CSF Corporation

ESOP exit as a vehicle for management and employee liquidity.

Company Overview

CSF Inc., headquartered in Somerset, NJ, was established in 1988 and is a leader in communications and OSS (Operations Support Systems) software, with a focus on service activation and provisioning. Hosted in the cloud, CSF’s SaaS software is considered mission critical to organizations acquiring and provisioning millions of toll free numbers on behalf of thousands of companies in North America and the Caribbean. CSF’s software is best of class in the telecommunications industry, and thus the company enjoys a high customer retention rate as well as a nearly 100% customer satisfaction rating.


As an employee owned company, CSF was seeking an attractive liquidity event for management and its employees. CSF’s co-founders agreed that finding the right investor would be in the best interest of the shareholder employees, customers and partners.


Griffin was engaged by the company for the purpose of finding an investor to provide liquidity and assist with management succession. Pursuant to the engagement and as a result of Griffin’s efforts, Alpine Investors was selected. On August 8, 2016, Alpine Investors V, LP (“Alpine”), closed on the stock purchase of CSF.

“Being an employee owned company presented some tough challenges, but we are thrilled with the outcome. Alpine was the right choice for the ongoing success of our employees and customers,” said Steve Levinn, President of CSF Corp. According to Billy Maguy, Partner of Alpine Investors, “It is rare when we find a people first culture that matches our firm’s values, so when we were introduced to CSF we immediately saw the potential for a special partnership. We love this space as well as CSF’s commitment to its employees and customers.”

For more information on this transaction, please contact Mark B. Russell, Senior Managing Director, at 610.478.2166, or C. Mitchell Smith, Vice President, at 610.478.2043.