Executive Changes Position Dodge Network for Next Phase of Growth
Dodge Construction Network has 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.
In addition, Andrew Somosi has been appointed as the company’s new CEO, replacing Daniel McCarthy, who is stepping down.
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.
“I am excited to join Dodge to help drive its next chapter of growth and business transformation,” Somosi said. “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.”
In addition, he praised the completion of the financial transaction which strengthens the company’s 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,” Somosi said.
In addition, Johann Dudley, who formerly held product leadership roles at Flywheel Digital (acquired by Omnicom) and Nielsen, has joined Dodge as chief product Officer.
“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.”
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