Investment Fuels Strategy to Deliver Innovative Technology Solutions for Growing $100B+ Market in Hybrid, AI-Enabled Flexible Workplace Services

NWN Corporation (“NWN Carousel” or “the Company”), a leader in Cloud Communications Services & Hybrid Work Solutions, today announced a new financial partnership with American Securities LLC (“American Securities”), a leading U.S. private equity firm. The transition of ownership from New State Capital Partners (“New State”) to affiliates of American Securities reflects the significant investment, organic growth, M&A execution, operational excellence, and services innovation the Company has achieved over the past four years. Financial terms of the transaction were not disclosed.

Under New State’s ownership, the Company has tripled gross revenue to over $900 million. In recognition of this growth, NWN Carousel was named to the INC5000 list of fastest growing private companies in 2022 and 2023 and was recognized as the #1 Middle Market Technology company in Massachusetts by the Boston Business Journal. The Company supports thousands of CIOs and IT leaders across the public and private sector to deliver innovative and effective hybrid workplace solutions for their employees through NWN Carousel’s integrated service offerings, which include:

  • Next-Gen Unified Communications
  • AI-Enabled Cloud Contact Centers
  • Managed Cybersecurity Services
  • Advanced Technology Solutions
  • Visual Collaboration and Workspace (VCW)
  • Device-as-a-Service

NWN Carousel’s proprietary Experience Management Platform (EMP) accelerates solution adoption and simplifies multi-cloud service management for an optimized experience.  By seamlessly integrating secure endpoints and networks with collaboration application services, EMP delivers unparalleled transparency with comprehensive analytics, IT asset management, and cost optimization. This has consistently earned the Company a world-class 70+ Net Promoter Score (NPS) from its clients.

The Company has built a high-performance culture of innovation, integrity, and operational excellence. Its more than 1,000 employees have garnered hundreds of industry awards, and the Company is consistently ranked as a ‘Best Place to Work,’ with an 80+ Employee (eNPS) score. 

“Congratulations to Jim Sullivan and the entire NWN Carousel team on the successful transaction. We’re proud to have supported the company’s growth from a regional technology provider into a national cloud services powerhouse, and one of North America’s fastest-growing organizations,” said David Blechman, Founder of New State Capital Partners.

“I am grateful for the support of New State as we’ve grown into a platform company that uniquely addresses our clients most critical technology needs,” said Jim Sullivan, President and CEO of NWN Carousel. “We are excited about continuing our mission to empower North America’s largest organizations with intelligent, flexible workplace experiences, and we look forward to partnering with American Securities to accelerate our next phase of growth. The best is yet to come for our organization, our customers and strategic partners.”

“NWN Carousel’s service innovation, customer intimacy, and outstanding performance track record uniquely positions the Company for growth and value creation as they navigate a dynamic tech landscape,” Kevin Penn, a Managing Director of American Securities.

Noah Scherz, a Principal of American Securities, added, “The NWN Carousel team’s proven ability to drive strong organic growth, while simultaneously executing and integrating transformational M&A is impressive.  We are excited to partner with Jim and his team to support NWN Carousel’s growth acceleration in 2024 and beyond.”

Jefferies LLC acted as financial advisor and Kirkland & Ellis LLP served as legal counsel to American Securities. Harris Williams acted as financial advisors and Morgan, Lewis & Bockius LLP served as legal counsel to NWN Carousel and New State.

About American Securities LLC

Based in New York with an office in Shanghai, American Securities is a leading U.S. private equity firm that invests in market-leading North American companies with annual revenues generally ranging from $200 million to $2 billion. American Securities and its affiliates have more than $27 billion under management. For more information, visit

About New State Capital Partners

New State Capital Partners is an entrepreneurial-minded private equity firm that strives to be nimble, decisive, and cooperative. New State prides itself on a long-term outlook, approaching each potential investment as an opportunity to create lasting and valuable relationships with company founders and especially independent sponsors. The firm has the ability to invest up to $100 million in equity per transaction and seeks to invest in market-leading companies with services-based business models and $8 million to $40 million of EBITDA. New State and its affiliates have invested in 40 companies to date. For more information visit