US-based retail market intelligence giant SymphonyIRI has secured an undisclosed amount of investment from private equity group New Mountain Capital, which now becomes its majority shareholder.
SymphonyIRI CEO John Freeland says the investment marks a 'promising new chapter' in his firm's history, which will position it for the 'next phase of growth'.
Freeland's management team analyzed several alternatives, including an IPO, and last August invited New Mountain to consider an investment in the company as a long-term, strategic private equity partner.
As part of the deal, New Mountain will provide access to senior advisors who provide expertise to both CPG and retail companies. The current SymphonyIRI senior management team will remain in place, with no significant changes in company operations.
'There are many opportunities ahead for us to accelerate our business progress and to serve our clients in new and innovative ways, and New Mountain is the right strategic partner,' states Freeland. 'We look forward to partnering with New Mountain to strengthen our value proposition to our clients and our people.'
In a statement, SymphonyIRI confirmed that its parent firm Symphony Technology Group is maintaining a 'significant equity position' in the company.
Web site: www.symphonyiri.com .
All articles 2006-19 written and edited by Mel Crowther and/or Nick Thomas.