Thrive Receives Strategic Investment from Berkshire Partners and Court Square Capital Partners

January 14, 2025

Investment will unlock further growth, enhancing Thrive’s position as an industry-leading next gen MSP/MSSP

FOXBOROUGH, Mass.--(BUSINESS WIRE)--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”). Concurrent with this investment, founding investor, MC Partners, will sell its remaining stake in the Company. 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 acted as lead financial advisor to Thrive and Moelis & Company LLC also acted as an advisor to Thrive. Guggenheim Securities, LLC served as exclusive financial advisor to Berkshire Partners.

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.