Thrive Completes Recapitalization with Court Square Capital to Accelerate Growth
The investment will enhance the client experience, facilitate geographic expansion and enrich Next Generation Platform automation capabilities
FOXBORO, MA. – January 28, 2021 Thrive, a leading provider of technology managed services, is pleased to announce that it has finalized a majority recapitalization with Court Square Capital Partners to reinforce its 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.
With their new partners, Thrive will accelerate its formidable investments in its Next Generation Technology including ServiceNow, Automation and AI. In addition, the Company 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.
“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.”
“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.
“M/C remains a strong advocate of Thrive, its management team, business model and continued trajectory of success.” said Gillis Cashman, Managing Partner at M/C Partners. “We’re thrilled for the opportunity to carry on as investors and partner with Court Square Capital Partners in this next phase of growth.”
Drake Star Partners served as financial advisor and Choate, Hall & Stewart LLP and the BRL Law Group served as legal counsel to the Company on this transaction. Raymond James and 7Mile Advisors served as financial advisors and Dechert LLP served as legal counsel to Court Square Capital. Alliance Bernstein provided financing for the transaction.
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About Thrive
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
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MEDIA CONTACT:
Stephanie Farrell, Director of Corporate Marketing
617-952-0289 | sfarrell@thrivenetworks.com
About Court Square
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.
ORIGINAL SOURCE:
https://www.prnewswire.com/news-releases/thrive-completes-recapitalization-with-court-square-capital-to-accelerate-growth-301217267.html