Frontenac Announces Acquisition of Prime Technology Group
Summary
CHICAGO--(BUSINESS WIRE)--Frontenac, a Chicago-based private equity firm, today announced the acquisition of Prime Technology Group (“Prime”, or the “Company”), a leading provider of outsourced application development and managed software solutions for complex, highly regulated industries from Renovus Capital Partners (“Renovus”). The success of the strategy is evident in doubling of profitability over the last two years and the strongest backlog in the Company’s history,” said Atif Gilani, Founding Partner of Renovus. Prime works with clients to develop, deliver and then maintain and support complex technology systems which are critical to the client’s core business operations. The firm has built a leading franchise working with over 275 owners of mid-sized businesses, almost always families or founders, as they address complex transition issues of liquidity, management enhancement, and growth planning. The Renovus team, in partnership with management, seeks to create value through operational improvements, strategic growth initiatives, and acquisitions.