This past year marked many milestones for us at Alpine Investors. Though 2023 was a year of growth and transformation, we remain committed to the North Star-goals that drive our people-driven strategy: Be the best place to work for top talent; Become a top performing PE firm by partnering with enduring software and services businesses; and be a Force For Good in the world by having a positive impact on our employees, our teams, and our communities.
Alpine closed its oversubscribed Fund IX at its hard cap of $4.5b, doubling our assets under management (AUM) to over $16b. We also completed our $3.4b single-asset GP-led continuation vehicle with Apex Service Partners, one of the largest of its kind. And last but not least, we closed 170+ deals in 2023, including the launch of several platforms.
In 2023, we also stayed true in our ongoing commitment to being a Force For Good in the world. For example, we re-certified as a B Corporation, and achieved an overall B-Corp score of 103.1, which improved from our 2019 score of 90.¹ The Alpine team donated over $290k (including Alpine matching contributions) to 120 nonprofits around the world in our annual Giving Week, onboarded four more ASV fellows, and held two volunteering events for our teams to give back to their communities.
Above all, we couldn’t have done it without our community of values-aligned people. In 2023, Alpine HQ surpassed 150 employees and hired over 15 leaders into its portfolio executive programs.
Read on for our review of more key moments in 2023. Thank you to everyone who has been part of our journey thus far and here’s to our next year ahead.
From over 17,000 sourced deals, Alpine closed over 170 deals across our software and services verticals.²
In 2023, Alpine launched the following platform investments:
- Ascend, Alpine’s accounting services platform focused on partnering with entrepreneurial CPA firms. Ascend acquired 8 businesses.
- AlpineX launched its water services vertical, Axia Water, through its acquisition of Madera Pumps.
- Cobalt Service Partners, Alpine’s access solutions platform that buys businesses across the following categories: overhead doors and docks, commercial doors, security gates, access control systems, and video surveillance systems. Cobalt’s first acquisition was Piedmont Door Solutions.
- Medusind, a leading provider of revenue cycle management services to the healthcare industry. Medusind acquired 6 businesses.
- Vertex Service Partners, Alpine’s residential home improvement services platform with a focus on roofing and other exterior services exterior residential platform focused on repair and roofing. Vertex acquired 11 businesses.
In 2023, Alpine also completed significant add-on investments through its platforms including:
- AlpineX, Alpine lower middle market business services platform, acquired 14 businesses.
- Apex Service Partners, Alpine’s HVAC, plumbing and electrical services business acquired 46 businesses.
- Evergreen Services Group, Alpine’s family of managed IT companies, government service providers, and application management companies, acquired 22 businesses.
- Orion Services Group, Alpine’s field services business, acquired 18 businesses.
- Trilon Group, Alpine’s infrastructure and engineering platform, acquired 11 businesses.
- TEAM Services Group, Alpine’s home healthcare services platform, acquired 22 businesses.
In addition to these deals, Alpine closed one of the largest single-asset GP-led continuation vehicles at $3.4 billion with Apex Service Partners, an HVAC, plumbing and electrical services leader.
To learn more about these deals, visit our Updates page for latest announcements.
Award-winning People and Firm
In 2023, we hired over 50+ people to the Alpine team. We also placed 15+ professionals within our portfolio companies’ executive leadership teams. To support our growth, we moved to a new office in New York City and renovated our HQ in San Francisco. Learn more about our team here and read their stories or insights here.
Our growing team and our firm also won multiple awards throughout the year:
- Alpine was the first-ever PE firm to win Fast Company’s Most Innovative Companies Award, earning the top spot among their finance awardees for 2023.³
- Alpine’s Fund VIII was awarded PEI Wire’s Best Buyout Fund Over $1.5 Billion.⁴
- Named one of Inc.’s Founder-Friendly Investment Firms for the fifth year in a row.⁵
- Alpine become a Certified Great Place To Work for the fifth year in a row, and consequently was awarded two distinctions on FORTUNE’s workplace lists (Best Place to Work for Millennials and Best Workplace in the Bay Area).⁶
- Named one of GrowthCap’s Top PE Firms for the second year in a row.⁷
- April Smith was recognized as one of WSJ’s Women to Watch in Private Equity.⁸
- Jacob Zodikoff was recognized on GrowthCap’s Top 40 Under 40 Growth Investors of 2023 list.⁹
- Samina Hydery Burke was recognized on Forbes’ 30 Under 30 list in its finance category.¹⁰
Force For Good
We will be publishing our annual Force For Good report in Spring 2024, which will give a deeper look into Alpine’s initiatives to be a positive impact on its communities. But as a sneak peak, there are a few ways we showed up as a firm this year that we’re excited about.
We completed a third-party assessment of Alpine’s (including Alpine Operations Group) 2022 carbon emissions.¹¹ As part of our efforts to help mitigate the climate impact of our operations, we have partnered with Working Trees, an Alpine Social Ventures Foundation backed company, that works with farms to plant trees on pasture – a practice called silvopasture – to store carbon while simultaneously providing shade for heat-stressed livestock, fodder to lower reliance on external feed, and valuable tree products. Alpine purchased ex-ante carbon credits from Working Trees’ Brazilian carbon project, which will fund the planting of ~28,000 trees across ~300 acres of degraded pasturelands in the Brazilian Amazon.¹²
We also continued our work supporting the next generation of social-impact leaders through Alpine Social Ventures, with the following 2023-24 Fellows:
- Drew Barvir and Gabe Moynihan, co-founders of Sonar. The Stanford, California-based company uses artificial intelligence (AI) to analyze online activity to predict and facilitate timely support for youth mental health challenges.
- Touré Owen, founder of Mobo. Owen’s goal is to revitalize the Black barbershop as a source of economic opportunity for barbers and joy for customers by solving some of its longstanding challenges.
- Magdalena Ramirez and Sebastián Espinoza, co-founders of the Stanford start-up Mi Tribu. As parents themselves, Ramirez and Espinoza are creating a digital platform to support Spanish-speaking families from fertility through pregnancy and postpartum into early childhood by matching groups of women in the same stage of motherhood with the support and guidance of a healthcare specialist.
Additionally, we saw record PeopleFirst engagement across our firm and portfolio in 2023:
- 66 portfolio leaders engaged in AEx
- 252 portfolio leaders using PeopleFirst coaching
- 51 Alpine employees using PeopleFirst coaching
- 351 attendees at the 2023 Growth Summit, Alpine’s annual event that brings the firm and our portfolio leaders together for learning, connection and celebration.
Finally, we remained committed to our diversity, equity, and inclusion (DEI) goals throughout the year. Structural inequities require us to take a systematic approach to mobilizing every aspect of our firm—from expanding on our attributes-based hiring model, to creating a culture of belonging, to introducing PeopleFirst solutions to our portfolio companies. In 2023, we supported our firm’s employee resource groups (ERGs), our Growth Apprenticeship completed its third year in identifying diverse talent for apprenticeships within Alpine’s portfolio companies and our entire firm gathered in San Francisco for an ‘Advocates for Inclusion’ workshop.
Curious to learn more? Sign up for our newsletter, PeopleFirst Perspectives, and check out our news and insights on our website. Again, we thank our community for their partnership in 2023 and look forward to what 2024 has in store.