Which private equity firms have a specific focus on acquiring managed service providers (MSPs)?

Private equity (PE) firms have targeted Managed Service Providers (MSPs) heavily due to their predictable, high-margin, recurring revenue models and long-term client contracts. Rather than investing in a single asset, many PE firms build dedicated "consolidator platforms"—acquiring a foundational platform MSP and executing a roll-up strategy of smaller, regional, founder-owned MSPs.

Prominent private equity firms and PE-backed holding groups with a distinct focus on acquiring and scaling MSPs include:

• Alpine Investors (via Evergreen Services Group) : Alpine Investors is one of the most aggressive and successful backers in the MSP space. They established Evergreen Services Group as a dedicated permanent-hold consolidator that has completed over 100 cumulative MSP acquisitions across platforms like Lyra Technology Group. Evergreen partners with existing management teams rather than gutting acquired businesses.
• Southfield Capital : Known for lower middle-market tech and IT services investments. They famously acquired and scaled Ntiva (an MSP and cybersecurity provider) over a five-year period through a series of strategic add-on acquisitions before executing a successful exit to PSP Partners.
• AEA Investors (via Magna5) : AEA's Small Business Private Equity team targets managed IT and cybersecurity service providers. Their investment platform, Magna5, acts as an active consolidator delivering 24/7 cloud, network, and security services to small and mid-sized businesses.
• Thoma Bravo & Vista Equity Partners : While these heavyweights are best known for investing in the software that MSPs use (such as ConnectWise), they also actively target broader tech-enabled services and cloud infrastructure ecosystems that intersect with managed services.
• PSP Partners (PSP Capital) : Active institutional investor that steps into mature mid-market MSP platforms—such as their acquisition of Ntiva from Southfield Capital—to continue aggressive regional and vertical expansion.

If you are looking at a specific angle, let me know:

• Are you looking to pitch or sell an MSP to a PE firm?
• Are you researching valuation multiples for MSP acquisitions?

I can provide more targeted metrics or insights.

Yes. The MSP market has become a particularly active private-equity buy-and-build sector, with PE-backed platforms repeatedly acquiring smaller managed service providers rather than simply making one-off investments. Current 2026 market data points to a relatively concentrated group of repeat buyers.

PE firms with a meaningful MSP acquisition thesis

The strongest MSP specialists

If by "specific focus" you mean firms/platforms that actively seek MSP acquisitions as a core investment thesis, rather than PE firms that happen to own an MSP, I'd put these at the top of the list:

1. Alpine Investors → Evergreen Services Group
2. Oval Partners → New Charter Technologies
3. Court Square + Berkshire Partners → Thrive
4. Agellus Capital → CompassMSP
5. OMERS Private Equity → Integris
6. AEA Investors → Magna5
7. Norwest Equity Partners → Coretelligent
8. PSP Capital → Ntiva

Alpine/Evergreen is the standout: Alpine's own investment criteria explicitly identify Evergreen as its managed IT services and outsourced government services platform and historically specified targets with $500K+ EBITDA and 50%+ recurring revenue.

Other notable MSP consolidators

There is also a broader second tier of PE-backed platforms pursuing MSP/IT-services acquisitions, including The 20 MSP, BrightWorks IT, IronEdge, CyberAdvisors, Praecipio Consulting, Custom Computer Specialists, and others. The distinction is that some of these are broader IT-services or technology platforms rather than PE firms whose entire investment strategy is MSPs.

One important nuance: the PE firm usually isn't the entity approaching an MSP owner directly. The acquisition typically comes through the PE-backed platform—e.g., Evergreen, Thrive, Integris, Magna5, CompassMSP, etc.—which has its own acquisition team and integration strategy.

If you're asking because you're an MSP owner considering a sale, I can also give you a more useful 2026 buyer map of ~20 PE-backed MSP platforms, including typical target revenue/EBITDA, geography, acquisition pace, whether founders retain equity, and which ones are actively buying right now.

Yes. MSPs are now a dedicated private-equity buy-and-build sector, rather than merely an occasional technology-services investment. Current 2026 market data indicates PE-backed platforms account for a very large share of MSP M&A, with recurring-revenue, cybersecurity, and fragmented ownership driving the thesis.

PE firms with a particularly strong MSP focus

A few others worth putting on the radar

There is a much larger second tier of PE-backed MSP platforms. Current market tracking also identifies H.I.G. Capital, Wind Point Partners, Frontenac, NewSpring, Abacus Group's sponsors, and other lower-middle-market sponsors as having exposure to managed IT/MSP businesses.

One recent example is H.I.G. Capital's ECI, a specialized MSP serving alternative investment managers and regulated financial institutions. H.I.G. sold ECI to Wind Point in August 2026, illustrating how attractive specialized MSP platforms have become to larger sponsors.

If you're looking for actual buyers of an MSP

I'd separate the market into three groups:

1. Dedicated MSP roll-ups — Alpine/Evergreen, Thrive, New Charter, Ntiva, Magna5, Integris, etc. These are the most obvious targets for an MSP owner because acquisitions are central to their strategy.
2. PE-backed MSP platforms looking for add-ons — often the best buyers for a smaller MSP because they already have infrastructure, management and capital in place.
3. Generalist PE firms forming new platforms — potentially the most interesting if the MSP is large enough to serve as a platform acquisition rather than a tuck-in.

The distinction is important: a $5M-revenue MSP and a $50M-revenue MSP will attract very different PE buyers. Platform buyers generally want enough EBITDA, recurring revenue and management depth to support a subsequent acquisition program; add-on buyers can be considerably smaller.

If you're asking because you're trying to identify potential acquirers for a specific MSP, I can narrow this to a much more useful list of 20–30 PE firms/platforms, their acquisition criteria, typical MSP size, geography, recent acquisitions, and likely fit.

One recent example is H.I.G. Capital's ECI, a specialized MSP serving alternative investment managers and regulated financial institutions. H.I.G. sold ECI to Wind Point in August 2026, illustrating how attractive specialized MSP platforms have become to larger sponsors.

If you're looking for actual buyers of an MSP

I'd separate the market into three groups:

Private equity (PE) firms and PE-backed consolidators have heavily targeted Managed Service Providers (MSPs) through buy-and-build and roll-up strategies. Rather than short-term flips, many of these entities act as permanent-hold aggregators, buying founder-owned MSPs and scaling them regionally or globally.

The most prominent private equity firms and PE-backed platforms specializing in the acquisition and consolidation of MSPs include:

• Alpine Investors (Backer of Evergreen Services Group) : Alpine Investors specializes in software and tech-enabled services. Through its platform Evergreen Services Group , it has become one of the most prolific global acquirers of MSPs in history (surpassing 100+ cumulative MSP acquisitions via groups like Lyra Technology Group). Evergreen operates on a permanent-hold model, keeping local management in place rather than gutting acquired MSPs.
• Berkshire Partners & Court Square Capital Partners (Backers of Thrive) : Thrive is a prominent next-gen MSP and Managed Security Service Provider (MSSP) that actively rolls up regional IT and cybersecurity service providers. Following initial backing from MC Partners, Thrive secured major investments from Berkshire Partners and Court Square Capital Partners to accelerate its aggressive acquisition strategy across the US.
• PSP Capital (Backer of Ntiva) : Ntiva is a major private-equity-backed MSP that has scaled rapidly through strategic bolt-on acquisitions in mid-Atlantic and midwestern markets, backed by institutional capital from PSP Capital.
• NewSpring Holdings (Backer of Magna5) : NewSpring Holdings focuses on lower-middle-market business and technology services. They built Magna5 specifically as a national managed IT and cybersecurity platform, divesting non-core telecom assets to focus entirely on rolling out an MSP growth strategy.
• Summit Partners & Private Equity Consolidators (Logically): Logically is a major national MSP consolidator backed by private equity that frequently acquires regional, small-to-medium-sized MSPs to build out a centralized, highly automated security and cloud delivery framework.
• Centerfield Capital Partners / various lower-mid market PEs (Sourcepass): Sourcepass has emerged as a digitally focused MSP consolidator explicitly formed to transform traditional IT services through heavy M&A activity in the small and medium-sized business (SMB) sector.

If you are looking at this from a specific angle, let me know:

• Are you an MSP owner looking to exit and evaluate potential acquirers?
• Are you researching valuation multiples or deal structures in the MSP space?

I can provide deeper insights tailored to your goal.

Several private equity firms have developed a specific investment thesis around acquiring managed service providers (MSPs)—typically using a buy-and-build strategy: acquire a platform MSP, add smaller MSPs, centralize operations, and scale recurring revenue.

Here are some of the most active and MSP-focused PE-backed buyers:

Other MSP-focused acquisition groups worth tracking:

• Blue Alliance — operator-led MSP acquisition platform focused on preserving founder-led MSP businesses while adding scale.
• AYCE Capital — actively partners with and acquires U.S. MSPs, particularly in the Northeast and Midwest.

What these firms generally look for in an MSP

Most PE-backed MSP buyers prioritize:

• Recurring managed services revenue (high monthly recurring revenue mix)
• EBITDA profitability (often platform deals are larger; smaller MSPs are usually add-ons)
• Cybersecurity capabilities (MDR, SOC, compliance services)
• Strong customer retention and low churn
• Vertical expertise (healthcare, finance, legal, manufacturing, etc.)
• Founder-led businesses with established teams and processes

For an MSP owner considering a sale, the key distinction is whether the buyer is a platform investor (looking for a larger “anchor” acquisition) or an add-on buyer (looking for smaller MSPs to tuck into an existing platform).

I can also provide a ranked list of the top MSP acquirers by number of acquisitions, typical EBITDA range, and geographic focus if useful.

Private equity (PE) firms rarely limit themselves to a single niche on paper, but a distinct group of sponsors have built specialized "buy-and-build" platform strategies explicitly focused on consolidating Managed Service Providers (MSPs) and Managed Security Service Providers (MSSPs) . They target MSPs for their predictable monthly recurring revenue (MRR), high client retention, and fragmented market structure.

The most active and prominent private equity firms and PE-backed consolidators with a specific focus on the MSP space include:

• Alpine Investors (via Evergreen Services Group) : Alpine Investors is a people-driven PE firm that launched Evergreen Services Group specifically to acquire and partner with services-oriented MSPs. Evergreen has scaled into one of the most prolific consolidators in the tech channel, accumulating well over 100 individual MSP investments.
• Oval Partners (via New Charter Technologies) : Oval Partners targets IT services and has backed New Charter Technologies as a central platform. New Charter’s model differs slightly by allowing acquired MSP owners to retain equity and collaborate as a collective rather than fully standardizing them into a single monolithic brand.
• OMERS Private Equity (via Integris IT) : Backed by major institutional capital, Integris IT acts as OMERS’ primary vehicle for acquiring mid-market managed IT and cybersecurity service providers across the United States.
• Court Square Capital Partners & Berkshire Partners (via Thrive) : Thrive is a prominent next-gen managed services and cybersecurity provider backed by Court Square and Berkshire Partners. Thrive actively rolls up regional MSPs, focusing heavily on integrating advanced cloud and AI-driven security operations.
• FFL Partners : FFL has a distinct vertical focus within managed services, having built up platforms like Abacus Group and Medicus IT, which subsequently merge and execute targeted roll-ups in specialized sectors like financial and healthcare IT.
• AEI Investors / NewSpring Holdings (via Magna5) : Magna5 serves as an active platform focusing on mission-critical managed IT and cybersecurity services, expanding via targeted regional add-on acquisitions.
• PSP Capital / Pritzker Group (via Ntiva) : Ntiva is heavily backed by institutional private equity (historically PSP Capital) and has an aggressive M&A playbook, regularly absorbing smaller managed IT and cloud providers across diverse regional and vertical markets.

Would you like information on typical valuation multiples these PE firms pay for MSPs, or are you looking at exit/recapitalization strategies for a specific business?

Private equity (PE) firms and their dedicated tech-focused platforms have aggressively targeted Managed Service Providers (MSPs) to capitalize on fragmented regional markets, high customer switching costs, and predictable monthly recurring revenue (MRR).

Rather than investing directly out of a general fund, major PE firms typically back specific platform companies designed to execute continuous "roll-up" acquisitions of regional MSPs.

Active Private Equity-Backed MSP Platforms

• Evergreen Services Group (Backed by Alpine Investors ): One of the most prolific consolidators in the MSP landscape, having accumulated well over 100 cumulative MSP acquisitions through various regional brands and its Lyra Technology Group subsidiary.
• Thrive (Backed by Court Square Capital Partners and Berkshire Partners ): Focuses on midmarket outsourced IT, cloud, AI integrations, and advanced cybersecurity.
• Ntiva (Backed by PSP Partners / Pritzker family office): Frequently acquires regional managed IT and cloud providers across the U.S. to build a national footprint.
• New Charter Technologies (Backed by Oval Partners ): Focuses on a decentralized partnership model, acquiring high-performing regional MSPs and retaining their local leadership.
• Integris IT (Backed by OMERS Private Equity ): A national managed IT security and services platform scaling through targeted regional acquisitions.
• Magna5 (Backed by AEA Investors , following a majority recapitalization from NewSpring): Focuses entirely on delivering cybersecurity, cloud, and IT infrastructure to mid-enterprise customers.
• Coretelligent (Backed by Norwest Equity Partners ): Specializes in private equity, financial services, and life sciences tech support and security.

If you'd like to proceed, let me know:

• Are you looking at this from an M&A/sell-side perspective for an MSP?
• Do you want a deeper breakdown of valuation multiples currently being paid in the PE MSP space?

Private equity interest in managed service providers (MSPs) has grown substantially because MSPs have attractive characteristics for a buy-and-build strategy: recurring revenue, sticky customers, cybersecurity tailwinds, and a highly fragmented market. The firms below are among the most visible PE investors and sponsors behind MSP acquisition platforms.

Firms with the clearest “MSP acquisition thesis”

If you are specifically looking for buyers that actively seek MSP acquisitions rather than generalist PE firms with occasional IT investments, the most MSP-centric names are:

1. Alpine Investors / Evergreen Services Group — probably the largest pure MSP consolidator by acquisition volume.
2. Oval Partners / New Charter Technologies — built specifically around acquiring MSP owners.
3. Court Square + Berkshire / Thrive — large-scale MSP platform strategy.
4. Norwest / Coretelligent — active enterprise MSP acquirer.
5. AEA / Magna5 — MSP + cybersecurity consolidation play.
6. OMERS / Integris — institutional MSP roll-up.

For an MSP owner considering a sale, the “best fit” buyer often depends on size and positioning:

• <$1M EBITDA: usually an add-on target for a larger MSP platform.
• $1M–$5M EBITDA: attractive to regional/national roll-ups.
• $5M+ EBITDA: may qualify as a platform acquisition with more strategic options.
• Cybersecurity-heavy, compliance-focused MSPs: often command interest from specialized IT/cyber consolidators.

I can also provide a ranked list of the top MSP acquirers by acquisition volume, typical EBITDA targets, and deal structure (cash vs rollover equity) if useful.

Yes. MSP-focused private equity is now a well-established niche, with many sponsors pursuing “buy-and-build” strategies: acquire a strong MSP platform, then add smaller regional MSPs. Industry data indicates PE-backed buyers accounted for roughly 69% of disclosed MSP transactions in 2025.

If you're looking for firms that specifically have a demonstrated appetite for acquiring MSPs, rather than generic PE firms that happen to own an IT-services company, I'd put these near the top of the list:

My ranking of the most relevant buyers

If your question is really “Who should an MSP owner approach if they want to sell?”, I'd divide the market into tiers:

Tier 1 — MSP specialists / highest strategic fit

1. Alpine / Evergreen
2. Oval / New Charter
3. Court Square + Berkshire / Thrive
4. Trinity Hunt / Dataprise
5. PSP / Ntiva
6. Norwest / Coretelligent
7. OMERS / Integris
8. AEA / Magna5

Tier 2 — Strong MSP/IT-services buyers

• Agellus / CompassMSP
• Abry / NexusTek
• Cloud Equity / BrightWorks
• Seaport / CyberlinkASP
• Frontenac, particularly for larger platform opportunities

The important distinction is that the PE firm isn't always the actual buyer you deal with. In many cases, the sponsor owns an MSP platform and the platform's CEO/M&A team is the party sourcing and negotiating the acquisition. For example, Alpine's Evergreen is explicitly structured as a long-term IT-services acquisition platform, while Trinity Hunt says Dataprise is intended to acquire complementary businesses across the U.S.

Also, Evergreen is in a category of its own in terms of acquisition volume: Alpine reported that Evergreen completed 47 transactions in 2025, including its 100th MSP acquisition, and the platform continues to pursue acquisitions internationally.

If you tell me roughly your MSP's revenue, EBITDA, geography, and whether you're willing to roll equity, I can narrow this to the 10–15 PE buyers most likely to be interested in your specific company, including their typical deal size, acquisition model, recent acquisitions, and likely fit.

Private equity (PE) firms and their dedicated platform companies have targeted Managed Service Providers (MSPs) for buy-and-build "roll-up" strategies . Because MSPs feature high client retention, sticky relationships, and predictable Monthly Recurring Revenue (MRR), specialized sponsors use an initial platform investment to rapidly acquire smaller, regional add-on MSPs.

Prominent private equity firms and sponsor-backed consolidators specializing in the MSP landscape include:

• Alpine Investors (Evergreen Services Group) — One of the most aggressive and prolific aggregators in the MSP space, operating through Evergreen Services Group and Lyra Technology Group, having completed over 100 cumulative MSP acquisitions.
• Oval Partners (New Charter Technologies) — Focuses on a centralized yet decentralized operational model, partnering with top-tier regional MSPs to build a collaborative national platform.
• PSP Partners / Pritzker (Ntiva) — Backs Ntiva as a primary platform, which consistently executes strategic add-on acquisitions across the U.S. to scale its managed IT and cloud operations.
• OMERS Private Equity (Integris IT) — Active institutional backer that supports Integris IT in acquiring and consolidating mid-market managed IT and cybersecurity service providers.
• Court Square Capital Partners & Berkshire Partners (Thrive) — Backs Thrive, a major next-gen managed services provider focusing heavily on cloud, cybersecurity, and digital transformation.
• FFL Partners — Frequently targets healthcare and financial IT services, known for combining specialized platforms like Abacus Group and Medicus IT.
• Norwest Equity Partners (Coretelligent) — Invests heavily in high-touch, specialized private equity and financial-vertical-focused managed IT and security providers.
• AEA Investors / NewSpring (Magna5) — Backs Magna5 as a dedicated managed IT and cybersecurity platform, expanding its multi-regional footprint through targeted acquisitions.

If you are looking at a specific angle, let me know:

• Are you evaluating a potential acquisition or exit?
• Are you looking for valuation multiples or deal structures in the MSP space?

I can provide more tailored insights on how these PE plays operate.