Digital transformation-focused private equity firm
BayPine
- HeadquartersBoston, MA S1
- Founded2019 S5
- Websitebaypine.com
- Last verifiedOctober 20, 2026
At a glance
| Latest fund | BayPine Capital Partners Fund I, $2.2B (Sep 2022) S5 |
|---|---|
| Deal types | Platform, Add-on S6 |
| Sectors | Auto Services & Collision, Healthcare Services, Insurance Brokerage, Accounting & Professional Services, Education |
What BayPine buys
BayPine is a Boston private equity firm formed in 2019 by David Roux, a co-founder of Silver Lake, and Anjan Mukherjee, formerly of Blackstone. Its angle is technology: it buys established companies in traditional industries and puts its own operating executives next to management to modernize core systems, data, online sales and automation. It names three target industries: healthcare services, industrial services and business services. Current holdings include Mavis Tire Express Services, dermatology group QualDerm Partners, clinical research network CenExel, legal consulting firm Harbor, insurance broker Relation Insurance and online career school Penn Foster.
BayPine writes large checks. Its first fund closed in 2022 at about $2.2 billion, or roughly $3.0 billion counting co-investors, and its platforms are national companies, often bought from other private equity owners. It does not publish revenue or EBITDA minimums. A smaller business is far more likely to meet BayPine as an add-on: Mavis bought Midas in 2025, and Harbor has made three acquisitions since BayPine took a majority stake.
Recent deals
Announced in the 24 months before October 20, 2026.
| Date | Company | Type | Sector | Source |
|---|---|---|---|---|
| Jul 2026 | iTrainUK legal technology training and AI adoption firm added to Harbor, its third deal under BayPine | Add-on | Accounting & Professional Services | Source |
| Jun 2026 | CE Global PartnersHR and payroll transformation specialist added to Harbor | Add-on | Accounting & Professional Services | Source |
| Feb 2026 | Relation Insurance ServicesAgreement to buy one of the largest independent US insurance brokers from Aquiline; the CEO and team stay on | Platform | Insurance Brokerage | Source |
| Nov 2025 | EncoretechUS legal technology training firm, Harbor's first acquisition under BayPine | Add-on | Accounting & Professional Services | Source |
| Jun 2025 | MidasMavis completed its purchase of the auto service brand from TBC Corporation, reaching more than 3,500 locations | Add-on | Auto Services & Collision | Source |
| Jun 2025 | HarborMajority investment in the consulting and technology services firm for law firms; Renovus stays a significant investor | Platform | Accounting & Professional Services | Source |
| Apr 2025 | CenExelAgreement to become majority owner of the clinical trial site network; Webster Equity Partners keeps a minority stake | Platform | Healthcare Services | Source |
Portfolio by sector
From the firm's portfolio page S3.
Business Services
- Harbor
- Penn Foster Group
- Relation Insurance
Healthcare Services
- CenExel
- QualDerm Partners
Industrial Services
- Mavis Tire Express Services
- POLYWOOD
Greymont’s take
How BayPine fits a seller
BayPine is not a direct buyer for most founder-owned companies. Its platforms are large, and its three newest ones (CenExel, Harbor and Relation) came from other private equity owners. It matters to smaller owners through its portfolio companies. Independent tire and auto repair shops are natural targets for Mavis, which passed 3,500 locations with the Midas purchase. Insurance agencies fit Relation, which made more than 100 acquisitions under its prior owner. Consultants and trainers serving law firms fit Harbor, and dermatology practices fit QualDerm.
Selling to one of these platforms usually means joining a national brand with shared systems, and BayPine pushes hard on technology and data upgrades after a deal. Owners should ask how their staff, brand and local customer ties will be handled during integration, and whether any part of the price is paid in platform equity that depends on BayPine's eventual sale.
Questions owners ask
Does BayPine buy tire or auto repair shops?
Through Mavis Tire Express Services, yes. BayPine led the investor group that agreed to buy Mavis in March 2021, and Mavis completed its purchase of Midas from TBC Corporation in June 2025, giving it more than 3,500 locations in the US and Canada.
What does BayPine mean by digital transformation?
It looks for gaps in a company's technology and builds a plan around four areas: replacing core systems, better data analytics, online sales and customer acquisition, and automation. Its own operating executives then work with the existing management team to carry it out.
How large is BayPine's fund?
Its first fund, BayPine Capital Partners Fund I, closed in September 2022 at about $2.2 billion, above its $2.0 billion target. Counting money from co-investors, the total was about $3.0 billion.
Does management stay after a BayPine deal?
In its recent deals, yes. When BayPine agreed to buy Relation Insurance in February 2026, it said the chief executive and his management team would keep running the company, and the firm describes its operators as support for existing leaders.
Sources
- S1BayPine home page Accessed October 20, 2026
- S2BayPine: Our Approach Accessed October 20, 2026
- S3BayPine: Portfolio Accessed October 20, 2026
- S4BayPine: News Accessed October 20, 2026
- S5BayPine Exceeds Target for Inaugural Private Equity Fund and Raises Approximately $3.0 Billion (September 8, 2022) Accessed October 20, 2026
- S6BayPine to Acquire Relation Insurance Services (February 18, 2026) Accessed October 20, 2026
- S7Mavis Tire Completes Acquisition of Midas from TBC Corporation (June 16, 2025) Accessed October 20, 2026
- S8Harbor Receives Majority Investment from BayPine (June 4, 2025) Accessed October 20, 2026
- S9BayPine to Acquire CenExel (April 14, 2025) Accessed October 20, 2026
- S10Harbor Acquires iTrain (July 7, 2026) Accessed October 20, 2026
- S11Aquiline Announces Sale of Relation Insurance Services to BayPine (February 18, 2026) Accessed October 20, 2026
Compiled by Greymont Advisors from public sources, including the firm’s own website and press releases. Greymont is not affiliated with BayPine. Figures are as reported on the dates shown and may have changed. Request a correction