities, deepening integration functionality and maintaining high-touch customer support,” he said. “They are committed to partnering with us as we continue to lead the marketplace in delivering a fully integrated suite of cloud-based solutions to address contractors’ needs throughout the construction lifecycle. We look forward to leveraging the expertise and funding of our new partners to further accelerate our growth.”
Eric Wilkin, another Pamlico partner, said the new investment will help Dexter & Chaney expand its reach.
“We are thrilled to be management’s first institutional equity partner,” he said. “We believe our experience can help the company broaden its marketing reach and actively pursue product expansion through acquisitions.”