PALO ALTO, Calif., Oct. 25, 2022 (GLOBE NEWSWIRE) — Escalon, the leader in the over $300 billion Essential Business Services (EBS) market, today announces it has entered into a recapitalization agreement with New Harbor Capital. Escalon’s first investment partner in 16 years, New Harbor Capital will make a substantial investment in Escalon for continued organic growth, M&A opportunities, and technology advancement.
Escalon’s EBS solution is a one-stop shop for all the back-office business essentials growth-minded companies need, including accounting, bookkeeping, taxes, insurance, payroll, benefits, and recruiting. With this new investment, Escalon’s EBS solution will be equipped to offer companies of all sizes the services and resources needed to take their business to the next level.
“New Harbor’s investment marks an important milestone in Escalon’s history,” said Ruby Sahiwal, Escalon CEO. “In the last two years, we’ve acquired Early Growth and Full Stack Finance, both leaders in financial, CFO, and HR services for VC-backed and VC-bound companies. Now, with New Harbor’s investment, we can build on that momentum to continue to serve more businesses in relieving their burden from non-core activities.”
“We are thrilled about this partnership potential,” said Justin Marquardt, Partner at New Harbor. “Escalon’s unique value to small and medium-sized businesses combined with the huge Essential Business Services market is an incredible opportunity. We look forward to helping them accelerate their growth.”
About Escalon Services
Escalon, together with acquired companies Early Growth and Full Stack Finance, is the one-stop solution for all Essential Business Services (EBS), including FinOps (CFO services, bookkeeping, and accounting), PeopleOps (human resources, benefits, recruiting, and payroll) and Risk (business insurance). Since 2006, Escalon has helped over 5,000 companies across a range of industries and in 22 countries optimize their back offices. Escalon has been named to Inc. Magazine’s Inc. 5000 list five times over the past six years. For additional information, please visit http://escalon.services/.
About New Harbor Capital
New Harbor Capital is a Chicago-based private equity firm focused on investing in growth-oriented business services, health care, and education companies. Our Partners have over 80 years of combined experience, partnering with strong management teams to systematically enable accelerated growth in value creation. Since 2000, the New Harbor team has completed over 230 investments. As an experienced strategic partner, New Harbor supports management with ideas, connections, and resources to capitalize on growth potential. For additional information, please visit http://www.newharborcap.com.
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