With its fourth MSP-oriented investment this year, Evergreen Services Group has turned its attention to Interlaced LLC -- an Apple-centric IT services provider. Evergreen confirmed the Interlaced investment this morning. Financial terms were not disclosed.
Evergreen says it began negotiations to acquire Interlaced in April after recognizing the upward trend of Apple device adoption in the workplace alongside the proliferation of cloud technologies. Evergreen CEO Jeff Totten and Head of M&A Ramsey Sahyoun were impressed with Interlaced’s proven track record, tight-knit relationship with Apple, and cloud-first approach to modern IT.
“Today’s workforce is comprised of a more tech-savvy user base. This is particularly true in the Apple-driven market segment,” said President Jeff Gaines. “Rather than focusing our efforts on a conventional, bloated solution, we’ve instead set out to solve for all of the ways in which traditional providers are falling short. Our goal has been to make IT easy to consume with a service that is easy to understand.”
Interlaced founders, Adam and Wesley Pettit, left the company earlier this year to focus on a new business venture, according to the organization. As such, Interlaced will be led by incoming CEO Jill Greenberg; President and Chief Product Officer Jeff Gaines; and Vice President Noah Pettit. The company will continue to operate independently -- just like Evergreen's other MSP investments.
Evergreen Services Group Builds National MSP Network
This is Evergreen's fourth MSP-oriented investment or acquisition this year. Earlier deals involved JENLOR, Wolf Consulting, and Executech. Instead of rolling all of those MSPs together into a single company, Evergreen continues to treat each service provider as its own business -- with a dedicated on-site operator (typically the MSP's existing management team).
Evergreen is backed by Alpine Investors. There are no immediate plans to flip or sell Evergreen to a larger buyer, ChannelE2E believes. The company appears to have a long-term horizon for the investments. In our mind, Evergreen's investments are a bit like a mutual fund of MSPs. As each investment in the portfolio grows, it raises the overall value of Evergreen's MSP portfolio.
The initial deals appear to be performing well. In the weeks ahead, we'll share a podcast conversation with Evergreen and Wolf Consulting leaders, describing that nuts-and-bolts of that deal more fully.
Additional insights from Joe Panettieri.
