Magna5 Continues Expansion of Managed Services Business through Acquisition of TCG Network Services
PITTSBURGH, MAR 02, 2022 /PRNewswire/ — Magna5, a national provider of managed IT, cybersecurity, and cloud-based services and a NewSpring Holdings platform company, announces the acquisition of TCG Network Services (“TCG”), a leading Boston-based managed IT and cybersecurity services provider. This acquisition further strengthens Magna5’s position as a formidable player for cybersecurity, data recovery, and cloud services in the lower middle market.
“Our mission at Magna5 is to provide superior service for our customers by combining high-touch local service teams while leveraging the benefits of having access to a broader portfolio of capabilities,” said Robert Farina, CEO of Magna5. “We were immediately drawn to TCG’s impressive track record and the company’s customer-first approach to technology management, which aligns well with our core values and culture at Magna5.”
“We’re extremely proud of this new partnership. We have been thoroughly impressed by the process and look forward to supporting Magna5 and NewSpring Holdings in their rapid expansion,” said Frank McDonough, President and Co-Founder of TCG. “This move enhances our ability to offer best-of-breed technology services. That includes real-time cybersecurity protection, data backup and recovery, centralized network monitoring, cloud hosting, and 24/7 help desk support. Our customers will benefit by continuing to work with their regional Boston support team who now have access to larger market resources.”
TCG is the second acquisition that Magna5 has announced in the past 12 months. Magna5 acquired New York-based SpinnerTech in May 2021 and is pursuing additional acquisition opportunities to enhance capabilities and expand reach.
The transaction with TCG was facilitated by ITX, a global leader in smaller mid-market mergers and acquisitions focusing on IT Services businesses, MSSPs, MSPs, Microsoft, and Oracle channel partners. Robert W. Chmielinski served as legal counsel to TCG Network Services. Blank Rome LLP served as counsel to Magna5.
Magna5, a NewSpring Holdings platform, provides managed IT services, cybersecurity, private and public cloud hosting, backup and disaster recovery and other advanced IT services to mid-market and enterprise customers, including leaders within the education, healthcare, government, financial services, manufacturing, and other industry segments. Headquartered in Pittsburgh, PA, Magna5 has customers nationally.
About NewSpring Holdings
NewSpring Holdings, NewSpring’s dedicated holding company with a strategy focused on control buyouts and platform builds, brings a wealth of knowledge, experience, and resources to take profitable, growing companies to the next level through acquisitions and proven organic methodologies. Founded in 1999, NewSpring partners with the innovators, makers, and operators of high-performing companies in dynamic industries to catalyze new growth and seize compelling opportunities. The Firm manages over $2.5 billion across five distinct strategies covering the spectrum from growth equity and control buyouts to mezzanine debt. Partnering with management teams to help develop their businesses into market leaders, NewSpring identifies opportunities and builds relationships using its network of industry leaders and influencers across a wide array of operational areas and industries. Visit NewSpring at www.newspringcapital.com.