Renovus Capital Partners, an education, training and human capital focused private equity firm, announced today that it has acquired a controlling interest in Lockstep Technology Group (“Lockstep” or the “Company”). With offices in Duluth and Kennesaw, GA, Lockstep is a trusted technology services partner to over 100 education and government institutions located throughout the Southeastern United States.
Founded in 2008, Lockstep provides end-to-end technological services, backed by top-tier engineering talent to both small and large enterprises. The Company specializes in managed IT services, cloud solutions, IT risk management and security, and strategic IT consulting.
Lockstep’s trusted “customer-as-a-partner” approach ensures that all engagements are treated to the Company’s holistic methodology to planning, implementing and managing a state-of-the-art IT landscape. This individualized approach, while highly valuable to all organizations, is uniquely tailored to suit the budgeting and planning needs of educational and governmental institutions.
Lockstep is led by the three founding partners, Ken Dreon, Scott Anctil, and James Harden. Together the trio brings over 60 years of technology engineering excellence and is supported by a team of experienced engineers with diverse IT backgrounds. The entire team will continue to operate the Company following the transaction.
Atif Gilani, a Founding Partner of Renovus, said, “we are strong believers in technology based businesses with talented executive teams, differentiated services and a loyal customer base; and Lockstep is exactly that. Ken, Scott, and James have built a best-in-class organization that excels in meeting client needs – primarily managed services, cloud implementation and network management. We look forward to supporting the company through its next phase of growth.”
“The Renovus team is comprised of like-minded and resourceful entrepreneurs who bring to Lockstep strategic thinking and growth capital needed to accelerate our growth trajectory. We and our staff are excited about this partnership and the expanded services we now will be able to offer to our clients,” commented Ken Dreon, a founder of the company.
Grayson Harcourt, Associate at Renovus, added, “Lockstep founders have done a terrific job building the company thus far and we look forward to supporting future growth through organic strategies and add-on acquisitions.”
Lockstep is the fourth platform company for Renovus’ second fund, Renovus Capital Partners II, L.P.
Focus Investment Banking served as the sell-side advisor to Lockstep. DLA Piper served as legal counsel and CTS as a financial advisor to Renovus.
About Lockstep Technology Group
Headquartered in Duluth, GA, Lockstep is a leading technology services firm serving the education, government, and professional services industries. The Company’s “customer-as-a-partner” approach provides end-to-end solutions, from assessment and design to cloud migration and managed services, to enable their clients to focus on their core business and not the IT landscape. Lockstep has grown to be a trusted advisor in its market through the high caliber of its work, problem solving approach and focus on client satisfaction. More information can be found at https://lockstepgroup.com.
About Renovus Capital
Founded in 2010, Renovus Capital Partners is an education, training and human capital focused private equity firm. Renovus is based outside of Philadelphia and manages $485 million of committed capital through two SBIC funds. To date, the firm has acquired seventeen portfolio companies specializing in areas such as educational technology, educational content, traditional education, corporate consulting and training, and human capital. The firm is an active investor in profitable and growing enterprises where the Renovus team, in partnership with management, seeks to create value through operational improvements, strategic growth initiatives and acquisitions. More information can be found at http://www.renovuscapital.com.