Graycliff Partners Announces Credit Investment in Phaedon

Graycliff Partners LP announced it has completed a unitranche debt investment and equity co-investment in support of Cohere Capital’s acquisition of Phaedon, a leading technology-enabled provider of digital engagement services. Cohere Capital is a Boston-based private equity firm focused on investing in leading and rapidly growing technology-enabled middle market companies. Brookside Capital Partners invested alongside Graycliff in financing the transaction. 

Phaedon, previously the U.S. Commercial Engagement division of ICF Next and ICF International (NASDAQ:ICFI), designs, develops and manages loyalty and CRM programs for leading, blue-chip clients through its own proprietary technology platform. The company also provides marketing and customer experience strategy and transformation services and leverages deep data and analytics capabilities. Phaedon is led by Kris Tremaine, the former head of ICF’s commercial marketing group. The group’s leadership team, staff, client roster, and commitment to service remain unchanged with the formation of Phaedon.

“We are excited to partner with Cohere and the Phaedon team on this transaction, and we look forward to the continued success of the business as a standalone entity,” said Brian O’Reilly, Partner, Graycliff Partners.

“Graycliff was a flexible and efficient partner throughout the financing process, and we’re excited about partnering with them to help drive the growth of Phaedon,” added Rich Boghosian, Principal, Cohere Capital.