Washington, DC, (June 1, 2023) – FOCUS Investment Banking (“FOCUS”), a national middle market investment banking firm providing merger, acquisition, divestiture and corporate finance services, announced today that Celito, a communications and managed service provider serving businesses in the Raleigh, North Carolina region, has received a significant equity investment from M/C Partners, a leading private equity firm focused on the digital infrastructure and technology services sectors. FOCUS advised Celito in this transaction.
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 at Celito. "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," added 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.
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.
“Sharat and his team have done a tremendous job of building out a sizable fiber network in a market with great demographics, and the Company has also successfully developed deep ties to the local community,” commented Rich Pierce, FOCUS Managing Director and Telecom Technology & Services Team Leader. “We believe Celito is extremely well positioned for future growth, and we were delighted to have the opportunity to work with Sharat to help him find a partner like M/C Partners that has a long history of scaling businesses in the fiber broadband space. It was a pleasure to work with the Celito team on this transaction.”
*These testimonials may not be representative of the experience of all clients; testimonials are not a guarantee of future performance or success.