M/C Partners Makes Significant Growth Investment in celito

May 24, 2023

M/C Partners Makes Significant Growth Investment in celito

To drive expansion of fiber network and service offerings for business clients

Boston, MA and Raleigh, NC: May 24, 2023 – M/C Partners, a leading private equity firm focused on the digital infrastructure and technology services sectors, is excited to announce a significant growth investment in celito. The company, established in 1999 and based in Raleigh, is a trusted, local communications and managed services provider to businesses leveraging its fully owned fiber network.

The investment marks an important milestone in celito’s journey as it accelerates its expansion plans. The partnership continues M/C’s commitment to investing in promising companies to drive growth and build long-term value. The investment will provide celito with the necessary resources and capital to expand its fiber network and service offerings in Raleigh and beyond.

“I am delighted with the M/C partnership and the new opportunities it will provide celito and our outstanding team,” said Sharat Nagaraj, Founder and President. “With their investment, we will confidently grow our business to meet the evolving needs of our clients. The expertise M/C Partners brings to the table will play a crucial role in taking celito to the next level.”

“This investment in celito is the perfect combination of our two investment pillars, digital infrastructure and technology services,” said Ryan Carr, Partner at M/C Partners. “celito’s continually growing fiber network, commitment to exceptional client experience, and deep understanding of the local market are the foundation to create the preeminent service provider in the region.”

Sharat will work alongside Danny Bottoms who has joined celito as CEO. Danny is a telecommunications industry veteran who has led several private equity backed companies. “Danny’s experience in successfully scaling fiber businesses and his familiarity with M/C as the CEO of Cavalier Telephone and GTS Central Europe makes him the perfect fit for this role” said Gillis Cashman, Managing Partner at M/C Partners.

The partnership between M/C Partners and celito represents a shared vision to drive innovation, empower businesses, and contribute to the vibrant growth of the North Carolina business community. The same values and dedication to community that brought the company to this extraordinary milestone will continue to guide the future growth of celito.

About M/C Partners:

M/C Partners is a private equity firm focused on small and mid-size businesses in the digital infrastructure and technology services sectors. For more than three decades M/C Partners has invested $2.4 billion of capital in over 140 companies, leveraging its deep industry expertise to understand long-term secular trends and identify growth opportunities. The firm is currently investing its ninth fund, partnering with promising companies and leadership teams to support, scale, and improve operations and maximize value. For more information, please visit https://mcpartners.com/

About celito:

celito, established in 1999, is a communications and managed service provider serving businesses in the Raleigh, North Carolina region. Leveraging an owned fiber network, we elevate clients from the desktop to the cloud with our internet, voice, data center and IT consulting services. Through its commitment to exceptional client experience and strong community presence, celito empowers businesses with reliable and scalable solutions. For more information, please visit https://celito.net/

Media Contact: Erika Corey / celito / (919) 852-1238 / ecorey@celito.net

Zack Halpryn

Zack Halpryn is an Associate at M|C Partners, where he focuses on investment opportunities in the digital infrastructure and technology services sectors. Prior to joining MC, Zack worked at HarbourVest Partners, where he was focused on buyout and growth equity investments. Previously he worked at Performance Equity Management and Credit Suisse. Zack received a B.B.A in Finance (summa cum laude) from the Isenberg School of Management at UMass Amherst. He currently lives in Boston’s West End and in his spare time enjoys playing sports (volleyball, basketball, golf), reading and watching the Celtics.

Joined

2023

AFFILIATED PORTFOLIO

AccessParks
Ascend Technologies
Carbon60
Denovo
TowerCom

Contact

BOARD POSITIONS

celito

Established in 1999 and based in Raleigh, is a trusted, local communications and managed services provider to businesses leveraging its fully owned fiber network. celito creates technology solutions for businesses across all sectors both large and small. From supplying high-speed Internet service, to providing quality VoIP telecom service, to setting up your office network, they offer turnkey solutions from the desktop to the cloud

TEAM MEMBERS

GSC

RDC

KA

SECTOR

Jason P. Stutman

Jason Stutman is a Senior Fund Accountant at M/C Partners, responsible for the cash management of co-investment vehicles, preparing quarterly financial statements, and communication with Limited Partners. Prior to joining the firm in 2023, Jason worked in the Portfolio Analytics Group at HarbourVest Partners. He earned a BSBA with honors in Finance with a minor in Computer Information Science from The Ohio State University. Jason lives in South Boston and enjoys cheering on Boston sports teams, playing hockey and golf and traveling.

Joined

2023

AFFILIATED PORTFOLIO

Contact

BOARD POSITIONS

Cuba Burch Berner

Cuba Burch Berner is an Associate at M|C Partners, where he focuses on investment opportunities in digital infrastructure and technology services. Prior to joining the firm in 2022, Cuba was an Equity Research Associate at Citi covering infrastructure companies within the telecommunications industry, including data centers and wireless towers. He holds a B.S. in Mathematics with a specialization in Economics from the University of Chicago. Cuba currently lives in Boston’s West End and enjoys a myriad of outdoor activities including running, swimming, hiking, and skiing.

Joined

2022

Contact

AFFILIATED PORTFOLIO

Ascend Technologies
Consortium Networks
C3 Integrated Solutions
SoniqWave

AccentHealth

AccentHealth operates an out-of-home advertising network that reaches over 12,000 physician office waiting areas in the U.S. – JOHN WATKINS

TEAM MEMBERS

JWW

SECTOR

IT SERVICES

James F. Wade

Jim Wade co-founded M/C Partners in 1986 with Dave Croll. He has been investing in communications and technology services since the advent of wireless and broadband, cornerstones of the firm’s sector focus. As Chairman, he manages the firm’s investment process, and continuously seeks out management teams, company prospects and financial resources to grow the portfolio. Jim’s successful track record includes MetroPCS (IPO), Lightower Holdings (acquired by Berkshire Partners), Cavalier Telephone (acquired by PAETEC), NuVox Communications (acquired by WindStream), Attenda (acquired by Darwin Private Equity), Melita (acquired by Apax Partners), PR Wireless (joint venture with Sprint affiliate in Puerto Rico), Thrive Networks (acquired/recapitalized by Court Square) and Involta (acquired by Carlyle Group). Today he serves as a director on the Board of Connectivity Wireless and has responsibility for Omega Wireless. Jim graduated from the University of Notre Dame a B.B.A in Finance and received an MBA from Harvard Business School. He lives outside Boston with his wife and four children. Jim was an avid boater and is now an average golfer.

JOINED

1986

Contact

BOARD POSITIONS
Connectivity Wireless

Abhishek Rampuria

Abhishek (A.B.) is a Partner at M/C Partners, where he leads origination, deal diligence and portfolio company support for investments in a variety of communications and technology services segments. He currently serves on the Board of Ascend Technologies, Connectivity Wireless, Edafio Technology Partners, TowerCom and serves as a Board Observer for Thrive Networks. A.B. previously served as a Board Observer for Ensono (acquired by KKR) and QOS Networks (acquired by Zayo). Prior to joining M/C Partners in 2015, A.B. worked at Altman Solon (formerly Altman Vilandrie), a technology, media & telecommunications focused strategy consulting firm, where he completed projects for both operating companies and private equity investors. A.B. received a B.S. in Materials Science & Engineering from the Massachusetts Institute of Technology. He lives in Boston’s South End and outside of work, enjoys skiing, cycling, traveling and cheering on his home-town Patriots and Celtics.

Joined

2015

AFFILIATED PORTFOLIO

Thrive Networks

Contact

BOARD POSITIONS

Ascend Technologies
Connectivity Wireless
Edafio Technology Partners
TowerCom