Court Square Capital Recapitalizes Thrive
The investment will enhance Thrive’s client experience, facilitate geographic expansion, and enrich Next Generation Platform automation capabilities.
CHARLOTTE, NC — Court Square Capital (“Court Square”), a middle market private equity firm based in New York city, has executed a majority recapitalization of Thrive, a leading provider of technology managed services based in Foxboro, Massachusetts. The recapitalization reinforces Thrive’s prominent market position. In addition to Court Square, Thrive’s existing financial sponsor, M/C Partners, is continuing to participate alongside a substantial ownership stake by the company’s senior management team. 7 Mile Advisors represented Court Square as a buyside advisor.
“Our team is pleased to have successfully served Court Square through the execution of their MSP investment thesis. Thrive is a fantastic MSP platform that is well positioned for continued growth,” remarked 7 Mile Partner Tripp Davis.
With their new partners, Thrive will accelerate its formidable investments in its Next Generation Technology including ServiceNow, Automation, and AI. The Company also intends to expand its customer success, sales and marketing teams, technical talent, Cybersecurity, and other product offerings, in addition to continued geographic expansion, both organically and via acquisition.
“Court Square is excited about the opportunity to partner with Thrive’s management team to continue to grow their managed services practice,” said Jeff Vogel, Managing Partner at Court Square.
“We’ve been actively pursuing an investment in this space for a long time and believe Thrive’s NextGen Platform provides a differentiated competitive edge in the marketplace,” added Matt Dennett, Principal at Court Square.
“Thrive is proud to have built a company whose business model has been validated by a sophisticated technology services investor with a strong track record like Court Square,” said Rob Stephenson, Thrive CEO. “Our goal has always been to be viewed as a leader in the managed services space and this partnership will greatly benefit our existing customers, as well as provide an opportunity to expand our Cloud, Cybersecurity, and ServiceNow-Powered Next Generation Managed Services Platform to new clientele.”
7 Mile’s team of industry-focused investment bankers completed 14 transactions in 2020, and four in 2021, to date. The Charlotte, NC-based investment bank is the preeminent provider of buyside and sellside M&A advisory services within the IT Services and Technology-enabled Business Services ecosystem. Since 2008 the group has completed over 170 transactions, and regularly publishes research and thought leadership on M&A trends in the IT Services space. For more information contact a team member, or visit www.7mileadvisors.com.
About 7 Mile Advisors
7 Mile Advisors provides Investment Banking & Advisory Services to the Business Services and Technology Industries globally. 7 Mile Advisors advises on M&A and private capital transactions, as well as provides market assessments and benchmarking. As a close-knit team with a long history together and a laser focus on our target markets, 7 Mile Advisors helps its clients sell companies, raise capital, grow through acquisitions, and evaluate new markets. All securities transactions are executed by 7M Securities, LLC, member FINRA / SIPC. For more information, including research on the M&A markets, visit www.7mileadvisors.com.
About Court Square Capital
Court Square is a middle market private equity firm with one of the most experienced investment teams in the industry. Since 1979, the team has completed over 235 investments, including several landmark transactions, and has developed numerous businesses into leaders in their respective markets. Court Square invests in companies that have compelling growth potential within the business services, general industrial, healthcare, and technology and telecommunications sectors. The firm has $7.0 billion of assets under management and is based in New York, N.Y. For more information on Court Square, please visit www.courtsquare.com.
Thrive is a leading provider of NextGen managed services designed to drive business outcomes through application enablement and optimization. The company’s Thrive5 Methodology utilizes a unique combination of its Application Performance Platform and strategic services to ensure each business application takes advantage of technology that enables peak performance, scale, and the highest level of security. For more information, visit thrivenextgen.com.
About M/C Partners
M/C Partners is a private equity firm focused on small and mid-size businesses in the communications and technology services sectors. For more than three decades M/C Partners has invested $2.2 billion of capital in over 130 companies, leveraging its deep industry expertise to understand long-term secular trends and identify growth opportunities. The firm is currently investing its eighth fund, partnering with promising companies and empowering strong leaders to accelerate growth, optimize operations, and build long-term value. For more information, visit www.mcpartners.com.