2024 Year-in-Review – Alpine Investors

In 2024, Alpine Investors celebrated numerous achievements in what proved to be a record-breaking year, all while navigating a complex economic environment.

Throughout the year, we remained steadfast in our commitment to our North Star goals. These guiding principles drive our successes, our innovation, and our growth:

• Become a top-performing private equity firm
• Be the best place to work for top talent at all levels
• Be a Force for Good in the world by having a positive impact on our employees, our teams, and our communities

Thank you to everyone who contributed to Alpine’s success over the last year. It is through your partnership that we can share these highlights from 2024.

2024 Year-in-Review: By the Numbers

• 23,000+ Deals sourced deals
• 175 Deals closed
• $18B in AUM¹

Record-Breaking Deal Activity

In 2024, Alpine closed a personal record-breaking 175 deals in the software and services industries last year and launched two new platform companies:

Guardian Restoration Partners: Guardian is Alpine’s new residential restoration platform company. Since its launch in April 2024, Guardian has acquired eight businesses, including Quick Dry Restoration and Spartan Emergency Water Removal.

Aspen Standard Wealth: Aspen is Alpine’s new wealth management platform company that partners with successful Registered Investment Advisors (RIAs). In 2024, the business acquired Summitry, a leading registered investment adviser with $2.8 billion in assets under management (AUM).

Notable Deals

• Alpine Software Group, Alpine’s vertical SaaS platform company, completed 3 acquisitions.
• AlpineX, Alpine’s lower middle market business services platform company, completed 13 acquisitions.
• Apex Service Partners, Alpine’s HVAC, plumbing and electrical services business, completed 47 acquisitions.
• Ascend, Alpine’s accounting services platform company focused on partnering with entrepreneurial CPA firms, completed 14 acquisitions.
• Cobalt Service Partners, Alpine’s access solutions platform company, completed 10 acquisitions
• Evergreen Services Group, Alpine’s platform company of managed IT services businesses, completed 32 acquisitions.
• Medusind, a leading provider of revenue cycle management services to the healthcare industry, completed 2 acquisitions.
• Orion Services Group, Alpine’s field services business, completed 12 acquisitions.
• Trilon Group, Alpine’s infrastructure and engineering platform company, completed 11 acquisitions.
• TEAM Services Group, Alpine’s home healthcare services platform company, completed 11 acquisitions.
• Vertex Service Partners, Alpine’s residential home improvement services platform company with a focus on roofing services, completed 10 acquisitions.
• Wilson Language Training, a leading provider of evidence-based supplemental literacy curriculum, acquired 2 businesses.

Portfolio Growth

2024 was also a big year for value creation across our portfolio. Alpine Operations Group’s value creation team, Atlas, completed 95 value-creating portfolio engagements spanning finance, technology, operations, M&A, go-to-market, and cybersecurity.²

Commitment to being a Best Place to Work

For the seventh year in a row, Alpine was certified as a “Great Place to Work,” a statement that 92 percent of surveyed Alpine employees agreed with — that’s 35 percentage points higher than the average U.S. company.³

We also grew our team significantly:

• Across Alpine and Alpine Operations Group, we hired more than 60 professionals and welcomed 26 interns throughout the year.
• Our talent programs and executive search teams welcomed 18 new cohorts for portfolio company executive roles in 2024, including:
  • o 8 CEOs-in-Training (CIT)
    o 4 CFOs
    o 4 CEOs-in-Residence (CIR)
    o 2 Investors-in-Residence (IIR)

Our PeopleFirst operating strategy emphasizes bringing our leaders together to connect, celebrate, and co-create strategies that will support our businesses for the long term. Last year, we hosted our executives, investors, and portfolio company operators at dozens of events across the country, including:

• Four summits across the US to support our CIT, CIR, and CFO communities
• Our annual firm retreat in Scottsdale, Arizona
• Our annual investor meeting in Half Moon Bay, California
• Our annual growth summit for portfolio company executives in Southern California with over 350 attendees
• Our first ever AEx summit for portfolio company executives in Austin, Texas

Force for Good: A Sneak Peek

Force For Good is our firm’s commitment to having a positive impact in our businesses and our communities. Year over year, we dedicate time to various programs and partnerships that enable us to enact change and drive positive outcomes in the world around us.

Our annual report that highlights the initiatives, programs, and people that make Alpine a Force for Good will be out later this spring. For now, here’s a sneak peek:

Continued Focus on ESG

We expanded our environmental, social, and governance initiatives at both Alpine HQ and across our portfolio.

• We hired Emilie Woolson as ESG Counsel.
• We expanded our health and safety resources for portfolio companies and introduced a roadmap for how to implement safety programs at their businesses.
• We saw more portfolio companies adopting codes of conduct and related compliance policies, guided by resources from Alpine.
• We partnered with several companies, including Working Trees and Uber Green, to help mitigate the footprint of our management company.

Giving Back

During our annual Giving Week, 95 percent of Alpine’s employees donated over $240,000 to 137 nonprofit organizations worldwide.

We also welcomed one new business, Oleo, through our Alpine Social Ventures Foundation (ASV). Through ASV, we support the next generation of social-impact leaders to help them successfully launch their businesses.

Oleo has developed a biomanufacturing platform that produces a sustainable palm oil alternative from bio waste. Palm oil is the most widely used vegetable oil in the world, and palm oil production typically requires deforestation, a carbon-intensive process that contributes to climate change. Oleo hopes to eliminate the need for palm oil-driven deforestation by offering a carbon neutral alternative to conventional palm oil.

Diversity, Equity, and Inclusion

Creating a culture of belonging, where diverse experiences are celebrated, supported, and encouraged, is at the heart of our PeopleFirst philosophy.

Here are few examples of 2024 DEI accomplishments:

• We increased our employee resource groups (“ERGs”) and adjacent programs.
• We continued our luncheon series, Alpine Includers, that invites ERG members to speak on various experiences, topics, or events that hold meaning for Alpine employees.
• We remain committed to our inclusive hiring practices. Of our newest talent program cohorts for portfolio company executive roles, eight members are women and six members identify as BIPOC.

Award Winning Firm

We are honored to be the recipient of several awards that recognize Alpine Investors as a leading private equity firm, including:

• Inc: Best in Business 2024 for the categories Financial Services, Leadership and Team, and Business Model Strategy.⁴
• GrowthCap: Top Private Equity Firm 2024, an award that honors firms that “consistently and repeatedly create value for the portfolio companies they invest in.”⁵
• Inc: Founder Friendly Investors honoree for the sixth year in a row.⁶
• Private Equity International: PEI Award for Secondaries Deal of the Year in the Americas for the 2023 $3.4 billion single-asset secondary market transaction to continue its partnership with Apex Service Partners.⁷
• BluWave: Top Private Equity Innovator, an honor that recognizes firms that differentially embrace proactive due diligence, transformative value creation, modern private equity firm operations, and corporate citizenship practices.⁸

We’re incredibly proud of what we’ve accomplished together in 2024. Thank you to our team, partners, and community for being a part of our journey. Looking for more insights and inspiration? Subscribe to our newsletter to get the latest news and updates.

Cheers to another year of shared milestones and continued impact!

¹ Assets Under Management (AUM) as of 12/31/2024

² Irrespective of employment and exclusivity, any fees, compensation (including incentive equity), reimbursements or other amounts received by Alpine Operations Group (AOG) members (including, without limitation, in-residence programs (e.g. CEO-in-Training (CIT), CEO-in-Residence (CIR), Chief People Officer (CPO), Chief Financial Officer (CFO), PeopleFirst, talent/recruiting, corporate development, direct sourcing, customer experience, sales & marketing, pricing and financial operations, technology and artificial intelligence (AI) and any yet to be formed services) generally will be paid by a portfolio company or prospective portfolio company and/or the applicable alpine fund and do not offset such alpine fund’s management fee. Accordingly, the fees and expenses of Alpine Operations Group members are not covered by the Alpine fund’s management fee and will not otherwise reduce the management fee.

³ Great Place to Work is an authority and data platform on workplace culture and is not affiliated with Alpine. Alpine paid a fee to be considered for this certification. This award was given to Alpine in January 2024 and was based on surveys and data from the time of certification through the year prior. For more information about the selection criteria and process, please visit Great Place to Work’s website. This certification is not indicative of future performance. There can be no assurance that Alpine will maintain the certification in the future.

⁴ Inc. is a New York City-based media brand for entrepreneurs and is not affiliated with Alpine. Alpine paid a fee for submission to be considered for this recognition. The award was given on December 4th, 2024 and was based off of Alpine’s performance and reputation in 2024. For detail on Alpine’s award, please visit Inc.’s website. This award is not indicative of future performance. There can be no assurance that Alpine will maintain the award in the future.

⁵ GrowthCap is a media company with a focus in providing CEOs a better understanding of the universe of capital alternatives offered by institutional investors such as private equity firms, growth equity firms, venture capital and family offices. GrowthCap is not affiliated with Alpine and Alpine paid a fee in acceptance of the award. The award was given on August 20th, 2024 and was based off of Alpine’s performance and reputation in 2024. For more information about the selection criteria and process, please visit GrowthCap’s website. This award is not indicative of future performance. There can be no assurance that Alpine will maintain the award in the future.

⁶ Inc. is a New York City-based media brand for entrepreneurs and is not affiliated with Alpine. Alpine paid a fee for submission to be considered for this award. For more information about the selection criteria and process, please visit Inc.’s website. This award was given on October 29th, 2024 and was based upon information from the previous year. This award is not indicative of future performance. There can be no assurance that Alpine will maintain the award in the future.

⁷ Private Equity International (PEI) is a global private equity publication and is not affiliated with Alpine. Alpine did not pay a fee for submission or acceptance of the award. For more information about the selection criteria and process, please visit PEI’s website. This award was announced March 1st, 2024 and is based upon the firm’s reputation at time of publication. This award is not indicative of future performance. There can be no assurance that Alpine will maintain the award in the future.

⁸ BluWave, LP has not received investment capital from and holds no ownership interest in the PE firms evaluated or recognized under the PE Innovator awards program. BluWave received no compensation from any of the PE firms in connection with this awards program and is not affiliated with Alpine Investors. BluWave, however, may otherwise provide services to the PE firms and/or portfolio companies, but BluWave confirms that its assessment of the PE firms was independent of any such service arrangements. Top 2% in the PE industry is based on BluWave’s review of the more than 5,000 PE firms in the U.S. and Canada, from which the 82 private equity firms were selected as award recipients. This award was given on February 21st, 2024 and was based on Alpine’s reputation at the time of recognition. This award is not indicative of future performance. There can be no assurance that Alpine will maintain the award in the future.