Press Release
July 08, 2021

Morgan Stanley Private Credit and Onex Falcon Complete Investment in CSS Corp


Press Release

Morgan Stanley Private Credit and Onex Falcon Complete Investment in CSS Corp

Morgan Stanley Private Credit and Onex Falcon Complete Investment in CSS Corp

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July 08, 2021


NEW YORK — July 8, 2021 9:15 AM EDT

Morgan Stanley Private Credit and Onex Falcon recently announced the completion of their investment in CSS Corp, a global customer experience and technology services provider. The investment includes both mezzanine financing and equity participation. Additionally, Morgan Stanley Private Credit and Onex Falcon will be involved with the company’s board of directors.

The investment represents a strong vote of confidence in CSS Corp’s premium service offerings and differentiated value proposition which proactively solve clients' critical business problems. This transaction will enable CSS Corp to continue its industry leading organic growth and expand its capabilities and geographical footprint through strategic alternatives.

Bill Gassman, Executive Director of Morgan Stanley Private Credit, said, "We are pleased to partner with Capital Square Partners, Onex Falcon and the executive management team of CSS Corp in this exciting investment. The company is redefining traditional services through an intersection of industry-leading proprietary solutions, resilient operations and innovative business engagement models. With its recent announcement of Sunil Mittal as the new CEO, CSS Corp is well positioned to continue its strong momentum into the future."

Sven Grasshoff, Managing Director at Onex Falcon, said, "CSS Corp has carved out a niche for itself in the new age technology outsourcing and support space facilitating the company’s substantial growth over the last few years. We have full confidence in CSS Corp, Capital Square Partners, and newly designated CEO, Sunil Mittal, and look forward to contributing to their next chapter of growth."

Sanjay Chakrabarty, Managing Partner of Capital Square Partnerssaid, "We welcome the investment of Onex Falcon and Morgan Stanley Private Credit in CSS Corp, alongside our investment in the company. This latest investment solidifies the company’s position as an industry leader and will help fast track its growth.”

Sunil Mittal, CEO of CSS Corp, said, "We have outperformed on all fronts, from growth and client satisfaction to employee engagement and operations, and emerged as a strong player disrupting the industry. We could not be more excited to be working with Onex Falcon and Morgan Stanley Private Credit. Their support will help us expand our current capabilities and geographic footprint while providing innovative solutions and customer-centric services under the CSS Corp umbrella in the coming years."

CSS Corp has grown revenues consistently through its most recent fiscal year ending March 31, 2021. Capital Square Partners, a Singapore-based Private Equity Fund Manager, acquired a controlling stake in CSS Corp on February 25, 2021.

About Morgan Stanley Private Credit

Morgan Stanley Private Credit, part of Morgan Stanley Investment Management, is a private credit platform focused on direct lending and opportunistic private credit investment in North America and Western Europe. The Morgan Stanley Private Credit team invests across the capital structure, including senior secured term loans, unitranche loans, junior debt, structured equity and common equity co-investments. For further information, please visit the website at

About Onex Falcon

Onex Falcon is a private credit asset manager that employs an opportunistic approach to originating and executing solution-oriented private credit investments. Onex Falcon was formed in December 2020 through the combination of Falcon Investment Advisors and Onex Credit, combining Falcon’s significant experience in specialized private credit investing with the scale, global distribution and diverse investment and origination capabilities of Onex Credit and the broader Onex franchise. Since 2000, the firm has closed over 100 investments and has a reputation for being flexible, creative and responsive. Onex Falcon has approximately $4.0 billion in AUM as of March 31, 2021. For further information about Onex Falcon, please visit

About Capital Square Partners

Capital Square Partners ("CSP”) is a private equity fund manager based in Singapore and regulated by the Monetary Authority of Singapore (MAS). CSP advises funds investing across growth capital and buyouts supporting high performance management teams to build leading digital businesses. With deep sector expertise across technology, media and telecommunications, business services, healthcare, and consumer sectors, CSP has supported management teams to scale businesses across multiple geographies and create transformational value. Additional information on CSP can be found at

About CSS Corp

CSS Corp is a global customer experience and technology services provider, disrupting the industry with a unique intersection of industry-leading proprietary solutions, resilient operations, and innovative business engagement models. The company is a digital transformation partner of choice for its clients, which include the world’s top innovators across industries, from mid-market players to large enterprises. Its diverse team of over 9,000 customer-centric thinkers, collaborators, and co-creators across 18 global locations, is passionate about helping clients succeed through intelligent automation-led outcomes. The company has overcome macroeconomic headwinds to become the industry’s fastest growing and most awarded company in its revenue range. To know more, please visit

Morgan Stanley Private Credit invests in first and second lien debt; unitranche loans; mezzanine debt; and equity co-investments alongside controlling shareholders to support middle-market companies based in North America and Western Europe. The team seeks to create value as a long-term partner for owner-operated and private equity-backed businesses.

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