SCOTTSDALE, Ariz., Nov. 18, 2024 (GLOBE NEWSWIRE) — CCMC (“CCMC” or the “Company”), a leading community association management company, today announced that it has entered into a strategic partnership with Charlesbank Capital Partners (“Charlesbank”), a middle-market private investment firm with approximately $19 billion of assets under management as of 9/30/24, through which Charlesbank will become an investor in CCMC alongside CCMC’s management team.
Founded in 1973, CCMC is a prominent provider of community association management services with a focus on large-scale master-planned communities (“MPC”), proudly serving more than 155 communities in 9 states across the country. The new capital partnership will help CCMC continue to deliver on its commitment to providing the highest-quality service to its managed communities and exceptional resident and team member experiences.
“CCMC’s number one priority is to provide the best customer service to our communities and their residents. We couldn’t be more excited to enter into this partnership with Charlesbank, which will enable us to invest for the future and bring new services, capabilities, and technologies to our communities and team members,” said David Atrostic, Chief Executive Officer at CCMC. “With Charlesbank, we have found a like-minded partner that shares our core values, and we strongly believe that the firm’s track record as a relationship-driven partner in the business services sector will enable us to responsibly grow the business while staying true to CCMC’s special culture and honoring its legacy.”
Concurrent with the investment, a new parent company, Community Management Holdings, has been formed to pursue adjacent growth avenues, including serving smaller-scale communities that CCMC does not focus on today. Deb Dulsky, a seasoned executive with over 25 years of experience in the residential services space, has joined as Chief Executive Officer of Community Management Holdings. She brings an extensive track record of sustainable growth and deep experience in relevant people-based businesses, including most recently as CEO of SafeBasements and prior to that as President of HomeServe North America’s HVAC business. As CEO of Community Management Holdings, she will focus especially on overseeing strategic expansion into additional community types while also managing the Company’s approach to M&A.
“I am honored to join this impressive organization, as CCMC has a long history as a dedicated and trusted partner to its communities and team members,” said Ms. Dulsky. “Through Community Management Holdings, we will now be able to invest in new capabilities and deliberate growth, while enabling the existing CCMC team to stay focused on delivering the outstanding customer service and team member experience that clients have come to expect.”
“Over the past 50 years, CCMC has established itself as a leader in the community management industry, with an enviable track record serving large-scale, master planned communities,” said David Katz, Managing Director at Charlesbank. “We look forward to partnering with CCMC to help the business further enhance its value proposition to clients and to employees.”
Griffin Financial Group LLC served as financial advisor and Quarles & Brady LLP provided legal counsel to CCMC. William Blair & Company LLC served as financial advisor and Kirkland & Ellis LLP provided legal counsel to Charlesbank.
About CCMC
Founded in 1973, CCMC has laid a foundation for building community by bringing people together. We strive to revolutionize large-scale community management by inspiring meaningful experiences for residents and team members. Our team members enhance the resident experience by providing unparalleled service, opportunities to connect, and operational excellence. This vision of community success is brought into focus by aligning our core values of Integrity, Respect, Service, and Community. For more information, please visit www.ccmcnet.com.
About Charlesbank
Based in Boston and New York, Charlesbank Capital Partners is a middle-market private investment firm with approximately $19 billion of assets under management as of 9/30/24. Charlesbank focuses on management-led buyouts, growth capital financings, opportunistic credit, and technology investments. The firm seeks to invest in companies with sustainable competitive advantage and excellent prospects for growth. For more information, please visit www.charlesbank.com.
Contacts for CCMC:
David Atrostic / Delores Ferguson
inquiries@ccmcnet.com
Contacts for Charlesbank:
Ryan FitzGibbon / Alexa Ottenstein / Peter Gavaris
Prosek Partners
pro-charlesbank@prosek.com
