Thrive Finalizes Recapitalization with Court Square Capital Partners
Thrive will expand its massive investment in next-generation technologies through its new collaborators, including ServiceNow, automation, and artificial intelligence.
FREMONT, CA: Thrive, a leading provider of integrated technology services, recently reported that it has finalized majority recapitalization with Court Square Capital Partners to improve its influential business position. In addition to Court Square, the current corporate sponsor of Thrive, M/C Partners continues to invest alongside a large shareholding by the company's senior management team.
"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."
Thrive will expand its massive investment in next-generation technologies through its new collaborators, including ServiceNow, automation, and artificial intelligence. Besides, the organization plans to broaden its consumer success, distribution and marketing departments, strategic expertise, cybersecurity, and other product offerings, in addition to increased global growth, both organically and by acquisition.
"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, 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 a strategic adviser to Choate, Hall & Stewart LLP and the BRL Law Firm served as legal counsel to the company on this deal. Raymond James and 7Mile Advisors served as strategic advisors, and Dechert LLP served as legal counsel for Court Square Capital. The Bernstein Alliance offered to fund the deal.