Who is Sverica Capital Management?
Sverica Capital Management is a lower-middle-market private equity firm with offices in Boston, San Francisco, and Austin. The firm’s website dates its founding to 2001. Dave Finley, Jordan Richards, and Frank Young lead Sverica as managing partners.
Sverica has raised roughly $2.2 billion in committed capital across six funds. Fund VI closed at its $750 million hard cap in March 2023, up from a $450 million Fund V in 2019 and a $275 million Fund IV in 2016. The firm counted 44 portfolio companies since inception at the Fund VI close.
Sverica describes itself as a growth-oriented business builder. The firm invests from closed-end funds, so every Sverica company is eventually resold, as the 2025 sale of Coastal Cloud demonstrated.
What does Sverica Capital Management buy?
Sverica targets lower-middle-market companies with enterprise values up to $250 million and EBITDA below $25 million. Published equity checks run $25 million to $75 million, with larger amounts possible alongside co-investors. The stated preference is control buyouts, with non-control and growth equity structures available.
Sverica invests across three sectors. The largest is technology and business services, which covers software, healthcare IT, cloud and IT services, and cybersecurity. The other two are healthcare and advanced industrial. The firm states a preference for recurring revenue or replicable unit economics, and targets companies headquartered in North America or Europe.
| Criterion | Sverica’s stated profile | Source |
|---|---|---|
| Enterprise value | Up to $250 million | sverica.com investment strategy page |
| EBITDA | Below $25 million | sverica.com investment strategy page |
| Equity check | $25 million to $75 million, more with co-investors | sverica.com investment strategy page |
| Control | Primarily control buyouts; non-control and growth equity options | sverica.com investment strategy page |
| Sectors | Technology and business services (software, healthcare IT, tech services); healthcare; advanced industrial | sverica.com; Fund VI press release |
| Geography | North America or Europe headquarters | sverica.com investment strategy page |
What has Sverica Capital Management actually invested in?
Sverica’s recent record spans construction software, healthcare services, and IT services. Earlier investments include Accuvant, the security services firm that grew into Optiv, plus Synoptek, RestorixHealth, and 7Summits.
| Company | What it does | Date | Disclosed terms |
|---|---|---|---|
| Raken | Field-first construction management software, 70,000+ users | Majority investment, September 2025 | Not disclosed |
| Coastal Cloud | Salesforce consulting partner, Florida | Invested June 2020; sale to Tata Consultancy Services announced December 2025 | Exit price $700 million; entry terms not disclosed |
| First Stop Health | Virtual care and telehealth services | 2023 | Not disclosed |
| Hirebotics | Collaborative welding robots | 2023 | Not disclosed |
| iWave | Fundraising intelligence SaaS | Invested 2017, exited 2022 | Not disclosed |
The Coastal Cloud exit is the firm’s most visible recent outcome. Sverica invested in June 2020 and announced a $700 million sale to Tata Consultancy Services in December 2025, a five-year hold that ended with a strategic buyer paying a disclosed price.
What does Sverica Capital Management typically pay?
No Sverica entry valuation has ever been publicly disclosed. The firm publishes its check range, $25 million to $75 million of equity, and its ceiling, $250 million of enterprise value, but no purchase price or multiple for any individual deal.
The only disclosed transaction value in Sverica’s public record is an exit, the $700 million Coastal Cloud sale to Tata Consultancy Services. An exit price five years after entry says nothing about what Sverica paid the founders in 2020. A founder holding a Sverica offer is negotiating against a pricing record that is entirely private.
That opacity is normal for the lower middle market, and it cuts one way. Sverica has priced dozens of deals; the founder across the table is pricing one, usually for the first time.
How does Sverica Capital Management find companies?
Sverica does not publish a sourcing posture. Lower-middle-market funds of Sverica’s size typically combine direct outreach to founders with banked processes, and Sverica’s 44 platform investments over two decades imply steady participation in both channels.
Sverica’s sector teams concentrate on software, healthcare IT, tech-enabled services, and healthcare operators, so an outreach email from Sverica usually reflects a mapped thesis rather than a cold list. A founder should assume the firm already knows the competitive set before the first call.
What does a Sverica Capital Management approach look like?
A Sverica approach follows the standard lower-middle-market sequence: an introductory call, a financial information request, an indication of interest, then a letter of intent with exclusivity. Standard exclusivity asks run 30 to 90 days, and Windsor Drake recommends conceding no more than 30 to 45 days.
Sverica’s control-buyout preference means the real conversation is about how much the founder sells and what the rollover stake looks like. Roughly 1 in 3 signed LOIs fails to close on original terms, so structure and certainty deserve as much scrutiny as headline price. The stages that follow a first approach are mapped at Windsor Drake’s offer-received hub.
What is life like after selling to Sverica Capital Management?
Sverica states that it serves as an active board member and does not look to interfere in day-to-day operations. The Raken announcement in 2025 kept CEO Ty Kalklosch and the existing management team in place, with Sverica joining the board, which matches the firm’s stated operator-friendly posture.
Those descriptions come from Sverica and its press releases. Independent first-person founder accounts of Sverica ownership are scarce in the public record, and Windsor Drake has not yet verified any.
Who else competes with Sverica Capital Management?
A software or tech-enabled services company under $250 million of enterprise value draws a crowded field. Competitors include Serent Capital, Mainsail Partners, Alpine Investors, Rubicon Technology Partners at the larger end, and vertical software consolidators such as Valsoft at the smaller end. Healthcare IT assets also draw strategic acquirers and healthcare-focused funds.
What would a competitive process change for a founder Sverica has approached?
The Proprietary Discount is the gap between what a serial acquirer pays in an unbanked bilateral negotiation and what the same business clears in a competitive process. Windsor Drake measures that gap at 15 to 25 percent of enterprise value. A firm whose entire entry-pricing record is private holds a structural information advantage over any founder negotiating alone.
A Windsor Drake process opens with a buyer universe of 150 to 300 potential acquirers, which tests whether Sverica’s number is a market price or a proprietary one. Founders deciding whether to bring in an advisor can start with Windsor Drake’s guide on whether founders need a banker.
A founder holding a live Sverica offer can engage Windsor Drake’s Approach Response to run a compressed 4 to 6 month competitive process without losing the offer in hand.
Questions founders ask
Who leads Sverica Capital Management?
Dave Finley, Jordan Richards, and Frank Young are Sverica’s managing partners. The firm operates from Boston, San Francisco, and Austin and has raised roughly $2.2 billion across six funds.
How big is Sverica’s current fund?
Sverica closed Fund VI at its $750 million hard cap in March 2023. Fund V raised $450 million in 2019 and Fund IV raised $275 million in 2016.
What size companies does Sverica buy?
Sverica targets enterprise values up to $250 million and EBITDA below $25 million, with equity checks of $25 million to $75 million. Larger checks are possible with co-investors.
Does Sverica buy majority or minority stakes?
Sverica’s stated preference is control buyouts. The firm also offers non-control and growth equity structures, so a founder can raise the structure question directly in the first conversation.
What has Sverica paid in past deals?
No Sverica entry price or multiple has ever been publicly disclosed. The one disclosed transaction value is an exit: the $700 million sale of Coastal Cloud to Tata Consultancy Services announced in December 2025.
Does Sverica replace founders after a deal?
Sverica states it acts as an active board member without interfering in day-to-day operations, and the 2025 Raken deal kept the CEO and management team in place. Those accounts come from the firm and its releases, so founders should reference-check portfolio CEOs directly.
Should a founder take a Sverica offer without a process?
Windsor Drake measures The Proprietary Discount, the gap between an unbanked bilateral price and a competitive-process price, at 15 to 25 percent of enterprise value. A single offer from a firm with a fully private pricing record deserves a market test before acceptance.
Last reviewed July 28, 2026 by Jeff Barrington, Founder and Managing Director, Windsor Drake. Content on this page may be cited with attribution and a link to https://windsordrake.com/acquirers/sverica/