Evergreen Services Group, which is piecing together a nationwide network of MSPs, has invested in Integritek LLC -- a managed IT service provider in Austin, Texas. Financial terms were not disclosed.
Evergreen, backed by Alpine Investors, has made five MSP investments this year. The deals allow MSPs to maintain their existing leadership teams and continue running their businesses. Evergreen's additional financial muscle typically assists with talent, technology and other types of investments.
Integritek provides IT services to small and mid-sized businesses across the United States. The investment will allow the company to expand to new regions, invest in new talent, and double down on its acquisition strategy, the firms say.
It’s a strategy which Ramsey Sahyoun, Evergreen’s Head of M&A calls “the most effective acquisition strategy” he’s seen in the MSP space. “They’re unique in their fanaticism around customer happiness post-acquisition, and it shows in the end result,” he says.
C-Suite Reactions
Executives from both organizations shared these reactions to the deal.
Jeff Totten, Evergreen's CEO, said:
“We’re thrilled to partner with the Integritek team and support the company’s continued growth and commitment to its customers and employees. Brad and the Integritek team have built a phenomenal business that prioritizes delivering exceptional service to customers and investing in and maintaining a people-first culture. We look forward to fueling and supporting Integritek as they continue on their stellar growth path.”
Brad Badgley, CEO of Integritek, added:
“Since our founding, we have been driven by the belief that there was a better way to deliver IT services. To get there, we’ve made it easy to do business with us and cultivated exceptional talent. Evergreen’s investment will accelerate our strong commitment to providing unrivaled information technology services at an exceptional value.”
Evergreen Services Group: Emerging as a Nationwide MSP Ecosystem?
San Francisco's Evergreen positions itself as a “family of leading IT Services companies operated by world-class leadership teams and service professionals.” Through its investments, the firm partners with owners of IT Services companies to provide operational assistance and capital to help fuel growth.
It’s a unique strategy, given the amount of consolidation seen in the market in recent years: Rather than roll MSPs into a single company or force founders out the door, Evergreen’s investments continue to run independently. To wit, Integritek will continue to operate independently. Brad Badgley remains CEO and Lauren Paver joining as president and COO, the companies say.
Integritek follows Evergreen’s investments in Wolf Consulting, Executech, JENLOR and Interlaced earlier this year. Evergreen says it continues to actively invest in leading managed services providers throughout the United States, where it can serve as a long-term capital partner and support future growth.
