Dodge Construction Network Enters Next Phase with Executive Leadership Changes and $100 Million of New Capital
Changes position Dodge for its next chapter of growth
Bedford, Massachusetts--(Newsfile Corp. - November 14, 2024) - Dodge Construction Network ("Dodge" or the "Company"), a portfolio company of Clearlake Capital Group, L.P. (together with its affiliates "Clearlake") and STG Partners, LLC ("STG"), today announced significant business milestones including executive changes and the successful closing of a financing transaction.
Dodge raised $100 million of new capital and extended debt maturities, further bolstering its liquidity position and financial flexibility. The transaction is open to holders of all of its existing first lien and second lien term loans.
Dodge also announced today that Andrew Somosi has been appointed as the Company's new Chief Executive Officer, replacing Daniel McCarthy, who is stepping down. Mr. Somosi was most recently Head of the Americas at Gerson Lehrman Group (GLG), and previously held leadership roles at Nielsen, Lattice Engines and LexisNexis, after beginning his career at McKinsey & Company.
In addition, Johann Dudley has joined Dodge as Chief Product Officer. Mr. Dudley most recently held product leadership roles at Flywheel Digital (acquired by Omnicom) and Nielsen.
"I am excited to join Dodge to help drive its next chapter of growth and business transformation. In my extensive research preparing for my role, I was impressed by the breadth and scale of Dodge's lead-generation, marketing, analytics and consulting solutions, which empower tens of thousands of companies to grow their businesses in the multi-trillion dollar U.S. commercial construction industry," said Mr. Somosi. "We are pleased with the successful completion of this transaction, which strengthens our financial position and provides ample flexibility to pursue growth and innovation. The continued support of Clearlake and STG highlight their confidence in Dodge's opportunities and potential."
"This new capital and the strengthening of the leadership team represent important milestones on Dodge's journey," said Ben Kruger, Principal at Clearlake and Adam Hendricks, Managing Director at STG. "We thank Dan for his service and look forward to supporting Andrew and the Dodge team in its quest to serve the commercial construction industry and power its customers' growth."
About Dodge Construction Network
Dodge Construction Network harnesses data, analytics, and industry connections to be the leading source of insights and opportunities in the construction industry. With five trusted solutions - Dodge Construction Central, The Blue Book, Sweets, IMS, and Principia - Dodge connects construction professionals across all stages of the building process. Designed for both small teams and large enterprises, these tools simplify complexity, empowering you to build thriving businesses and communities. With over a century of experience, Dodge Construction Network is the catalyst for modern construction. To learn more, visit construction.com.
About Clearlake
Clearlake Capital Group, L.P. is an investment firm founded in 2006 operating integrated businesses across private equity, credit and other related strategies. With a sector-focused approach, the firm seeks to partner with experienced management teams by providing patient, long-term capital to dynamic businesses that can benefit from Clearlake's operational improvement approach, O.P.S.® The firm's core target sectors are technology, industrials, and consumer. Clearlake currently has over $85 billion of assets under management and its senior investment principals have led or co-led over 400 investments. The firm is headquartered in Santa Monica, CA with affiliates in Dallas, TX, London, UK, Dublin, Ireland Singapore and Abu Dhabi, UAE. More information is available at www.clearlake.com.
About STG
STG is a private equity partner to market-leading companies in data, software, and analytics. The firm brings experience, flexibility, and resources to build strategic value and unlock the potential of innovative companies. Partnering to build customer-centric, market-winning portfolio companies, STG creates sustainable foundations for growth that bring value to existing and future stakeholders. The firm is dedicated to transforming and building outstanding technology companies in partnership with world-class management teams. STG's expansive portfolio has consisted of more than 50 global companies. For more information, please visit www.STG.com.
Media Contact: pr@construction.com
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SOURCE Dodge Construction Network
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