Novacap’s Syntax Systems acquires Core Services

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By Ted Liu

Syntax Systems Group Inc., a portfolio company of Novacap, has acquired Core Services Corporation for undisclosed amount.

Syntax Systems said the combined entities will create one of the leading North American technology services firms offering best in class cloud managed services, application managed services and consulting services for Enterprise Resource Planning (‘ERP’) applications employed by mid and large enterprises.

The new combined entity will have employees in offices across the USA, Canada, India and Argentina. Syntax is headquartered in Montreal, Quebec and Core Services in Somerset, New Jersey.

The acquisition was funded with new equity provided by NOVACAP with participation from Private Advisors and Northleaf Capital, and members of the Syntax and Core Services management teams.

TM Capital served as Core Services’ exclusive financial advisor in connection with this transaction, and TD Securities (USA) LLC served as exclusive financial advisor to Syntax. TD Securities (USA) LLC served as Administrative Agent and Joint Bookrunner and Joint Lead Arranger with National Bank of Canada for the senior secured credit facilities with participation from CapitalSource, a division of Pacific Western Bank and Webster Bank, N.A.

Novacap TMT IV L.P. acquired control of Syntax Systems in June 2016.

photo credit: Syntax-Core