Renovus Capital Partners Makes Strategic Move with Performive
Renovus Capital Partners, an esteemed private equity firm, has officially announced its majority investment in Performive, a renowned provider of managed IT services catering to mid-market enterprises. This pivotal investment is set to propel Performive's growth across various areas, including product enhancements, better customer experiences, and strategic partnerships.
Performance Overview of Performive
Established in 2005, Performive specializes in delivering managed services that encompass cloud solutions, infrastructure support, and top-tier cybersecurity measures. The company is highly regarded in the sector for providing mission-critical services to a diverse clientele, helping them scale their operations, maintain secured environments, and streamline their processes. Its reputation for technical proficiency and outstanding service delivery has made it a leader in the managed IT space.
Investment Impact on Performive
This investment from Renovus will allow Performive to broaden its service offerings and expand its outstanding team while also pursuing acquisitions compatible with its mission of delivering exceptional value and customer-centric services. Such an infusion of capital provides Performive with the necessary resources to enhance its market standing.
Insights from Leadership
“The foundation we've established at Performive is a source of great pride, and we are thrilled about the road ahead,” remarked Gary Simat, Co-Founder and CEO of Performive. He emphasized that this collaboration with Renovus represents a vital turning point that will enable further innovation and an upgrade in customer service, thereby enhancing value for their clients. With this new support, Performive is poised to expedite its vision of becoming the preferred managed service provider (MSP) for mid-market businesses in the nation.
Renovus Capital's Vision
Renovus has crafted a strategy focusing on investing in differentiated MSPs that offer sustainable revenue streams, essential services, and an unwavering commitment to customer satisfaction. Jason Tanker, the Managing Director at Renovus, noted, “Performive aligns perfectly with our investment thesis. It exhibits remarkable growth potential, and we are eager to collaborate with its team to accelerate the company's growth trajectory, both through organic means and strategic acquisitions.”
Growing Together
Performive is the initial platform investment made from Renovus IV, with a substantial $875 million of commitments at its inception. This major funding round underscores Renovus’s intent to drive expansion and innovation in the managed IT services sector.
Affiliates and Advisors
Layer 7 Capital acted as the exclusive financial advisor during this investment, while McDermott Will & Emery provided legal counsel for Performive. DLA Piper was retained as legal counsel for Renovus, ensuring a smooth transition and alignment of interests between the firms.
About Performive
Performive has established itself as a key player in the managed IT services arena since its founding in 2005. The company excels in IT infrastructure management, cloud solutions, and cybersecurity, specifically targeted at mid-market enterprises. With a strong emphasis on customer achievement and deep technical knowledge, Performive empowers organizations to enhance their IT operations and foster sustainable growth.
About Renovus Capital Partners
Renovus Capital Partners, founded in 2010, is a notable private equity firm focusing on the lower middle market, particularly in the Knowledge and Talent sectors. Based in the Philadelphia area, Renovus oversees an impressive portfolio of over $2 billion spanning various sector-focused funds. The firm’s investments include more than 30 U.S.-based enterprises that specialize in education, workforce development, and service markets such as technology and healthcare. Renovus is known for its hands-on approach, enabling operational improvement and talent acquisition to enhance its portfolio companies.
Frequently Asked Questions
What is Renovus Capital Partners?
Renovus Capital Partners is a private equity firm that specializes in the lower middle market, focusing on Knowledge and Talent sectors.
What does Performive offer?
Performive provides managed IT services, including cloud solutions, infrastructure services, and cybersecurity for mid-market companies.
When was Performive founded?
Performive was established in 2005 and has built a solid reputation in the managed services industry.
What are the benefits of the Renovus investment for Performive?
The investment will enable Performive to enhance its service offerings, expand its team, and pursue strategic acquisitions to improve customer service.
How does Renovus decide on investments?
Renovus focuses on investing in distinguished MSPs with sustainable revenue models and a strong commitment to customer service.
