THE NEXUS GROUP, the information technology infrastructure, services and data center company born in Nashville as ISDN-Net in 1994, has been sold.
The sale was announced today by Nexus's recently appointed CEO, Lenny Higgins, following the company's sale to EWC-HH&B, a holding company backed by the management team and Everwatch Capital, its majority owner. Everwatch, a private-equity and financing firm, is based in Rhode Island and Connecticut.
Higgins told VNC the transacton had been in the works several months, following an introduction by broker Nations Media Partners, based in Kansas City. A letter of intent was signed in August.
Nexus has a list of potential targets for further data-center and related M&A, said Higgins, but it has yet to prioritize that list, and no other deals are imminent.
Nexus CFO Robert England is to remain in that role. Former Nexus Group CEO Steve Brugman remains an advisor to the company, said Higgins.
The buyers were represented by attorneys with Wiggin and Dana, while Nexus Group was represented Manier & Herod, said Higgins.
The original company was founded by entrepreneurs Jerry Dunlap and Ken Russell, twenty year ago.
Contacted for this story, Dunlap said he is "happily retired," adding that he held some equity stock in Nexus Group until shortly before the sale.
Nexus is headquartered in a secure data facility on Murfreesboro Road, not far from the the Metro/Nashville Airport. VNC