One growth equity investment firm based in North Carolina has its eye on Utah businesses.
Frontier Capital – which invested in MultiLing in August of 2013 – announced last week that it closed on Frontier Fund IV, L.P., a $390 million growth equity fund investing in lower middle market software and technology-enabled business services companies. The firm is looking at businesses across the nation, but some of those funds are very likely to come to Utah companies.
“We’re evaluating a couple of businesses in Utah right now, and we’re here on a monthly basis,” said Seth Harward, principal at Frontier Capital. “We feel like because we’re here, it gives us the ability to establish relationships.”
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MultiLing in Provo recently benefited. MultiLing provides highly accurate and scientific patent translation services for large corporations across the world. For the first 25 years of MultiLing’s operations, the company quietly flew under the radar, accumulating very little debt but successful growth. In 2013, Frontier invested $10.3 million in MultiLing.
“We’d grown in a stable, secure way, very organically and with very little debt,” said Lyle Ball, COO of MultiLing. “But we’d reach that point where we needed to grow faster, because of the competition out there.”
Frontier Capital had been building a relationship with MultiLing and after evaluating it, stepped in with funding.
“When an entrepreneur is smart, and they find they are onto something, they often find themselves growing faster than they can fund,” Ball said. “Frontier looks for that, for a business so successful it can’t fund its own success.”
For the full article, with more discussion about how MultiLing has benefitted from the investment, visit http://www.heraldextra.com/business/local/article_da5d514d-9435-5d7a-a6d9-047f875ec594.html