Lower middle market private equity firm
M/C Partners
- HeadquartersBoston, MA S1
- Founded1986 S6
- Websitemcpartners.com
- Last verifiedOctober 26, 2026
At a glance
| Check size | $10M to $75M S1 |
|---|---|
| Deal types | Platform, Add-on S7 |
| Sectors | IT Services & MSP, Cybersecurity |
What M/C Partners buys
M/C Partners is a Boston private equity firm that spun out of TA Associates in 1986 and invests in just two areas: technology services and digital infrastructure. On the services side it backs managed IT and managed security providers, cloud and application management firms, and IT and data consulting businesses. On the infrastructure side it owns fiber, tower, in-building wireless, spectrum and multifamily broadband companies. It prefers businesses that sell an ongoing service rather than software or hardware, in markets helped by rising data use and more outsourcing of IT.
The firm targets investments of $10 million to $75 million in lower middle market companies. It says it has raised about $3 billion and made about 150 investments, and it is now investing its ninth fund. Recent platforms include the carve-out of MorganFranklin's cybersecurity practice, now called Arcova, and DivergeIT, a California MSP it backed in September 2026 to buy other MSPs. Smaller IT firms are most likely to meet M/C as add-ons to platforms like these.
Recent deals
Announced in the 24 months before October 26, 2026.
| Date | Company | Type | Sector | Source |
|---|---|---|---|---|
| Sep 2026 | DivergeITTorrance, California MSP and managed security provider; the CEO stays and the company will buy other MSPs | Platform | IT Services & MSP | Source |
| Aug 2025 | Zentro and BAI ConnectTwo portfolio multifamily internet providers combined under the Zentro name | Investment | Source | |
| Apr 2025 | i4cpSeattle HR research and membership company; co-founder stays in a leadership role and a new CEO was named | Investment | Source | |
| Jan 2025 | ThriveFounding investor M/C sold its remaining stake as Berkshire Partners and Court Square invested | Exit | IT Services & MSP | Source |
| Jan 2025 | MorganFranklin Cyber (now Arcova)Management buyout carving the cybersecurity practice out of MorganFranklin Consulting, with M/C as majority owner | Platform | Cybersecurity | Source |
| 2025 | Lynx Technology PartnersAdded to MorganFranklin Cyber, now Arcova | Add-on | Cybersecurity | Source |
Portfolio by sector
From the firm's portfolio page S4.
Digital Infrastructure
- AccessParks
- Canopy Spectrum
- Celito
- Connectivity Wireless
- Omega Wireless
- SoniqWave
- TowerCom
- Zentro
Technology Services
- Arcova
- Ascend Technologies
- C3 Integrated Solutions
- Carbon60
- Consortium Networks
- DAS42
- Denovo
- i4cp
Past investments: Thrive
Greymont’s take
How M/C Partners fits a seller
M/C is one of the more specialized buyers for owners of managed IT, managed security and IT consulting firms. It has backed MSPs for many years, from Thrive, which grew through a long run of acquisitions before M/C sold its last stake in January 2025, to Ascend Technologies and the new DivergeIT platform. A founder who sells to M/C should expect the company to become a base for buying other providers. At DivergeIT, the CEO stayed in charge and is helping choose targets.
Because its investments start around $10 million, a small MSP usually fits better as an add-on to an existing M/C platform than as a new one. Owners should ask how many acquisitions the firm expects the platform to make, how those deals will be paid for, and how long M/C usually holds a company before selling.
Questions owners ask
Does M/C Partners invest in managed service providers?
Yes. IT managed services and managed cybersecurity are named sub-sectors on its sectors page. Current MSP holdings include Ascend Technologies, C3 Integrated Solutions and Carbon60, and in September 2026 it backed DivergeIT as a platform for buying more MSPs.
How much does M/C Partners invest in a company?
Its stated range is $10 million to $75 million per investment in lower middle market companies. It says it likes working with smaller companies because they leave more room to build value.
Does the founder or CEO stay after M/C invests?
Often, yes. DivergeIT's CEO stayed at the helm after the September 2026 deal, and the founding partners of MorganFranklin Cyber, now Arcova, kept leading the firm after the January 2025 buyout that M/C backed as majority owner.
Does M/C Partners buy software companies?
Generally not. Its criteria say it favors businesses that deliver services customers cannot do without through service-based models, rather than software or hardware companies.
Sources
- S1M|C Partners home page Accessed October 26, 2026
- S2M|C Partners: Sectors Accessed October 26, 2026
- S3M|C Partners: Why M|C? Accessed October 26, 2026
- S4M|C Partners: Current investments Accessed October 26, 2026
- S5M|C Partners: News & Insights Accessed October 26, 2026
- S6The Birth of Wireless and Competitive Access: M|C Partners' First Decade (1986 to 1995) Accessed October 26, 2026
- S7DivergeIT Announces Strategic Investment from M|C Partners (September 3, 2026) Accessed October 26, 2026
- S8M|C Partners Promotes Ryan Carr to Managing Partner (June 16, 2026) Accessed October 26, 2026
- S9MorganFranklin Consulting's Cybersecurity Practice Becomes Independent Firm with Backing from M|C Partners (January 13, 2025) Accessed October 26, 2026
- S10Thrive Receives Strategic Investment from Berkshire Partners and Court Square Capital Partners (January 14, 2025) Accessed October 26, 2026
- S11i4cp Announces Strategic Investment from M|C Partners (April 8, 2025) Accessed October 26, 2026
- S12Zentro and BAI Connect Merge to Create Leading Multifamily ISP (August 6, 2025) Accessed October 26, 2026
- S13MorganFranklin Cyber Rebrands to Become Arcova (March 23, 2026) Accessed October 26, 2026
Compiled by Greymont Advisors from public sources, including the firm’s own website and press releases. Greymont is not affiliated with M/C Partners. Figures are as reported on the dates shown and may have changed. Request a correction