‘It’s not just about acquisitions. It’s about balance between inorganic growth and helping companies grow organically,’ says Craig Fulton, M&A advisor at Evergreen. ‘When we see an MSP doing something exceptional, we call it a ‘bright spot,’ and we scale that learning across our portfolio. That’s how you turn one good idea into 100 success stories.’
Evergreen Services Group has hit two major milestones as it acquired its 100th MSP and hit $1 billion in revenue.
The 100th acquisition represents more than just a number, said Brad Ferris, it’s a signal of Evergreen’s strengthening international reach.
“We’re proud to be part of this moment,” Ferris, CEO of Evergreen’s latest acquisition target REDD, told CRN in an exclusive interview. “It’s been a bit of a whirlwind. We closed on May 1 and were on a plane to the U.S. for the Evergreen Leadership Summit two weeks later. But everything we’ve seen since has confirmed we made the right decision.”
Brisbane, Australia-based REDD is the 100th MSP Evergreen has acquired. Ferris, who is staying on as CEO, is bringing his team of about 60 employees into the Evergreen fold. Terms of the deal were not disclosed.
“This was never about exiting the industry, it was about evolving,” Ferris said. “We always knew we’d eventually look for a partner. I’m 45 now and we’d planned to make a move by 50. What Evergreen offered, the ability to keep growing, retain our identity and plug into a high-performing global network, that resonated deeply.”
[Related: Evergreen Co-Founder Looks To Berkshire Hathaway As Model For Rolling Up MSPs]
He was also attracted to the uniqueness of Evergreen’s approach rather than typical roll-up acquisitions in the Australian market.
“We weren’t interested in being absorbed into a conglomerate where our brand would disappear, half our team would be laid off and our customers alienated,” he said. “Evergreen came in offering something different: a real partnership, trust and long-term vision.”
As for the $1 billion milestone, Evergreen’s Craig Fulton credits the San Francisco-based holding company’s success to what he calls “the small business spirit” behind its model.
“It’s not just about acquisitions. It’s about balance between inorganic growth and helping companies grow organically,” Fulton, M&A advisor at Evergreen, told CRN. “When we see an MSP doing something exceptional, we call it a ‘bright spot,’ and we scale that learning across our portfolio. That’s how you turn one good idea into 100 success stories.”
To keep the momentum going, Fulton (pictured above) said Evergreen is exploring more English-speaking markets as well as expanding into adjacent IT service sectors. Evergreen has a presence in the U.S, Canada, the U.K., Australia and New Zealand. He said the company is looking to expand into Ireland and the Nordic and Benelex regions.
And despite more and more competitors coming to market, Fulton isn’t concerned.
“We don’t view other acquirers as competition,” he said. “The real competition is whatever’s holding an MSP back from growing like burnout, stagnation or lack of capital. We’re here to remove those roadblocks.”
