Press Release
Thrive Receives Strategic Investment from Berkshire Partners and Court Square Capital Partners
Investment will unlock further growth, enhancing Thrive’s position as an industry-leading NextGen MSP/MSSP
Foxborough, Ma. – January 14, 2025 – Thrive (“the Company”), a provider of cybersecurity, cloud, and IT managed services, today announced that it has reached a definitive agreement for a strategic investment from Berkshire Partners (“Berkshire”) and existing investor Court Square Capital Partners (“Court Square”). Financial terms of the transaction were not disclosed.
Headquartered 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 a number of 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 and in 2024 was again named to CRN’s Managed Service Provider 500 list, which recognizes the top technology providers and consultants in the MSP space.
“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,” said Bill McLaughlin, President of Thrive. “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.”
“Thrive’s impressive leadership team has built a remarkable organization, and we are thrilled to begin our partnership alongside Court Square,” said Candice Corvetti, Managing Director at Berkshire Partners. “The complexity of the IT and cybersecurity challenges that companies face today have never been greater,” added Marcus Dodyk, Principal at Berkshire Partners. “These tailwinds and the need for effective IT and cybersecurity services will continue to create opportunities for exceptional, customer-first MSP/MSSPs like Thrive.”
“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,” said Matt Dennett, Partner at Court Square. “Our additional investment underscores our belief in the Company,” added Jeff Vogel, Managing Partner at Court Square. “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.”
“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,” finished Rob Stephenson, CEO of Thrive.
Debt financing for the transaction is being provided by a group of lenders, agented by Alliance Bernstein. Lazard and Moelis acted as financial advisors to Thrive. Guggenheim served as a financial advisor to Berkshire Partners.
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About Thrive
Thrive delivers global technology outsourcing for cybersecurity, Cloud, networking, and other complex IT requirements. Thrive’s NextGen platform enables customers to increase business efficiencies through standardization, scalability, and automation, delivering outsized technology returns on investment (ROI). The Company accomplishes this by offering advisory services, vCISO, vCIO, consulting, project implementation, solution architects, and a best-in-class subscription-based technology platform. Thrive delivers exceptional high-touch service through its POD approach of subject matter experts and global 24x7x365 SOC, NOC, and centralized services teams. Learn more at www.thrivenextgen.com or follow Thrive on LinkedIn.
About Berkshire Partners
Berkshire Partners is a 100% employee-owned, multi-sector specialist investor in private and public equity. The firm’s private equity team invests in well-positioned, growing companies across business & consumer services, healthcare, industrials, and technology & communications. Berkshire is currently investing from its Fund XI, which held its final closing in 2024 with approximately $7.8 billion in commitments. Since inception, Berkshire Partners has made more than 150 private equity investments and has a strong history of collaborating with management teams to grow the companies in which it invests. The firm’s public equity group, Stockbridge, founded in 2007, manages a concentrated portfolio seeking attractive long-term investments. For additional information, visit www.berkshirepartners.com.
About Court Square
Court Square is a middle market private equity firm with over 40 years’ experience in the industry. Since 1979, Court Square has completed over 245 platform investments and is focused on helping Founders, Families, and Manager-owners to develop their companies into leaders in their respective markets. Court Square invests in companies that have compelling growth potential in the industrial, business services, healthcare, and tech and telecom sectors. As of June 2024, Court Square has $8.9 billion in assets under management and is based in New York, N.Y. For more information on Court Square, please visit www.courtsquare.com.
Media Contacts:
Thrive
Amanda Maguire
Berkshire Partners
Greg Winter
Court Square
Max Rayden