Fluid MSP needed to accelerate their add-on strategy to meet sponsor expectations. We delivered 50+ qualified MSP targets representing $60M in acquirable EBITDA transforming their acquisition capacity.

The Challenge

Fluid MSP had ambitious growth targets from their PE sponsor: execute 4-6 add-on acquisitions per year to build toward a premium exit. Their internal team was stretched thin managing existing operations while trying to source deals.

The MSP market is notoriously fragmented, thousands of small operators, most under $5M EBITDA. Finding the right targets at the right time required systematic, high-volume outreach that internal resources couldn't support.

Traditional buy-side fees could have consumed 2-5% of a $60M pipeline - $1.2-3M in success fees. That math made no sense for a fragmented add-on strategy where each individual transaction is smaller.

Every month without closed add-ons meant falling behind the sponsor's deployment timeline, and uncomfortable LP calls. Internal BD produced just 4 qualified MSP conversations in the 6 months before engaging Captarget.

Our Approach

We built a high-volume sourcing engine specifically designed for the MSP roll-up playbook - targeting owner-operators in priority markets with the right size and service mix.

Qualified on service mix, revenue concentration, and technology stack, rejecting 50%+ of the initial universe as misaligned. Every lead represents an engaged MSP owner who has expressed genuine interest. Our flat-fee model means $0 success fees.

Key Tactics

• Mapped 200+ MSP targets across priority geographies
• Developed succession-focused messaging for aging owner-operators
• Qualified on service mix, revenue concentration, and technical capabilities
• Delivered a steady flow of qualified opportunities to match evaluation capacity

The Process

The Outcome

In 12 months, Fluid MSP built a pipeline of 50+ qualified MSP targets representing over $60M in acquirable EBITDA. The sourcing program now runs continuously, ensuring a steady flow of opportunities. The first 6 months alone delivered 18 qualified targets and $30M in acquirable EBITDA at a cost of just $36K. Fluid joins 400+ PE-backed platforms who've used Captarget to accelerate add-on velocity.