Private equity firm Trinity Hunt Partners has raised $618 million to further back two IT consulting firms -- namely, Argano and Improving -- along with follow-on tuck-in acquisitions. Multiple financial firms -- including StepStone and Schroders Capital -- participated in the continuation funding.
Trinity Hunt did not say how much money was allocated to each IT solutions provider, or how much money remains for follow-on acquisitions.
Argano and Improving: IT Consulting Business Backgrounds
Argano, founded in 2020, is based in Plano, Texas. The company has 264 employees listed on LinkedIn. Argano’s areas of expertise include business and technology services and consulting.
Improving, founded in 2006, also is based in Plano, Texas. The company has 1,268 employees listed on LinkedIn. Improving specializes in software development and technology consulting.
Both Argano and Improving have been active in the M&A market. For instance:
- Argano acquired Oracle Cloud consulting firm NorthPoint Group in June 2022, and Microsoft Dynamics 365 partner Arbela Technologies in June 2021.
- Improving acquired custom software developer Bit Quill in October 2022; Google cloud consultancy YoppWorks in March 2022 Microsoft professional services firm Tahoe Partners in 2021. AWS custom software developer Object Partners in 2020; and Microsoft partner ProSource Solutions in 2017.
Continuation Funding: Executive Perspectives
In a prepared statement about the continuation, Trinity Hunt Managing Partner Blake Apel said:
"The closing of our first continuation fund is an important milestone for Trinity Hunt. We are extremely proud of the success that these two leading companies have achieved thus far in our partnerships together, and the attractive returns we have been able to provide to our existing investors. We believe there is additional value at these companies that can be unlocked with additional time and capital."
Adam Johnston, a partner at StepStone, added:
"We seek to partner with best-in-class sponsors to create solutions for their highest quality assets, and this transaction is a great example of both. We're excited to build on our partnership with Trinity Hunt in a transaction that will support these two companies in their continued value creation."
Concluded David Guryn, a senior investment director at Schroders Capital:
"We are very excited to expand our partnership with Trinity Hunt and these two exceptional companies."
Trinity Hunt Partners: Private Equity for IT Consulting and MSP Firms
Trinity Hunt Partners, a middle market private equity firm, has a lengthy track record investing in the IT consulting and MSP sectors.
Example Trinity Hunt Partners investments and acquisitions include:
- July 2021: Dataprise, a major midmarket MSP backed by Trinity Hunt Partners, acquired Wireless Watchdogs.
- May 2021: Trinity Hunt acquired and combined three companies — Keste, interRel Consulting and United Virtualities (UV) — to form Argano.
