Thrive, a leading provider of cybersecurity, cloud, and IT managed services, has announced a significant strategic investment from Berkshire Partners and its existing investor, Court Square Capital Partners. This financial injection marks a continued vote of confidence from Court Square in Thrive’s growth trajectory and market leadership, while also welcoming Berkshire Partners as a new major investor. The transaction, which sees founding investor MC Partners divesting its remaining stake, underscores the strong belief in Thrive’s future and its crucial role in the evolving IT landscape.
Court Square Capital Partners, a middle-market private equity firm with a substantial history of fostering growth in its portfolio companies, initially invested in Thrive previously. This renewed investment highlights Court Square’s conviction in Thrive’s business model, leadership team, and its capacity for sustained expansion. Matt Dennett, Partner at Court Square, stated, “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.” Jeff Vogel, Managing Partner at Court Square, further emphasized this point, “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.” Their continued partnership signals a deep-seated confidence in Thrive’s strategic direction and its ability to capitalize on market opportunities.
Alt: Court Square Capital Partners New York City Office Exterior, showcasing their headquarters as a leading middle market private equity firm.
Berkshire Partners, a well-regarded investment firm with a strong track record in the technology sector, joins Court Square in this investment round, further validating Thrive’s position in the market. Candice Corvetti, Managing Director at Berkshire Partners, commented on the partnership, “Thrive’s impressive leadership team has built a remarkable organization, and we are thrilled to begin our partnership alongside Court Square.” Marcus Dodyk, Principal at Berkshire Partners, added, “These tailwinds and the need for effective IT and cybersecurity services will continue to create opportunities for exceptional, customer-first MSP/MSSPs like Thrive.” The combined expertise and resources of both Court Square and Berkshire are poised to accelerate Thrive’s growth ambitions.
Thrive has established itself as a prominent player in the IT managed services space, catering to mid-market, small enterprise, and sophisticated SMB clients across various sectors, including financial services, healthcare, professional services, and government. The company’s impressive growth, marked by 15 acquisitions since 2020, has solidified its standing as a global technology outsourcing firm. Recognition on CRN’s Managed Service Provider 500 list further attests to Thrive’s industry leadership and commitment to delivering top-tier IT solutions.
Bill McLaughlin, President of Thrive, expressed enthusiasm about the future, stating, “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.” Rob Stephenson, CEO of Thrive, echoed this sentiment, highlighting the trajectory of growth, “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.”
About Court Square Capital Partners
With over four decades of experience in the private equity industry, Court Square Capital Partners has a long and successful history of supporting and developing middle-market companies. Since its inception in 1979, Court Square has been instrumental in guiding numerous businesses to market leadership positions. The firm focuses on investments in sectors with high growth potential, including industrial, business services, healthcare, and tech and telecom. Headquartered in New York, Court Square manages $9.3 billion in assets as of September 2024, demonstrating its robust financial strength and commitment to fostering long-term value creation in its portfolio companies like Thrive. This continued investment in Thrive underlines Court Square’s strategic focus on building industry-leading companies and their confidence in Thrive’s future success within the dynamic IT services market.
