Carter Morse & Goodrich (“CMG”) is pleased to announce that it served as the exclusive financial advisor to Career Team, LLC (“Career Team”) and Career Edge, LLC (“Career Edge”) (together, “Career TEAM” or the “Company”) in its recapitalization with Iron Creek Partners (“ICP”), a family office private investment firm with deep expertise in the Software sector, and Main Street Capital Corporation (NYSE: MAIN), an investment firm that provides long-term debt and equity capital solutions to growing companies. The management team of Career TEAM will continue to run the day-to-day operations and will retain a significant equity stake in the business. Terms of the transaction, which closed on December 17, 2021, were not disclosed.
Founded in 1996 and headquartered in North Haven, CT, Career Team is a leading provider of outsourced services to regional workforce development boards and federally and state-funded work programs across the country. Its affiliate, Career Edge, is a rapidly growing and fully integrated EdTech software platform providing learning management system ("LMS") and case management software solutions to both existing workforce development customers along with numerous higher learning institutions. Together, the Company provides innovative solutions to complex social challenges including closing the opportunity divide, reducing unemployment and eradicating poverty.
“We are very excited about the partnership with our new investors as there is a shared vision for building Career TEAM’s core capabilities and a commitment to support the next phase of growth,” said Chris Kuselias, CEO and Co-Founder of Career TEAM. Kuselias continued, “We sincerely appreciate the Carter Morse & Goodrich team for holding our hands every step of the process. They did an excellent job of assisting in navigating this once-in-a-lifetime transaction for our family.”
Terence Hannafin, Managing Director of CMG, added “Having advised Chris and the Company to prepare for such an important transition, we could not be more delighted with the outcome. It was truly a pleasure to work with the entire management team as their passion and commitment to enhancing the lives of their participants and students is a true testament that you can do good while doing well.”
Shipman & Goodwin LLP served as Career TEAM’s primary legal advisor. Tax and accounting support were provided by Simione Macca & Larrow, LLP and T.M. Byxbee Company. The transaction was managed by Carter Morse & Goodrich’s FINRA registered broker-dealer affiliate, Carter Capital Corporation.
About Carter Morse & Goodrich:
Located in Southport, Connecticut, Carter Morse & Goodrich is a boutique M&A advisory firm that specializes in representing founder-led and family-held businesses valued between $25 million and $250 million. CMG specializes in helping owners of leading companies in niche markets to plan, prepare, execute, and close successful transactions that maximize shareholder value. We fully understand and appreciate the unique dynamics of closely-held businesses and the importance of legacies. While CMG provides a full range of investment banking services our primary focus is representing sellers who are pursuing their once-in-a-lifetime M&A transactions. For more than 30 years, the combination of our hands-on approach, senior banker attention, strategic guidance, seamless transaction execution and extensive network of domestic and international resources has enabled us to become a trusted advisor to hundreds of business owners. For more information, visit us at www.cartermorse.com.