Thrive – a provider of cybersecurity, cloud, and IT managed services – announced that it has reached a definitive agreement for a strategic investment from Berkshire Partners and existing investor Court Square Capital Partners. Along with this investment, the founding investor, MC Partners, will sell its remaining stake in the Company. The financial terms of the deal were not disclosed.
Based in Foxborough, Massachusetts, Thrive is an IT managed services provider (MSP) and managed security services provider (MSSP) that offers outsourced IT and cybersecurity services to mid-market, small enterprise, and sophisticated SMB clientele across several industries, including financial services, healthcare, professional services, and government. With 15 acquisitions since 2020, Thrive has grown into one of the leading global technology outsourcing firms.
The debt financing for the transaction is being provided by a group of lenders, agented by Alliance Bernstein. Lazard acted as lead financial advisor to Thrive, and Moelis & Company also acted as an advisor to Thrive. Guggenheim Securities served as the exclusive financial advisor to Berkshire Partners.
KEY QUOTES:
“Over the past decade, we’ve built a market-leading company with a wide array of technology capabilities. With the new strategic investment from Berkshire and Court Square, we will continue scaling to meet the complex needs of the industries we serve. We are excited to partner with two firms that understand our business and mission of enabling our customers to increase business efficiencies through standardization, scalability, and automation to deliver exceptional technology returns on investment.”
– Bill McLaughlin, President of Thrive
“Thrive’s impressive leadership team has built a remarkable organization, and we are thrilled to begin our partnership alongside Court Square.”
– Candice Corvetti, Managing Director at Berkshire Partners
“The complexity of the IT and cybersecurity challenges that companies face today have never been greater. These tailwinds and the need for effective IT and cybersecurity services will continue to create opportunities for exceptional, customer-first MSP/MSSPs like Thrive.”
– Marcus Dodyk, Principal at Berkshire Partners
“We believe in the continued success of Thrive, which has executed against its growth objectives as the Company continues to scale both organically and inorganically.”
– Matt Dennett, Partner at Court Square
“Our additional investment underscores our belief in the company. We are thrilled to continue working with Thrive’s exceptional management team and partner with Berkshire, who brings a wealth of IT investing experience and expertise.”
– Jeff Vogel, Managing Partner at Court Square
“At each investor stage through Thrive’s evolution we’ve more than tripled the scale and capabilities of the Company. This is a truly world class company and management team that is positioned to do the same in the next chapter.”
– Rob Stephenson, CEO of Thrive
