2025 Year-in-Review

To celebrate all we accomplished together over the last 365 days, we’re sharing a special Year-in-Review update focused on Alpine Investors’ deal activity, team growth, media coverage, and overall progress in 2025.

Despite a slower M&A environment across the broader private market, Alpine’s deal activity in 2025 remained strong, surpassing our 2024 numbers. Over the course of the year, we closed a record 190 deals, launched five new platform companies, exited one platform business, and sold nine businesses from ASG, our vertical SaaS software platform company.

Our sourcing and talent engines remained a powerful differentiator for the firm, with more than 18,000 deals sourced and over 42 executives hired into our portfolio.

Deal Activity Highlights

Software

Alpine Software Group (ASG): ASG, Alpine’s vertical SaaS platform company, launched ASG IV in 2025 and is actively sourcing new mission-critical B2B SaaS verticals with $5–50M in ARR across North America, Europe, and Australia. ASG portfolio companies also remain active acquirers of add-on businesses with $1M+ ARR.
PlayHQ: ASG also entered into a definitive agreement to acquire PlayHQ, a leading vertical SaaS platform company powering community sports organizations across registrations, competition management, payments, and game-day operations.¹

Field Services

Apex Service Partners: Apex—Alpine’s group of national, market-leading residential HVAC, plumbing, and electrical maintenance and repair service providers—completed 60 add-on acquisitions split across their 5 regions nationwide.
Cobalt Service Partners: Cobalt, Alpine’s commercial access solutions platform company, completed six acquisitions, including Systems Integrations and Galaxy Integrated Technologies, and has closed 17 total transactions since its launch in December 2023.
Guardian Restoration Partners: Guardian, Alpine’s residential restoration platform company, expanded its geographical footprint with the acquisition of five restoration businesses across the country, bringing Guardian’s total acquisitions to 14 since launching in April 2024.
[New Platform Launch!] Mosaic Service Partners: In November, Alpine launched Mosaic, a new platform company focused on scaling residential window and door replacement providers across the U.S. In conjunction with the launch, Mosaic welcomed The Window Experts (fka Houston Window Experts), Weather Tite Windows, and Windows on Washington into the fold.
Orion Services Group: Orion, Alpine’s commercial facility services platform company, maintained an active M&A pipeline throughout the year, acquiring eight businessesacross North America.
Vertex Service Partners: Vertex, Alpine’s residential roofing and home improvement platform company, acquired six businesses and expanded into several new regional markets during the year.

Professional Services

Ascend: Ascend, Alpine’s accounting services platform company focused on regional, tax-centric firms, acquired 18 new businesses—including nine regional hubs—bringing the platform to 40 total acquisitions and contributing to the firm’s $475 million PF TTM revenue.
Aspen Standard Wealth: Aspen, Alpine’s wealth management aggregator launched at the end of 2024, continued its growth in 2025 through five acquisitions: New England Private Wealth Advisors, Sky Investment Group, MG Financial, DHK Financial Advisors, and Martel Wealth Advisors.
Evergreen Services Group: Evergreen, Alpine’s IT services platform company, closed 47 transactions, including REDD—its 10th acquisition in Australia and 100th MSP acquisition since inception. The company now operates across the U.S., Canada, the U.K., New Zealand, and Australia.
Medusind: Medusind, Alpine’s revenue cycle management (RCM) services business, expanded into radiation oncology through the acquisition of AMAC Billing, further broadening its healthcare RCM capabilities.
[New Platform Launch!] Oakline Properties: In September, Alpine announced the launch of Oakline, a newly established residential property and association management business pursuing a highly acquisitive strategy across the U.S. In conjunction with the launch, Oakline partnered with Cirrus Asset Management.
Trilon Group: Trilon, Alpine’s engineering services and infrastructure consulting platform company, expanded its North American footprint with eight acquisitions, bringing total acquired EBITDA to over $150 million since inception.

Learn more about our investment strategy here.

Exits

In 2025, Alpine completed the sale of Innovative Systems to GTCR in August. Founded in 1998 and headquartered in Mitchell, South Dakota, Innovative Systems provides an integrated suite of mission-critical operating and billing software for broadband providers, utilities, cooperatives, and municipalities across the U.S. The transaction closed at an enterprise value of $400m and positions the company to continue delivering high-quality service for its customers, building on the momentum achieved since partnering with Alpine in 2021.

In 2025, ASG exited nine businesses, including several notable transactions:

OSINT, a pioneer in open-source intelligence software, was acquired by Kaseware in November 2025.
PackageRoute, a provider of last-mile carrier solutions, was acquired by Descartes Systems Group (TSX: DSG) (Nasdaq: DSGX) in June 2025.
e-courier, a leading enterprise software solution provider for last-mile delivery couriers, was acquired by Ionic Partners and united with CXT Software in November 2025.

Team Growth & Talent

Building and supporting exceptional leaders remained a core priority for our firm throughout 2025:

Alpine’s portfolio talent team hired 42 executive hires into our businesses, including eight CEOs-in-Training (CITs) and four CFOs-in-Training.²
38 new teammates joined across Alpine and Alpine Operations Group, including 19 new analysts.
21 undergraduate interns joined Alpine’s summer internship program.
240 portfolio leaders from 26 platforms attended our 2025 Annual Growth Summit in Monarch Beach, Dana Point, California.
We hosted 173 attendees at our 2025 Annual General Meeting in Half Moon Bay, California.

Media Highlights

See below for select media highlights from the Alpine Team in 2025 and visit our News & Insights page to stay updated throughout the year:

Graham Weaver on the Invest Like the Best podcast
Graham Weaver’s “Last Lecture” to the Stanford Graduate School of Business Class of 2025
Mark Strauch on the Private Capital Podcast
Haley Van Cleve on the M&A Science podcast
Jack Armstrong interviewed by PE Hub
The firm released its annual 2025 Force for Good Report

2025 Awards and Recognitions

We are proud to be the recipients of several prestigious awards and certifications in 2025.³

Thank you to our amazing partners and employees for a truly wonderful year. We look forward to what we can build together in 2026.

Footnotes:

1. There can be no assurance that any add-on investments will close or will lead to positive returns for investors.

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. GrowthCap is a media company with a focus on providing CEOs with 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 February 13th, 2025, and was based off of Alpine’s unique capabilities and reputation in 2024. For more information about the selection criteria and process, please visit GrowthCap’s website.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 28, 2025, and was based upon information from the previous year. 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 25, 2025 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.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 February 2025 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.The FCS is the only national not-for-profit organization run by and for financial marketing, communicationsand media professionals. The FCS portfolio awards recognizes. In May 2025, Alpine was awarded silver for B2B annual reports. https://thefcs.org/portfolio-awards/fcs-portfolio-awards-2025 Alpine did not pay a fee to be considered for its award. For more information about the selection criteria and process, please visit https://thefcs.org/portfolio-awardsAlpine pays an annual fee as part of its certification. For more information about the selection criteria, please visit: https://bcorporation.net/directory/alpine-investors

This material is for informational and reference purposes only. It does not constitute investment advice, a recommendation, or an offer of any services or products for sale, and is not intended to provide a sufficient basis on which to make an investment decision. The information contained herein may not be reproduced in whole or in part without the prior written consent of Alpine. Statements herein reflect Alpine, including its affiliates, opinions and beliefs regarding company prospects, general market activity, industry trends and/or other broad base economic or market conditions. These opinions are not a reliable indicator of future performance or opportunities and actual events will vary from those described herein and may do so materially and adversely. Certain opinions, beliefs and estimates regarding a company generally are based on information, opinions, beliefs and estimates of company management. Alpine’s analysis of market data included herein has not been verified by third-parties, and third-party analyses may reach a different conclusion. Past performance is not an indication or guarantee of future results and there can be no assurance any historical trends will continue. This material is not a reliable indicator of future performance or opportunities, and actual events will vary from those described herein and may do so materially and adversely. Any forward-looking statements speak only as of the date they are made, and Alpine assumes no duty to and does not undertake to update forward-looking statements. Forward-looking statements are subject to numerous assumptions, risks and uncertainties, which change over time. Actual results could differ materially from those anticipated in forward-looking statements. Please see Alpine’s Terms & Conditions for additional disclaimers.

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