Middle-market private equity firm CenterGate Capital has acquired Cartridge Technologies, a portfolio company of Broadtree Partners.
CTI was established in 1990 and has served as a federal government contractor, providing more than 200 clients across all 50 U.S. states with managed print services, Broadtree said Wednesday.
As a Broadtree portfolio company, CTI doubled its revenue and saw a 35 percent expansion of its workforce.
Broadtree Managing Partner Brad Batten highlighted the firm’s collaboration with CTI and attributed the portfolio company’s achievements to the strength of the CTI team and the leadership of CTI CEO Colin Murphy.
For his part, Murphy expressed pride over CTI’s success, particularly in becoming a premier provider of managed print services to the federal government.
“[We] are excited to partner with CenterGate for our next phase of growth,” he added.
The terms of CTI’s acquisition have not been disclosed.
CTI’s sale follows Broadtree’s purchase of Joint Research and Development in June. The firm looks to grow its government contracting portfolio with the acquisition of the professional services provider headquartered in Stafford, Virginia.
