WAYNE, PENNSYLVANIA – 9/30/2022: Falcon Capital Partners, LLC (“Falcon”), a leading middle-market investment bank, is pleased to announce the sale of Cannon Group Enterprise Inc. (“Cannon”) to Bridgepointe Technologies (“Bridgepointe”), a portfolio company of Charlesbank Capital Partners (“Charlesbank”).
Cannon Group is a Philadelphia, PA based provider of technology lifecycle management services. Cannon provides expense and mobility management, strategic sourcing and transition management to Fortune Class and mid-market corporations.
Bridgepointe Technologies is a leading IT strategy firm that provides technology solutions to help meet their client’s needs. For over two decades, Bridgepointe has developed deep and broad supplier relationships offering true freedom of choice to thousands of their mid-market and enterprise clients. Bridgepointe is supported by a best-in-class in-house group of Solution Architects and IT Strategists. The firm has developed a proven process to quickly and cost effectively achieve optimal IT results. With over 150+ supplier relationships Bridgepointe has worked with over 12,000 mid-market and enterprise clients to deliver optimal results on a wide range of projects including collaboration, communications, cloud, data center, network transformation, managed IT and security.
Don Wanner, Vice President at Falcon Capital Partners, stated, “Falcon is honored to have worked with Chris Cannon and his team on this combination. As a team, we researched the buyer universe, one Falcon knows very well, and saw obvious synergies that a combination between Cannon and Bridgepointe would yield for shareholders. In addition, we really admired Bridgepointe’s management and saw that Chris and team will bring additional talent and leadership to this business savvy and customer focused organization.”
The acquisition of Cannon Group provides Bridgepointe with a talented team of 46 technology analysts alongside access to new markets in the Northeast, targeting one of Bridgepointe’s key strategies since 2021. The addition of cloud-based solutions for managing inventory, cost and sourcing such as their InvoiceVue solution will allow Bridgepointe to serve the needs of its clients better. Moreover, the Cannon Expense Management process will also be adopted and assimilated into Bridgepointe’s existing processes to make TEM services more efficient and impactful for Bridgepointe’s clients.
Falcon served as the exclusive financial advisor to Cannon Group. Falcon’s Managing Director, Mark Gaeto, writes, “Falcon is tremendously excited about this combination. Chris Cannon has leveraged his years expertise to build a very solid organization. We are very proud of Chris and his team knowing how hard they worked, the risks they took, the grit and determination they expended to build a successful firm and exit!”
Cannon Group Owner and CEO, Chris Cannon comments, “The journey to selling your company is never an easy one – we wanted to find the right partner that would be a suitable steward of the wonderful technology, process and people we have developed at Cannon. Mark, Don and Kevin went above and beyond to ensure that the process was smooth, and that all our criteria were either met or exceeded. We highly recommend Falcon!”
The terms of the transaction were not disclosed. This transaction represents Falcon’s continued expertise in the Technology Expense Management, Telecom Expense Management and Managed Services spaces. The Falcon deal team was led by Managing Director Mark Gaeto, Vice President Don Wanner, and Senior Associate Kevin Mathew. For more information, please contact Mark at email@example.com, or Don at firstname.lastname@example.org.