FOR IMMEDIATE RELEASE
Carthage Holdings, Inc. Acquires Red Foundry, LLC.
Cedar Falls, IA – January 7, 2025 – Carthage Holdings, Inc., a 100% employee-owned ESOP holding company, announced today the acquisition of Red Foundry, LLC. (redfoundry.com), a Chicago-based leader in digital product design and development services. The addition of Red Foundry to Carthage Holdings’ portfolio reinforces its commitment to the tech sector and expands its reach within Chicago’s dynamic business ecosystem. Red Foundry employees will now join the Carthage Holdings Employee Stock Ownership Plan, becoming employee-owners and securing a stake in their company’s future success.
Founded in 2009, and led by seasoned business and technology executives, Red Foundry helps clients “Innovate, Transform, and Launch Their Digital Products” by creating award-winning custom native, web-responsive, and cross platform web and mobile applications. Utilizing a product-optimized methodology, they work with established corporations to design and build web and mobile products that support their digital transformation, and partner with entrepreneurs and early-stage startup ventures to launch their technology-enabled business.
The transition into this exciting new chapter will be led by Kerri Klun, appointed as Red Foundry’s President following the acquisition, and Ron Franczyk, CTO. Rich and Tom Linden, who co-owned Red Foundry since 2017, will remain in supporting roles, providing continuity as the company transitions. “We’re thrilled to lead Red Foundry into its next chapter,” said Kerri Klun, President, and Ron Franczyk, CTO. “We’ve invested in our incredible team, processes, skills and tools, and laid a solid foundation for growth. With this next step in our evolution, we’re poised to build an even greater legacy delivering impactful digital solutions for our clients. We’re excited to deepen partnerships with our clients, empower our team, and achieve even greater success. Together, as part of Carthage Holdings, we look forward to bringing our clients’ visions to life through continued innovation and collaboration.”
Red Foundry’s service offerings and their commitment to the IT community through the long-term support of i.c.stars will remain uninterrupted, retaining current staff to ensure continuity and quality of service to their clients.
This inaugural acquisition marks a significant milestone for Carthage Holdings as it broadens its portfolio, reinforcing its commitment to advancing critical technology markets and creating value across its businesses. Explaining why Red Foundry was chosen for acquisition, Jeremy Yoder, President of Carthage Holdings, stated: “Red Foundry’s reputation for fostering strong client relationships and consistently exceeding expectations has garnered deep respect in the industry. The Red Foundry leadership core and its talented employees will continue to be 100% focused on being the name and brand clients can trust for high-quality mobile solutions.”
About Carthage Holdings, Inc.
Headquartered in Cedar Falls, Iowa, Carthage Holdings, Inc., founded in 2024 from DISTek Integration, Inc., is a 100% employee-owned ESOP holding company. Carthage Holdings focuses on investing in high-potential technology service providers across the United States, leveraging deep industry expertise to drive growth and create lasting value for clients, communities, and employee-owners.
The Carthage Holdings portfolio spans a diverse range of sectors, including agriculture, construction, commercial highway, mining, and now e-commerce and mobile application development. With DISTek Integration as its flagship operating company, Carthage Holdings remains committed to advancing resilient businesses that strengthen both the economy and the communities they serve.
Des Moines-based BCC Advisers served as the investment banking adviser for Carthage Holdings during the acquisition.
