Recapitalizationverified
Alpine closes $3.4B continuation fund for Tampa-based Apex Service Partners
What happened. Alpine Investors closed a $3.4 billion single-asset continuation vehicle for Apex Service Partners, led by Blackstone Strategic Partners, HarbourVest Partners, Lexington Partners and Pantheon, with $450 million from Alpine Investors Fund IX. The transaction gave liquidity to 2019-vintage Fund VII limited partners while letting Alpine keep control of the Tampa-headquartered platform, which then had over 8,000 employees. Alpine reported $16 billion of AUM as of June 30, 2023.
Parties
- Company
- Buyer
- Apex Service Partners
- Capital
- Alpine Investors
- Price
- $3.4B
- Employees
- 8000 at announcement
Other Tampa Bay brands under Apex Service Partners: Frank Gay Services.
What this kind of deal tends to mean for customers and staff: pricing · sales pressure · technicians · the exit clock.
Sources Verified — primary document
- Business Wire / Alpine Investors (2023-10-25) — press release. Primary announcement
Researcher notes: price_usd is the size of the continuation vehicle, not an enterprise value.
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