Private equity firm focused on software and services companies

Alpine Investors

At a glance

Assets under management$17.7B (as of Jun 2026) S6
Latest fundAlpine Investors IX, $4.5B (Jun 2023) S5
EBITDA rangeUp to $50M S3
Deal typesPlatform, Add-on S3
GeographyUnited States, Canada, Europe, Australia, New Zealand S3
SectorsHVAC, Plumbing & Electrical, Roofing, Landscaping, Property Management & HOA, IT Services & MSP, Software & SaaS, Healthcare Services, Accounting & Professional Services, Wealth Management, Construction Services, Education

What Alpine Investors buys

Alpine Investors is a San Francisco firm, founded in 2001, that managed $17.7 billion as of June 2026 and invests in software and services businesses. Its published criteria call for up to $50 million of EBITDA, an enterprise value of up to $1 billion and revenue that repeats or recurs, in business services, consumer services, software, education or healthcare. It buys the whole company or a majority stake, and it likes owners in a transition, such as a founder who wants to step back and has no successor. Its talent programs, including a CEO-in-Training track, supply the new leaders.

Most of its volume comes from add-ons. Alpine closed a record 190 deals in 2025 across more than two dozen platforms, including Apex Service Partners in home HVAC, plumbing and electrical, Evergreen in managed IT, Oakline Properties in property and association management, Vertex in roofing, Canopy in tree care and Ascend in accounting. A smaller company will usually meet Alpine through one of these platforms; Canopy looks at tree care firms with $3 million to $30 million of revenue.

Recent deals

Announced in the 24 months before October 19, 2026.

DateCompanyTypeSectorSource
Sep 2026Eight Group Service PartnersNew UK platform for commercial mechanical and electrical maintenance, formed from nine businesses with more than £200 million of combined revenuePlatformHVAC, Plumbing & ElectricalSource
Jun 2026ResidentialOne ManagementMaryland affordable housing manager with about 12,500 units added to Oakline; its two leaders keep equity and their rolesAdd-onProperty Management & HOASource
Jun 2026Office Solutions IT (OSIT)Employee-owned Australian MSP added to Evergreen's Lyra Technology Group, Evergreen's largest deal in that regionAdd-onIT Services & MSPSource
May 2026Apex Service PartnersApollo funds agreed to buy a minority stake while Alpine puts in more capital; closing was expected in the fourth quarter of 2026InvestmentHVAC, Plumbing & ElectricalSource
May 2026William Vaughan CompanyNorthwest Ohio accounting and advisory firm with more than 115 staff joined AscendAdd-onAccounting & Professional ServicesSource
May 2026Jackson ThorntonAlabama accounting, advisory and wealth firm founded in 1919 joined AscendAdd-onAccounting & Professional ServicesSource
Feb 2026STS360Dallas security integrator; Cobalt's 18th acquisition since it launched in December 2023Add-onSource
Jan 2026Four Star RealtyColorado multifamily and student housing manager added to Oakline under its existing brand and leadersAdd-onProperty Management & HOASource
Dec 2025Drucker + FalkFamily-owned multifamily and commercial manager with more than 43,000 units joined OaklineAdd-onProperty Management & HOASource
Nov 2025Mosaic Service PartnersNew home window and door replacement platform, started with installers in Houston, Tampa Bay and the Washington, D.C. areaPlatformConstruction ServicesSource
Sep 2025Oakline PropertiesNew property and association management platform, started with Cirrus Asset ManagementPlatformProperty Management & HOASource
Sep 2025KSDTMiami accounting firm with 276 staff; Ascend's largest merger so farAdd-onAccounting & Professional ServicesSource
Aug 2025Innovative SystemsBilling and operations software for rural broadband providers, sold to GTCRExitSoftware & SaaSSource
Aug 2025Next7 ITPittsburgh MSP with 26 staff bought by Evergreen; the founder retired and his COO became CEOAdd-onIT Services & MSPSource
Aug 2025System Integrations and Galaxy Integrated TechnologiesTwo commercial security and low-voltage integrators added to CobaltAdd-onSource
Jul 2025ImageQuestManaged IT and cybersecurity provider for regulated industries, added to Evergreen's Lyra groupAdd-onIT Services & MSPSource
Jun 2025REDDBrisbane MSP that Evergreen counted as its 100th MSP acquisitionAdd-onIT Services & MSPSource
May 2025Ascendient LearningIT training unit of Axcel Learning sold to AccentureExitEducationSource
Nov 2024Aspen Standard WealthNew wealth management platform, started with the purchase of Summitry, an RIA managing $2.8 billionPlatformWealth ManagementSource

Portfolio by sector

From the firm's portfolio page S4.

Access Solutions

  • Cobalt Service Partners

Accounting Service

  • Ascend

Data

  • predictis

Engineering Services

  • Trilon Group

Facility Services

  • Eight Group Service Partners
  • LeoFM
  • Orion Group

Healthcare

  • Midwest Vision Partners
  • Optima Dermatology

Home Restoration

  • Guardian Restoration Partners

Hospitality

  • Actabl

Human Services

  • Radicle Health

HVAC Plumbing & Electrical

  • Apex Service Partners

IT

  • Lyra Technology Group

K-12 Education

  • Riverside Insights
  • Wilson Language Training

Landscaping

  • Canopy Service Partners

Professional Services

  • AlpineX
  • Evergreen Services Group

Property Management

  • Oakline Properties

Residential Home Improvement

  • Mosaic Service Partners
  • Vertex Service Partners

Revenue Cycle Management

  • Medusind

Short Term Rental Data

  • AirDNA

Vertical SaaS

  • ASG
  • EFTG

Wealth Management

  • Aspen Standard Wealth

Other

  • Antelope
  • CarHop
  • Ingenio

Greymont’s take

How Alpine Investors fits a seller

Alpine fits owners of service businesses in its platform sectors, such as HVAC, managed IT, property management, roofing and accounting, who want a clear plan for their own future. Alpine says the founder's role after the sale is agreed before closing: leave fully, stay in a new or adjusted role, or move to the board or part-time. If you have no successor, its CEO-in-Training program can supply one. When Evergreen bought Next7 IT in 2025, the founder retired and his COO took over.

A sale usually means joining an existing platform as an add-on while keeping your brand and local team, as ResidentialOne did with Oakline in June 2026. Alpine says payment can mix cash at closing, payments over time and earnouts. Ask how much you get at closing, and whether your platform is a permanent holder (Evergreen and Aspen say they do not resell) or one Alpine expects to sell, as it did with Innovative Systems in 2025.

Questions owners ask

Does Alpine Investors buy IT services companies and MSPs?

Yes, through Evergreen, which Alpine calls its IT services platform. Evergreen closed 47 deals in 2025 and passed 100 MSP acquisitions that June. Recent US examples include Next7 IT in Pittsburgh and ImageQuest, both in mid 2025, and its Lyra group says it keeps each company's name, staff and culture and never sells them.

Does Alpine buy property management or HOA management companies?

Yes. In September 2025 it launched Oakline Properties to buy property and association management firms across the US, starting with Cirrus Asset Management. Oakline has since added Drucker + Falk, Four Star Realty and ResidentialOne, and said in June 2026 that it oversees more than 80,000 units.

What size company does Alpine look for?

Its stated range is up to $50 million of EBITDA and enterprise values up to $1 billion, with repeat or recurring revenue. Smaller firms usually join an existing platform: Canopy looks at tree care businesses with $3 million to $30 million of revenue, and Ascend targets regional accounting firms with $15 million to $50 million.

Can the owner stay on after selling to Alpine?

Yes, if they want to. Alpine says the founder's role is settled as part of the deal terms, usually one of three paths: leave fully, stay in a new or adjusted leadership role, or take a board or part-time advisory seat. If the owner steps back, Alpine can place a leader from its talent programs.

Sources

  1. S1Alpine Investors home page Accessed October 19, 2026
  2. S2Alpine Investors: About (history timeline) Accessed October 19, 2026
  3. S3Alpine Investors: Our Investment Strategy (investment criteria) Accessed October 19, 2026
  4. S4Alpine Investors: Our Companies Accessed October 19, 2026
  5. S5Alpine Closes Oversubscribed Fund IX at $4.5B Hard Cap (June 30, 2023) Accessed October 19, 2026
  6. S6Alpine Launches UK Hard Facilities Management Platform, Eight Group Service Partners (September 14, 2026) Accessed October 19, 2026
  7. S7Alpine Investors: 2025 Year-in-Review (February 13, 2026) Accessed October 19, 2026
  8. S8Oakline Properties Announces Acquisition of ResidentialOne Management (June 18, 2026) Accessed October 19, 2026
  9. S9Alpine Launches New Platform, Oakline Properties (September 25, 2025) Accessed October 19, 2026
  10. S10Alpine Investors: Private Equity Acquisition Process, What Happens After You Sell? (March 6, 2026) Accessed October 19, 2026
  11. S11Alpine Investors: What to Know Before Selling Your Business to Private Equity Accessed October 19, 2026
  12. S12Canopy Service Partners home page (partnership criteria) Accessed October 19, 2026
  13. S13Ascend Completes Largest Merger to Date, KSDT Joins the Platform (September 2, 2025) Accessed October 19, 2026
  14. S14Lyra Technology Group home page Accessed October 19, 2026
  15. S15Evergreen Acquires Next7 IT, a Growing MSP Serving SMBs (August 21, 2025) Accessed October 19, 2026
  16. S16Alpine Investors Announces Aspen Standard Wealth (November 4, 2024) Accessed October 19, 2026
  17. S17Vertex Service Partners: FAQ Accessed October 19, 2026
  18. S18Alpine Investors: News & Updates Accessed October 19, 2026

Compiled by Greymont Advisors from public sources, including the firm’s own website and press releases. Greymont is not affiliated with Alpine Investors. Figures are as reported on the dates shown and may have changed. Request a correction

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