Private Equity in Managed IT Services 2026: Active MSP Platforms, Multiples, and Consolidation

TL;DR: Managed IT services is one of the most institutionally consolidated B2B service categories in the United States. Analysis of 169 MSP M&A transactions in 2025 (Omdia / Solganick / Drake Star Q3 2025 data) shows private equity appeared in 69% of disclosed deals. Verified active 2026 buyers include Evergreen Services Group (Alpine Investors; 47 acquisitions in 2025; Lyra Technology Group reached $1B ARR and its 100th cumulative MSP acquisition in June 2025), New Charter Technologies (Oval Partners), Ntiva (PSP Capital / Pritzker), Coretelligent (Norwest Equity Partners), Thrive Networks (Court Square + Berkshire Partners; ~$400M revenue), Integris IT (OMERS Private Equity since 2024), and Magna5 (AEA Investors, February 2026 majority recap from NewSpring). Multiples: 4-5x EV/EBITDA for sub-$5M EBITDA operators (Aventis Advisors), 4.5x-8x for high-quality recurring-revenue MSPs, 11.2x median for platform-tier deals over $500M EV, with premium MSPs commanding 12-15x on cyber-heavy or scale-leader exits. CT Acquisitions is buy-side. Every named platform, sponsor, and multiple on this page is sourced to a primary press release, sponsor portfolio page, or industry-research publisher.

Methodology and data sources

This tracker follows CT Acquisitions’ 5-tier source hierarchy for research-grade content:

1. Tier 1 — Press releases from sponsors, platforms, and their advisors (PR Newswire, BusinessWire, sponsor.com/news, platform.com/news)
2. Tier 2 — Financial-press / public-company comparables where applicable (most MSP platforms are private; we cite sponsor LP communications and bank-research transaction announcements)
3. Tier 3 — Sponsor portfolio pages (current ownership, not historical)
4. Tier 4 — Trade press (CRN MSP 500, The Channel Company, ChannelE2E, ChannelFutures, MSP Today, PrivSource)
5. Tier 5 — M&A research publishers (Drake Star Partners MSP Report Q3 2025, Solganick MSP/MSSP M&A YTD 2025, Aventis Advisors MSP Valuation Multiples, FOCUS Bankers MSP coverage)

Industry-data tier (multiples, market size, fragmentation): Aventis Advisors IT Services Valuation Multiples (2015-2024), Aventis MSP Valuation Multiples 2025, FOCUS Bankers MSP coverage, Jaken Equities MSP valuation framework, Alternative Payments MSP Roll-Up Phenomenon coverage. NAICS classification primarily 541512 (Computer Systems Integration Design Services), with NAICS 541519 (Other Computer-Related Services) as a secondary classification for cybersecurity-led MSPs.

Verification window: All sponsor / platform attributions verified May 2026. The MSP space had heavy 2025 deal activity (47 Evergreen acquisitions alone) and several major sponsor transitions (Coretelligent VSS → Norwest 2021; Integris Frontenac → OMERS 2024; Magna5 NewSpring → AEA Feb 2026); the per-platform sponsor structure is current as of May 2026 but recapitalizations are continuous.

Inclusion criteria for “active platform”: (a) a verifiable current institutional sponsor; (b) at least 5 cumulative platform acquisitions or $50M+ revenue; (c) at least one verified add-on acquisition in the last 18 months or a stated active-acquirer posture; (d) primarily U.S.-focused operations (some platforms include Canadian or APAC exposure; we note this where material).

The 2026 managed IT services PE landscape: why now

Four structural forces explain the durability of capital in MSP consolidation through 2026:

• Recurring revenue makes MSPs the cleanest service-business archetype. Multi-year managed-services contracts (24+ months) produce predictable cash flow that lenders and PE buyers underwrite at premium multiples. Long-term contracts with average duration over 24 months increase multiples by approximately 1x; high churn (>10% annually) lowers multiples by 1-3x (Aventis Advisors).
• Cybersecurity-driven valuation expansion. Of the 169 disclosed MSP M&A deals in 2025, 17 involved MSSP (managed security services provider) targets. MSPs that have embedded cyber capabilities directly into their service portfolio command meaningful premiums; cyber-led MSPs increasingly cross-list with MSSP categorization. Source: ChannelPro Network: Private Equity in the IT Channel (Dec 2025) (URL bot-blocks default UAs; reachable in browser).
• Fragmentation runway. The U.S. MSP market is structurally fragmented: tens of thousands of small operators serving SMB-and-mid-market clients, with the top-50 by revenue holding a small share of the total market. Even Evergreen Services Group, the most aggressive consolidator with 100+ MSP acquisitions, operates through 10+ separately-branded regional platforms rather than a single national entity.
• Multiple ownership cycles signal maturity. 2025 saw several sponsor-to-sponsor recapitalizations (Magna5 NewSpring → AEA February 2026; historical Integris Frontenac → OMERS 2024; Coretelligent VSS → Norwest 2021; Ntiva Southfield → PSP 2022). The presence of secondary buyers signals that MSP platforms have matured into assets capable of supporting multiple ownership cycles, a hallmark of institutional-grade asset categories.

Active platforms: profiles of 7 MSP roll-up operators

Apex tier (mega-platforms, $250M+ revenue or 50+ acquisitions)

Evergreen Services Group — Sponsor: Alpine Investors (since founding). Scale: The largest MSP consolidator globally. Confirmed 47 acquisitions in 2025; total 100+ cumulative MSP acquisitions celebrated June 2025. Operates through three distinct platforms: Lyra Technology Group (33 MSP acquisitions across five countries in 2025; reached $1B ARR mid-2025), Pine Services Group (nine ERP-partner acquisitions in 2025), and Cedar Solutions Group (five government-IT acquisitions in 2025). Evergreen’s thesis: 10 (and no more than 10) different regionally-focused platforms, with companies above $1M EBITDA treated as platforms and below that as add-ons. Same Alpine Investors stable as Apex Service Partners (residential HVAC / plumbing / electrical) and other Alpine vertically-focused service platforms. Sources: Evergreen Services Group corporate site | Alpine Investors story on Evergreen | Evergreen celebrates 100th MSP acquisition (June 2025) | Lyra Technology Group on 100th acquisition.

Thrive Networks — Sponsors: Court Square Capital Partners + Berkshire Partners. Scale: Approaching $400M in revenue in 2025; multi-year aggressive M&A across the U.S. Northeast and Mid-Atlantic with growing Mid-South and Texas presence. Strong cybersecurity + cloud-managed-services positioning. Sources: Thrive corporate site | Berkshire Partners portfolio: Thrive | Court Square portfolio: Thrive.

Growth tier (mid-sized platforms, $75M-$250M revenue or 10-50 acquisitions)

New Charter Technologies — Sponsor: Oval Partners. Scale: National MSP roll-up with significant 2024-2025 add-on cadence (ProTech IT Solutions Jan 21 2025; Verus Jan 7 2025; Netropole Oct 2 2024; Dynamic Edge Aug 13 2024). Listed on CRN’s 2025 MSP 500 (Elite 150 category). Stated thesis: scale MSPs through strategic acquisitions while maintaining close relationships and operating cultures. Sources: New Charter Technologies corporate site | New Charter joins CRN 2025 MSP 500 list.

Ntiva — Sponsor: PSP Capital (Penny Pritzker family office investment firm; acquired Ntiva from Southfield Capital in 2022). Scale: 800+ professionals serving 2,000+ clients across Washington D.C., Maryland, Virginia, Illinois, Colorado, New York, West Virginia, and Southern California. Acquired The Purple Guys in a notable platform combination. Sources: PSP Partners on Ntiva | PSP Capital partners with Ntiva | Ntiva announces Purple Guys acquisition.

Integris — Sponsor: OMERS Private Equity (majority acquisition announced 2024, closed 2024). Prior sponsor: Frontenac Company (four-year partnership preceding OMERS; included a four-company merger plus four add-ons). Scale: National U.S. MSP focused on small and midsize businesses; acquired TechMD with its 1nteger Security division in June 2025 (largest acquisition to date); announced intent to acquire First Focus (Australia / New Zealand / Philippines) in April 2026. Sources: Integris partners with OMERS | OMERS Private Equity agreement to acquire Integris.

Coretelligent — Sponsor: Norwest Equity Partners (majority since October 2021, acquired from VSS Capital Partners). Scale: Headquartered in Boston Metro; offices in New York City, Atlanta, Norwalk, Scarborough, San Francisco Bay Area, Dallas, Los Angeles, Tampa, West Palm Beach. Active tuck-in MSP acquisition strategy under Norwest; 7+ acquisitions since 2019. Sources: Coretelligent joins Norwest Equity Partners | Norwest Equity Partners: Coretelligent.

Magna5 — Sponsor: AEA Investors (majority recap announced February 3 2026, acquired from NewSpring Holdings). Scale: Under NewSpring (8 years of ownership), Magna5 added 9 acquisitions and grew revenue approximately 8x. Now positioned as managed IT, cybersecurity, and cloud-based services provider to small and mid-sized and mid-market businesses across the U.S. Sources: Magna5 acquisitions page | NewSpring exits Magna5 | PR Newswire: AEA partners with Magna5 (Feb 2026) | Canaccord Genuity advised Magna5 transaction (Feb 2026).

Acquisition velocity: what 2024-2026 tells us

Disclosed major MSP equity events 2021-2026:

• October 2021 — Norwest Equity Partners acquires Coretelligent from VSS Capital Partners. Terms undisclosed.
• 2022 — PSP Capital (Pritzker family office) acquires Ntiva from Southfield Capital. Terms undisclosed.
• 2022 — Court Square + Berkshire Partners-backed Thrive Networks continues aggressive M&A; reaches ~$400M revenue by 2025.
• 2024 — OMERS Private Equity acquires majority of Integris from Frontenac Company.
• August 13, 2024 — New Charter Technologies (Oval Partners) acquires Dynamic Edge.
• October 2, 2024 — New Charter acquires Netropole.
• January 7, 2025 — New Charter acquires Verus.
• January 21, 2025 — New Charter acquires ProTech IT Solutions.
• June 10, 2025 — Evergreen Services Group / Lyra Technology Group celebrates its 100th cumulative MSP acquisition (Brisbane-based REDD); Lyra reaches $1B ARR.
• June 2025 — Integris acquires TechMD with its 1nteger Security division (Integris’s largest acquisition to date).
• Full-year 2025 — Evergreen confirms 47 acquisitions across Lyra, Pine, and Cedar platforms.
• February 3, 2026 — AEA Investors acquires majority of Magna5 from NewSpring Holdings.
• April 2026 — Integris announces intent to acquire First Focus (Australia / New Zealand / Philippines), the largest MSP serving SMBs in those markets.

2025 PE-share data: Of 169 disclosed MSP M&A deals in 2025 (Omdia / Solganick / Drake Star aggregations), private equity appeared in approximately 69% of disclosed transactions. 17 deals involved MSSP targets specifically. Premium valuations were paid for MSPs with strong organic growth, scalable operations, and robust client relationships, with some platforms recording approximately 20x EBITDA exit multiples for larger transactions. Source: Drake Star MSP Report Q3 2025.

Note on private equity disclosure norms: MSP platform transactions almost never disclose enterprise value, EBITDA, or multiples. The 8x revenue-growth figure for Magna5 reflects sponsor-disclosed growth under NewSpring, not deal-level multiple. Where ranges are quoted (4-5x sub-$5M, 11.2x median platform-tier), they reflect industry-data-tier sources, not specific named transactions.

Multiples and deal structure: what MSP owners should expect

MSP valuation breaks into three tiers driven primarily by EBITDA scale, recurring-revenue mix, and cybersecurity capability.

Sub-scale tier (small operators)

Multiple range: 3.5x – 5x EV/EBITDA for MSPs under $5M EBITDA.

Typical seller: owner-operator or 2-3 partner MSP, $500K-$5M EBITDA, regional client base, some recurring revenue but commonly with significant project-based mix. Buyer pool: regional consolidators looking for tuck-ins, search-fund acquirers, individual operators (often with SBA 7(a) financing). Per Aventis Advisors, this tier reflects approximately a 55% discount to platform-tier comparables. Sources: Aventis Advisors: MSP Valuation Multiples | Aventis Advisors: IT Services Valuation Multiples 2015-2024.

Mid-market tier (high-quality MSPs)

Multiple range: 4.5x – 8x EV/EBITDA for $5M–$15M EBITDA operators with strong recurring revenue.

Typical seller: $5M-$15M EBITDA, multi-state footprint, multi-year managed-services contracts (24+ months), diversified customer base (no single customer over 20% of revenue), low DVM-equivalent technical-staff turnover, professional management beginning to develop. Buyer pool: institutional platforms (Evergreen / Lyra, New Charter, Ntiva, Coretelligent, Integris, Magna5, Thrive) and growth-stage PE underwriting new platform candidates. Premium positioning factors that move you from 4.5x toward 8x: cybersecurity / MSSP capability, vertical-industry specialization (financial-services, healthcare, government / public sector), multi-year contract weighting, and demonstrated client-retention > 95% annually.

Platform-eligible tier

Multiple range: 11x – 15x+ EV/EBITDA for true platform-quality operators ($15M+ EBITDA).

Typical seller: $15M+ EBITDA, multi-state or national footprint, professional CFO/CEO, strong cybersecurity book or MSSP capability, vertical-industry depth, transferable brand, sticky 24+ month contracts. Buyer pool: middle-market and upper-middle-market PE looking for a new platform investment, plus the existing mega-platforms (Evergreen, Thrive, New Charter) targeting platform-level rather than tuck-in deals. The median EV/EBITDA for MSP transactions exceeding $500M EV is approximately 11.2x (Aventis Advisors); the strongest cybersecurity-heavy and scale-leader platforms have transacted at approximately 20x in recent exits (per Drake Star / Solganick research). PE-buyer premium: as of Q2 2025, PE buyers paid an average 10.1x EV/EBITDA across M&A categories vs 8.6x for corporate acquirers, with the median PE-led deal at 12.8x in the U.S.

The cybersecurity / MSSP premium

MSPs that have embedded managed security services (24/7 SOC, MDR, EDR, vulnerability management, incident response) trade at a structural premium to pure-IT-managed-services peers because (a) cyber demand is non-discretionary, (b) cyber margins are higher, and (c) the recurring-revenue lock-in on a security service is harder for the customer to unwind than on a pure-IT-help-desk relationship. Operators considering positioning ahead of a sale should evaluate whether building or acquiring MSSP capability moves them up the multiple range.

Acquisition criteria: what MSP platforms look for

• Recurring revenue mix. The single largest multiple-driver. Operators with >75% MRR (monthly recurring revenue) from multi-year managed-services contracts trade at the upper end of their tier. Project-heavy operators trade at the lower end.
• Customer concentration and contract length. No single customer over 20% of revenue; weighted-average contract length of 24+ months; auto-renewal language preserved. Long-term contracts (over 24 months) increase multiples by approximately 1x per Aventis Advisors.
• Technical staff retention. The MSP-engineer shortage is structural. Platforms underwrite the senior-engineer bench, the apprenticeship pipeline (internal training programs, technical-college partnerships), and the medical-director-equivalent technical-leadership role. High turnover is a diligence-killer.
• Cybersecurity / MSSP capability. Even partial MSSP capability (24/7 SOC, MDR, EDR) compresses multiples upward. Cyber-pure-play MSSPs trade at premium multiples to general MSPs.
• Vertical-industry specialization. MSPs with deep specialization in financial-services, healthcare (HIPAA-grade), government (FedRAMP / CJIS), or law-firm IT command premiums because of regulatory expertise and stickiness.
• Professional services platform. Operators with mature PSA (professional services automation; ConnectWise Manage, Autotask, Halo PSA) plus RMM (remote monitoring and management) plus documentation (IT Glue, Hudu) plus security stack (with proper certifications) demonstrate institutional-grade operations.
• Financial-systems maturity. Real general-ledger close inside 15 days, deferred-revenue accounting for multi-year contracts, MRR tracking with cohort analysis. Platforms underwrite the financial-systems maturity heavily because mid-market and platform-tier deals require GAAP-compliant audits.

What this means for MSP owners considering an exit

Three operator-tier strategies, in order of typical exit value:

1. If you are a sub-$5M EBITDA MSP owner, your realistic exit is 3.5x-5x EV/EBITDA from a regional consolidator, search-fund buyer, or individual operator with SBA-7(a) financing. Pre-sale prep over 12-18 months focused on (a) shifting from project-heavy to MRR-led revenue mix, (b) extending contract weighted-average length toward 24+ months, (c) scrubbing customer concentration below 20% per top customer, and (d) hiring or promoting a second / third senior technical lead can move you toward the upper end of the range or unlock institutional-buyer interest at the 5x-8x EBITDA tier.
2. If you are a $5M-$15M EBITDA MSP, your realistic exit is 5x-8x EV/EBITDA from the institutional platform set above (Evergreen / Lyra, New Charter, Ntiva, Coretelligent, Integris, Magna5, Thrive) or growth-stage PE looking for new platforms. The key levers between 5x and 8x are MSSP / cybersecurity capability, vertical-industry depth, and 95%+ logo-retention discipline.
3. If you are platform-eligible ($15M+ EBITDA, multi-state, deep MSSP or vertical-industry specialization, professional management bench), your realistic exit is 11x-15x+ EV/EBITDA from middle-market PE, with rollover equity for a meaningful second exit in 3-5 years. With Magna5 (NewSpring → AEA February 2026), Integris (Frontenac → OMERS 2024), and Coretelligent (VSS → Norwest 2021) all showing sponsor-to-sponsor recap economics, the buyer landscape for platform-level deals is in active reshuffling. Sponsor fit, not headline multiple, is the most important variable.

CT Acquisitions runs a buy-side advisory; we represent the buyer universe profiled above. See the How to Sell an IT/MSP Business guide for the sell-side process detail, the IT Services Valuation Multiples framework for tier-specific pricing analysis, and the Owner’s Exit Checklist for the 18-24 month preparation framework.

Limitations of this analysis

• Most platform-level financial terms are private. The Magna5 8x revenue-growth figure is sponsor-disclosed (NewSpring under 8-year ownership); the 11.2x median EV/EBITDA for $500M+ transactions reflects Aventis Advisors industry-data tier; the 20x EBITDA premium-exit figure reflects Drake Star / Solganick research aggregation. None reflects a specific named transaction.
• Industry-data tier multiples are aggregated. Aventis Advisors, FOCUS Bankers, and Jaken Equities all publish blended ranges across vertical-industry differences, recurring-revenue mix differences, and geographic differences. The right way to use these ranges is as a starting point for a transaction-specific valuation, not an answer.
• Some trade-press sources enforce browser-only access. ChannelE2E, ChannelFutures, Solganick, and Omdia all bot-block default User-Agent requests but are accessible to human readers in a browser. Where this guide cites those sources, the underlying content is verifiable; the URL may not return HTTP 200 to a script.
• MSP-vs-MSSP boundary is fluid. Several platforms profiled here (Ntiva via Purple Guys, Integris via 1nteger Security, Evergreen via ImageQuest, Magna5 explicitly) have cyber capabilities embedded in their general-MSP offerings. The 17 MSSP-specific deals in 2025 (per Omdia) understate the embedded-cyber footprint across the broader 169 MSP transactions.
• Evergreen’s 47-acquisitions-in-2025 figure includes Lyra (33), Pine (9), and Cedar (5) combined. Lyra specifically (the MSP-pure platform) drove the bulk of MSP M&A through Evergreen in 2025; the 100th cumulative acquisition milestone (June 2025) is Lyra-specific.
• The platform inventory above is U.S.-centric. Several profiled platforms (Lyra, Integris) have material APAC or European operations; we focus on U.S. MSP coverage to align with CT’s buy-side practice. Owners with non-U.S. operations should evaluate sponsor fit accordingly.
• This guide is general MSP M&A intelligence, not legal, tax, or transaction advice.

Future updates and methodology notes

Refresh cadence: quarterly. The next scheduled refresh is August 25, 2026. Specific 2026 refresh triggers we are watching:

• Evergreen acquisition cadence trajectory. 47 acquisitions in 2025 is an aggressive pace; whether Alpine / Evergreen maintains, accelerates, or normalizes in 2026 will reset benchmark expectations for the mega-platform tier.
• Integris global expansion. The pending First Focus acquisition (announced April 2026) marks Integris’s first material APAC footprint. Closing timing and integration cadence will be watched.
• Sponsor-to-sponsor recap pace. Magna5 (NewSpring → AEA Feb 2026) follows the Coretelligent (2021), Ntiva (2022), and Integris (2024) pattern. Whether 2026 brings another platform-level recap signals continued maturity of MSP as an asset class.
• MSSP-pure-play platform consolidation. The 17 MSSP-specific deals in 2025 may accelerate as cyber-only platforms (Arctic Wolf, Critical Start, eSentire-like) consolidate further. We monitor MSSP-pure-play activity separately from MSP-with-MSSP capability.

How to flag corrections: Every named platform on this page is sourced to a primary press release, sponsor portfolio page, or industry-research publisher. If you believe a sponsor attribution, scale figure, or transaction date is wrong, the fastest path to a correction is an email to hello@ctacquisitions.com with the primary source (press release URL or sponsor portfolio page) that contradicts what we have published. We re-verify and patch within 5 business days.

Related research

• IT Services Valuation Multiples — tier-by-tier MSP valuation framework
• How to Sell an IT/MSP Business — sell-side process guide
• How to Sell a Cybersecurity Services Company — MSSP-focused sell-side guide
• Best Cybersecurity Due Diligence Firms for M&A
• Lower Middle Market Buyer Mandate Report 2026
• Owner’s Exit Checklist

Sources and references

Every named platform, sponsor, scale figure, and multiple range on this page is sourced to a primary press release, sponsor portfolio page, or industry-research publisher. Some trade-press sources (ChannelE2E, ChannelFutures, Solganick, Omdia) bot-block default User-Agent requests and are reachable only via browser; where used, the underlying content is verifiable.

• Evergreen Services Group corporate site — Largest MSP consolidator; 100+ cumulative acquisitions, 47 in 2025
• Alpine Investors story on Evergreen — Sponsor portfolio page
• Evergreen 100th MSP acquisition (June 2025)
• Lyra Technology Group: 100th acquisition — Lyra-specific MSP platform; reached $1B ARR mid-2025
• Lyra Technology Group news archive
• New Charter Technologies corporate site — Oval Partners-backed national MSP roll-up
• New Charter joins CRN 2025 MSP 500 list
• PSP Partners on Ntiva — PSP Capital sponsor portfolio
• Ntiva acquires The Purple Guys
• Coretelligent joins Norwest Equity Partners
• Norwest Equity Partners: Coretelligent
• Thrive corporate site — ~$400M revenue MSP
• Berkshire Partners portfolio: Thrive
• Court Square portfolio: Thrive
• Integris partners with OMERS Private Equity
• OMERS Private Equity agreement to acquire Integris
• Magna5 acquisitions page
• NewSpring exits Magna5 — 8x revenue growth disclosed
• PR Newswire: AEA Investors partners with Magna5 (Feb 2026)
• Canaccord Genuity advised Magna5 transaction (Feb 2026)
• Aventis Advisors: MSP Valuation Multiples — 4-5x sub-$5M, 4.5-8x mid-market, 11.2x $500M+ platform tier
• Aventis Advisors: IT Services Valuation Multiples (2015-2024)
• FOCUS Bankers: MSP M&A coverage
• Jaken Equities: How to Value an IT MSP
• Alternative Payments: The MSP Roll-Up Phenomenon
• Drake Star Partners: MSP Market Update Q3 2025 — 169 deals, 69% PE, premium-tier ~20x exit benchmarks
• Axial: EBITDA Multiples by Industry — LMM benchmark synthesis
• GF Data — LMM EBITDA multiples by deal-size band (subscription-gated)
• NAICS 541512: Computer Systems Integration Design Services — Primary industry classification
• CT Acquisitions PE Roll-Up Tracker series — companion methodology across HVAC, plumbing, auto repair, auto body, veterinary, dermatology

Last verified: May 25, 2026. Next refresh: quarterly (target 2026-08-25).

Disclaimer: This tracker is general market intelligence, not investment, legal, or tax advice. Multiples and outcomes by operator tier are illustrative; actuals vary with deal structure, geography, buyer fit, and active negotiation. CT Acquisitions is a buy-side advisor; we represent acquirers and may have active engagements with platforms profiled here.