Audax Strategic Capital and Sunstone Partners Infuse Capital into EverService to Support Organic Growth and Continue M&A Pursuits
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New funding facilitates 8th add-on acquisition by EverService, a majority-owned portfolio company of Sunstone Partners since 2018
SAN MATEO, Calif. & NEW YORK, September 14, 2023-- Sunstone Partners (“Sunstone”), a growth-oriented private equity firm, and Audax Strategic Capital (“ASC” or “Audax”), a provider of customized equity solutions, announced today a structured equity investment in which ASC provided a capital infusion into EverService, a portfolio company of Sunstone that provides tech-enabled business solutions. The investment will support EverService’s ongoing organic and M&A growth initiatives. Terms of the deal were not disclosed.
Based in Phoenix, Ariz., EverService is a specialized, vertically focused, end to-end provider of customer acquisition and engagement services. Its solution set comprises website managed services, lead generation, inside sales, appointment scheduling, and customer- and patient-engagement services. Its offering is tailored to small- and mid-sized enterprises within the legal, home services and healthcare markets.
“We’re excited to partner with Audax Strategic Capital to extend the buy-and-build runway for EverService,” noted Gustavo Alberelli, Co-Founder and Managing Partner of Sunstone. “This investment allowed us to capitalize on a compelling and accretive growth opportunity for EverService, while leveraging the complementary capabilities of Audax to drive accelerated growth.”
The capital infusion helped fund the acquisition of iLawyer Marketing (“iLawyer”), a legal-focused digital marketing solutions company that reinforces EverService’s end-to-end solution set in a key vertical. The acquisition of iLawyer represented the eighth acquisition since Sunstone’s initial 2018 investment in EverService.
“Our investment in EverService represents a prototypical deal for Audax Strategic Capital,” stated Kumber Husain, a Managing Director at ASC. “EverService has demonstrated exceptional growth under Sunstone and has executed on a playbook to source, integrate, and realize considerable growth from complementary add-ons. Our investment – tailored to EverService’s specific needs – is designed to be a catalyst that supports Sunstone’s investment and allows for the pursuit of new transformational initiatives.”
“Our solution set allows our clients to drive bookings and revenue through specialized technology, training and bespoke processes that improve retention and enhance conversion rates,” added Jeff Mosler, CEO of EverService. “We’re grateful for the continued support of Sunstone and excited to welcome Audax Strategic Capital as a value-added partner as we build on our recent momentum to enhance our standing as a preferred solutions provider in the legal, home services and healthcare markets.”
About Sunstone Partners:
Sunstone Partners is a growth-oriented private equity firm that makes majority and minority investments in technology-enabled services and software businesses. Founded in 2015, the firm has over $1.7 billion committed to its three funds. Sunstone Partners has been recognized as one of Inc. magazine’s “Founder-Friendly Investors” in 2020, 2021 and 2022. For more information, visit www.sunstonepartners.com
About Audax Strategic Capital:
Based in New York and London, Audax Strategic Capital is a flexible partner to private equity sponsors seeking customized equity solutions to drive continued growth at their portfolio companies. ASC’s capital solutions support add-on acquisitions and organic growth initiatives through bespoke structures that enable PE sponsors continued control and ownership of performing assets while ensuring interests remain aligned in pursuit of future growth. For more information, visit www.AudaxStrategicCapital.com
EverService is a global provider of tech-enabled business solutions for companies of all sizes, helping them to grow and scale with digital marketing, website design & development, scheduling & booking services, 24/7 answering services, inbound & outbound sales, live virtual receptionists, client & patient intake, and IT services. The company focuses on end-to-end solutions specialized for the legal, medical, home services, retail and technology industries integrated with clients’ CRM, EHR and operational systems. EverService goes to market with vertically integrated, industry-leading brands including Alert Communications, Blue Corona, Nexa Receptionists, Mid-State Communications, Client Chat Live, Mainline Telecommunications, Nexa Healthcare, RYNO Strategic Solutions and iLawyer Marketing. For more information, visit EverService at https://everservice.com/
Julie Rudnick / Zak Tramonti
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