Thrive, a leading provider of cybersecurity, cloud, and IT managed services, has announced a strategic investment from Berkshire Partners and existing investor Court Square Capital Partners. This investment aims to bolster Thrive's growth and enhance its position in the managed services sector. The financial details of the transaction remain undisclosed.
Based in Foxborough, Massachusetts, Thrive serves mid-market and small enterprise clients across various industries, including financial services, healthcare, and government. Since 2020, the company has made 15 acquisitions, establishing itself as a prominent player in technology outsourcing. Thrive was recently recognized in CRN’s Managed Service Provider 500 list for its excellence in the MSP space.
Bill McLaughlin, President of Thrive, expressed enthusiasm about the partnership, stating that the investment will help the company scale to meet the evolving needs of its clients. He emphasized Thrive's mission to enhance business efficiencies through standardization, scalability, and automation.
Berkshire Partners' Managing Director, Candice Corvetti, praised Thrive's leadership and the organization's remarkable growth. She noted the increasing complexity of IT and cybersecurity challenges, which creates opportunities for customer-focused MSPs like Thrive. Court Square's representatives echoed this sentiment, highlighting Thrive's successful execution of its growth objectives.
Rob Stephenson, CEO of Thrive, reflected on the company's evolution, noting that each investment stage has significantly increased its scale and capabilities. He expressed confidence in Thrive's potential for continued growth in the future.
Debt financing for the transaction is being provided by a group of lenders led by Alliance Bernstein. Lazard and Moelis & Company LLC served as financial advisors to Thrive, while Guggenheim Securities, LLC acted as the exclusive financial advisor to Berkshire Partners.
Thrive specializes in global technology outsourcing, offering services in cybersecurity, cloud, and complex IT requirements. Its NextGen platform is designed to improve business efficiencies and deliver substantial returns on investment. Thrive provides a range of services, including advisory, consulting, and project implementation, supported by a dedicated team of experts.
Thrive’s workforce comprises over 1,000 employees operating from more than 30 locations worldwide, including offices in the United States, United Kingdom, Canada, Australia, Singapore, Hong Kong, and the Philippines.
Berkshire Partners is an employee-owned investment firm focused on private and public equity across various sectors, including technology and healthcare. With a history of over 150 private equity investments, Berkshire aims to collaborate with management teams to foster growth in the companies it invests in.
Berkshire Partners has actively invested in the managed IT services sector. In October 2020, the firm acquired a majority stake in AHEAD, a leading enterprise cloud services provider, and followed this with a significant equity investment in UPSTACK in April 2021, a platform designed to streamline the buying experience for businesses seeking cloud and internet infrastructure solutions.
Berkshire Partners managed approximately $28.8 billion in assets under management (AUM). This includes $23 billion in private equity assets and $5.8 billion managed by its public equity business, Stockbridge. In October 2024, the firm announced the closing of its 11th flagship fund, Berkshire Fund XI, with approximately $7.8 billion in capital commitments, marking its largest fundraise to date
Court Square is a middle-market private equity firm with over 40 years of experience. It has completed more than 245 platform investments, focusing on companies with strong growth potential in sectors like industrials and technology. As of September 2024, Court Square manages $9.3 billion in assets.
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