Permanent-capital holding company
Evergreen Services Group
- HeadquartersSan Francisco, CA S1
- Websiteevergreensg.com
- Last verifiedOctober 28, 2026
At a glance
| EBITDA range | $0.5M+ S2 |
|---|---|
| Revenue range | $3M+ S2 |
| Deal types | Platform, Add-on S1 |
| Sectors | IT Services & MSP |
What Evergreen Services Group buys
Evergreen Services Group is a San Francisco holding company that buys technology services businesses and plans to own them for good. It focuses on three kinds of companies: managed IT service providers (MSPs), ERP partners that sell and implement systems such as Sage, NetSuite, Acumatica and Microsoft Dynamics, and IT firms that serve government clients. Its published floor is $3 million of revenue and $500,000 of EBITDA, and it prefers a high share of recurring revenue. Its money comes as committed capital from Alpine Investors.
Evergreen buys the whole company, usually for cash at closing, and sometimes lets the seller roll part of the proceeds into Evergreen shares. Each business keeps its name and runs on its own inside one of three groups: Lyra Technology Group for MSPs, Pine Services Group for ERP partners and Cedar Solutions Group for government IT. It is one of the busiest buyers in IT services, with 47 acquisitions in 2025 alone, and its recent deals span the US, Canada, the UK, Ireland and Australia.
Recent deals
Announced in the 24 months before October 28, 2026.
| Date | Company | Type | Sector | Source |
|---|---|---|---|---|
| Sep 2026 | Evolution Business SystemsMelbourne, Australia Microsoft Dynamics partner added to Pine Services Group | Add-on | IT Services & MSP | Source |
| Jul 2026 | DatelLarge UK Sage partner added to Pine Services Group | Add-on | IT Services & MSP | Source |
| Jun 2026 | Office Solutions ITEmployee-owned Australian MSP added to Lyra Technology Group, Evergreen's largest deal in that region | Add-on | IT Services & MSP | Source |
| May 2026 | Stratus Consulting GroupAustralian ERP consulting and implementation firm added to Pine Services Group | Add-on | IT Services & MSP | Source |
| Apr 2026 | RaizNew AI-focused ERP reseller started and backed inside Pine Services Group | Investment | IT Services & MSP | Source |
| Dec 2025 | InixionUK Sage X3 partner added to Pine Services Group | Add-on | IT Services & MSP | Source |
| Nov 2025 | Acumen Information SystemsFlorida Sage partner serving hospitality and heavy equipment users, added to Pine Services Group | Add-on | IT Services & MSP | Source |
| Nov 2025 | Eureka SolutionsScottish ERP and integration provider added to Pine Services Group | Add-on | IT Services & MSP | Source |
| Oct 2025 | Blackbird ITSouth Australian MSP added to Lyra Technology Group | Add-on | IT Services & MSP | Source |
| Sep 2025 | DB Computer SolutionsIrish Sage partner, the first Pine Services Group deal outside the US | Add-on | IT Services & MSP | Source |
| Sep 2025 | LAN Solutions Corp., Corporate Networks and The ITeamThree Alberta, Canada MSPs added to Lyra Technology Group, each keeping its own leaders | Add-on | IT Services & MSP | Source |
| Sep 2025 | Equation TechnologiesSage partner with US and Canadian offices added to Pine Services Group | Add-on | IT Services & MSP | Source |
| Aug 2025 | Next7 ITPittsburgh-area small business MSP added to Lyra Technology Group; the founder handed the CEO role to a successor | Add-on | IT Services & MSP | Source |
| Jul 2025 | SpectorDublin MSP, Evergreen's first in Ireland, added to Lyra Technology Group | Add-on | IT Services & MSP | Source |
| Jul 2025 | ImageQuestManaged IT, security and compliance provider added to Lyra Technology Group | Add-on | IT Services & MSP | Source |
| Jun 2025 | REDDBrisbane MSP, announced as Evergreen's 100th MSP acquisition | Add-on | IT Services & MSP | Source |
| Jun 2025 | PCH TechnologiesSecurity-focused MSP in the Philadelphia region added to Lyra Technology Group | Add-on | IT Services & MSP | Source |
| May 2025 | NexTec GroupNorth American Acumatica and Sage consulting firm added to Pine Services Group | Add-on | IT Services & MSP | Source |
| May 2025 | Sterling Technology SolutionsCharlotte, North Carolina MSP; the retiring founder handed over to a new CEO | Add-on | IT Services & MSP | Source |
| Apr 2025 | The Vested GroupNetSuite consulting and implementation firm added to Pine Services Group | Add-on | IT Services & MSP | Source |
Portfolio by sector
From the firm's portfolio page S4.
ERP Software Partners (Pine Services Group)
- Acumen Information Systems
- Datel
- DB Computer Solutions
- Equation Technologies
- Eureka Solutions
- Evolution Business Systems
- Inixion
- NexTec Group
- Raiz
- Stratus Consulting Group
- The Vested Group
Government IT Services (Cedar Solutions Group)
- Omnyon
Managed IT Services (Lyra Technology Group)
- Blackbird IT
- Corporate Networks
- ImageQuest
- LAN Solutions Corp.
- Next7 IT
- Office Solutions IT
- PCH Technologies
- REDD
- Spector
- Sterling Technology Solutions
- The ITeam
Greymont’s take
How Evergreen Services Group fits a seller
Evergreen suits owners of MSPs and ERP consulting firms who want a full exit at a fair price but care about what happens to their staff and brand. Because it plans to hold companies indefinitely, there is no second sale to prepare for, and the business keeps operating under its own name. Its published timeline has a letter of intent within about a week of receiving financials and a closing around day 60.
Many founders use the sale to step back. In 2025 deals such as Sterling Technology Solutions and Next7 IT, the founder handed the CEO job to a successor, and Evergreen also runs an executive program that places leaders into companies it buys. An owner should ask who will run the company after closing, and, if offered rollover shares in Evergreen, how and when those shares could ever be turned into cash.
Questions owners ask
Does Evergreen still buy MSPs in the United States?
Yes, although its 2026 announcements so far have been in Australia and the UK. In 2025 it announced US deals including PCH Technologies near Philadelphia, Sterling Technology Solutions in Charlotte, Next7 IT near Pittsburgh and Acumen Information Systems in Florida.
How big does a company need to be for Evergreen?
Its published minimums are $3 million of revenue and $500,000 of EBITDA, and it prefers businesses with a high share of recurring revenue. It says it will still talk with companies that do not fit exactly.
Will Evergreen merge my company into another business or sell it later?
Evergreen says it holds companies indefinitely and runs them on a decentralized model, so each business keeps its own name and leadership. Add-ons are integrated more or less depending on what makes sense for that business.
How does Evergreen pay for an acquisition?
It buys 100% of the business and says its committed capital lets it pay all cash at closing. It is also open to earnouts, seller notes and letting the seller roll part of the proceeds into Evergreen shares.
Sources
- S1Evergreen Services Group home page and FAQ Accessed October 28, 2026
- S2Evergreen: Investment Criteria Accessed October 28, 2026
- S3Evergreen: Industries (Our Groves) Accessed October 28, 2026
- S4Evergreen: Recent Deals Accessed October 28, 2026
- S5Evergreen: Overview and Executive Program Accessed October 28, 2026
- S6Evergreen Closes Out 2025 Q4 With Robust Growth in M&A (February 19, 2026) Accessed October 28, 2026
- S7Evergreen Acquires Additional ESOP: Office Solutions IT (June 4, 2026) Accessed October 28, 2026
Compiled by Greymont Advisors from public sources, including the firm’s own website and press releases. Greymont is not affiliated with Evergreen Services Group. Figures are as reported on the dates shown and may have changed. Request a correction