MSD Partners

MSD Partners, L.P. is an employee-owned investment firm based in New York City, founded in July 2009. The company focuses on investing in the debt and equity of both public and private companies, as well as real estate and various other asset classes on a global scale. Primarily targeting mid-cap and large-cap value stocks, MSD Partners employs fundamental analysis and conducts in-house research to inform its investment strategies. The firm aims to generate attractive risk-adjusted returns over the long term while assisting clients in sustaining and growing their businesses, managing their legacies, and creating positive social impact. As a subsidiary of MSD Capital, L.P., MSD Partners operates with a commitment to delivering value to its investors.

Glenn Fuhrman

Co-Founder and Co-Managing Partner

28 past transactions

Chelsea Avondale

Series C in 2023
Chelsea Avondale is an investment holding company focused on acquiring property and casualty insurance companies. The firm aims to address the limitations faced by many mutual insurers by implementing sophisticated pricing methodologies and advanced operational systems. Through its subsidiaries, Chelsea Avondale seeks to enhance the performance of community-based insurers, which they believe can better serve policyholders and achieve superior results compared to the broader industry. By emphasizing these strategies, the company aims to deliver exceptional risk-adjusted returns for high-net-worth investors.

Stripe

Series I in 2023
Stripe, Inc. is a technology company that develops application programming interfaces (APIs) and tools to facilitate online payment processing for businesses. Its offerings include a range of services such as a developer toolkit for payments, subscription management, and a routing engine for handling third-party payouts. Additionally, Stripe provides analytics tools for business insights, fraud detection, customizable payment forms, and an embeddable checkout solution that works across various devices. The company supports a wide array of payment methods, including major credit and debit cards, and caters to diverse sectors such as e-commerce, B2B platforms, and non-profits. Established in 2009 and headquartered in San Francisco, California, Stripe operates in multiple international markets including Canada, the UK, Australia, and several European countries. The company also offers Stripe Capital, which provides businesses with flexible financing options based on their payment history, helping them manage cash flow and invest in growth.

Forward Networks

Series D in 2023
Forward Networks, Inc. is a software company based in Palo Alto, California, that specializes in network verification and automation. Founded in 2013, the company offers a platform that enhances network visibility, policy verification, and change modeling. This platform allows network teams to visualize and search complex networks effectively, enabling them to debug issues swiftly and verify the accuracy of network-wide policies. By providing a mathematically accurate representation of the network, Forward Networks aids engineers and operators in predicting network behavior before implementing changes, thereby reducing the likelihood of costly outages. The company also offers open-source tools like Beacon and Mininet to facilitate the management of data centers and software-defined networks.

SiMa.ai

Series B in 2022
SiMa Technologies, Inc. specializes in developing machine learning technology for embedded systems, offering a comprehensive machine learning system-on-chip (MLSoC) platform. Founded in 2018 and headquartered in San Jose, California, the company focuses on delivering high-performance machine learning capabilities with low power consumption. Its MLSoC enables seamless deployment and scaling of machine learning applications at the edge, enhancing performance and energy efficiency for various use cases, including computer vision and generative AI. The platform supports diverse frameworks, models, and sensors, ensuring flexibility and adaptability for customers. Additionally, SiMa's solutions incorporate security features, such as threat detection, to safeguard against potential cyber risks, thereby providing a robust environment for embedded edge applications.

Verkada

Series D in 2022
Verkada Inc. is a cloud-based physical security platform company, established in 2016 and headquartered in San Mateo, California, with an additional location in London, United Kingdom. It provides a comprehensive suite of products, including video security cameras, access control systems, environmental sensors, alarms, workplace software, and intercoms, all integrated into a single cloud-based software platform. This platform offers real-time insights that help organizations across various sectors, such as healthcare, finance, education, retail, and government, to manage security risks and operational inefficiencies. Verkada's solutions are designed for simplicity and scalability, enabling users to address security concerns and workplace issues effectively without requiring complex configurations.

Guesty

Series E in 2022
Guesty, Inc. is an online property management platform established in 2013 and headquartered in Walnut, California. It specializes in providing comprehensive software solutions for short-term vacation rentals, catering to property managers and management companies worldwide. The Guesty platform streamlines the operational complexities of managing short-term rentals by offering a suite of tools that includes channel management, a unified inbox, a multi-calendar feature, mobile management capabilities, and automation tools. Additionally, it facilitates 24/7 guest communication and payment processing, enabling users to manage listings across various online travel agencies such as Airbnb and Booking.com. By integrating these essential functions, Guesty enhances the efficiency of property management while improving communication and coordination among stakeholders.

Flexport

Series E in 2022
Flexport, Inc. is a global freight forwarder and logistics platform that offers online customs brokerage and freight forwarding services. Established in 2013 and headquartered in San Francisco, California, the company provides a modern web application that allows businesses to understand, purchase, manage, and track global trade services. Flexport's offerings include customs clearances, product classification, and various freight options, such as ocean, air, and road transport. Additionally, the platform provides supply chain services, including cargo insurance, quality inspections, warehousing, fulfillment, product sourcing, and trade finance. By utilizing advanced technology, Flexport aims to enhance the user experience in global trade, enabling logistics companies to optimize transportation routes and inventory management while ensuring timely delivery of goods to fulfillment centers.

6Sense

Series E in 2022
6sense is a developer of a predictive intelligence platform that enhances revenue growth for organizations. The company utilizes artificial intelligence, big data, and machine learning to provide comprehensive visibility across the customer journey, from brand awareness to revenue generation. Its platform captures anonymous buying signals and buyer intent data, allowing sales, marketing, and customer success teams to target the right accounts effectively. By recommending optimal channels and messages, 6sense removes guesswork and inefficiencies from the sales process, leading to improved pipeline quality, accelerated sales velocity, and higher conversion rates. Through its innovative approach, 6sense aims to empower revenue teams to grow revenue predictably and efficiently.

East West Manufacturing

Private Equity Round in 2022
East West is a design services and global contract manufacturing partner for original equipment manufacturers and distributors throughout the United States and Europe. With operations in Vietnam, China and India, the Company utilizes transparent supply chain, on-site quality control and logistics systems to provide its customers with superior products and competitive cost advantages.

iCapital Network

Venture Round in 2021
iCapital Network is a fintech platform for alternative investments and investors. It has transformed the way the wealth management, banking, and asset management industries facilitate access to private markets investments for their high-net-worth clients by providing intuitive, end-to-end technology and service solutions. Wealth management firms use iCapital’s solutions to provide clients with quality funds at lower minimums and simplified digital workflows. Asset managers, RIAs, and banks leverage iCapital’s technology to streamline and scale their alternative investments operational infrastructure. Additionally, the iCapital ‘flagship’ platform offers wealth advisors and their high-net-worth client's access to a curated menu of private equity, private credit, hedge funds, structured investments, and other alternatives to help meet their investing needs for return and diversification. iCapital’s research and diligence team offers robust analysis alongside the firm’s extensive suite of advisor education, compliance, portfolio management, and portfolio analytics tools and services. iCapital has been recognized on the Forbes FinTech 50 list each year from 2018 through 2002, the Forbes America’s Best Startup Employers in 2021 and 2022, and MMI/Barron’s Industry Awards as Solutions Provider of the Year in 2020 and 2021. As of May 31, 2022, iCapital services more than US$130 billion in global client assets, of which more than US$30 billion are from international investors (non-US Domestic), across more than 1,035 funds. Employing more than 800 people globally, iCapital is headquartered in NYC and has offices worldwide including in Zurich, London, Lisbon, Hong Kong, Singapore, and Toronto.

Rhombus Systems

Series A in 2021
Rhombus Systems, Inc. is a provider of advanced video security services, specializing in the development of enterprise security cameras that enhance the safety and productivity of workplaces. Founded in 2016 and headquartered in Sacramento, California, with an additional office in Oakland, the company offers a range of features including Wi-Fi enabled cameras, cloud management of live feeds, facial and object recognition through artificial intelligence, and people analytics. Rhombus Systems' solutions are designed to be user-friendly, with plug-and-play capabilities that allow for easy installation via Wi-Fi or Ethernet. Their systems enable businesses to monitor security effectively, share video footage, and access live streams of events from mobile devices or computers, thereby improving overall organizational security and operational efficiency.

West Monroe Partners

Venture Round in 2021
West Monroe Partners is a North American, full-service business and technology consulting firm focused on guiding organizations through projects that fundamentally transform their business. With the experience to create the most ambitious visions as well as the skills to implement the smallest details of their client’s most critical projects, West Monroe Partners is a proven provider of growth and efficiency to large enterprises, as well as more nimble middle-market organizations. Their more than 350 consulting professionals drive better business results by harnessing their collective experience across a range of industries, serving clients out of offices across the US and Canada.

IonQ

Post in 2021
IonQ, Inc. is a technology company that specializes in the development of general-purpose quantum information computers utilizing a trapped ion approach. Founded in 2015 and based in College Park, Maryland, IonQ focuses on advancing quantum computing capabilities through qubit replication, optical networkability, and optimized algorithms. The company's quantum computers represent a significant shift from classical computing, effectively addressing limitations associated with superposition and entanglement at the atomic level. IonQ provides access to its quantum processors through cloud platforms, offering quantum-computing-as-a-service (QCaaS) to a wide range of customers. Additionally, the company engages in research and development to enhance its quantum technology and supports clients through consulting services aimed at co-developing algorithms for its quantum systems.

Gopuff

Series H in 2021
Gopuff is an instant commerce platform that specializes in delivering a wide range of everyday products, including over-the-counter medicine, baby food, cleaning supplies, and alcohol. Founded in 2013 by Yakir Gola and Rafael Ilishayev, Gopuff aims to simplify the shopping experience by allowing users to browse and order items through a mobile app, eliminating the need to visit physical stores. The company is particularly popular for satisfying late-night cravings with snacks like Ben and Jerry's ice cream and Doritos, as well as essential items such as diapers and personal care products. Gopuff's network of Driver-Partners ensures that deliveries are made quickly, often within minutes, making it a convenient option for consumers seeking reliable and affordable delivery services across the United States.

iCapital Network

Series C in 2021
iCapital Network is a fintech platform for alternative investments and investors. It has transformed the way the wealth management, banking, and asset management industries facilitate access to private markets investments for their high-net-worth clients by providing intuitive, end-to-end technology and service solutions. Wealth management firms use iCapital’s solutions to provide clients with quality funds at lower minimums and simplified digital workflows. Asset managers, RIAs, and banks leverage iCapital’s technology to streamline and scale their alternative investments operational infrastructure. Additionally, the iCapital ‘flagship’ platform offers wealth advisors and their high-net-worth client's access to a curated menu of private equity, private credit, hedge funds, structured investments, and other alternatives to help meet their investing needs for return and diversification. iCapital’s research and diligence team offers robust analysis alongside the firm’s extensive suite of advisor education, compliance, portfolio management, and portfolio analytics tools and services. iCapital has been recognized on the Forbes FinTech 50 list each year from 2018 through 2002, the Forbes America’s Best Startup Employers in 2021 and 2022, and MMI/Barron’s Industry Awards as Solutions Provider of the Year in 2020 and 2021. As of May 31, 2022, iCapital services more than US$130 billion in global client assets, of which more than US$30 billion are from international investors (non-US Domestic), across more than 1,035 funds. Employing more than 800 people globally, iCapital is headquartered in NYC and has offices worldwide including in Zurich, London, Lisbon, Hong Kong, Singapore, and Toronto.

Xponential Fitness

Post in 2021
Xponential Fitness is a curator of leading boutique fitness brands, offering a diverse range of workout experiences that cater to various interests and fitness levels. The company operates nine distinct brands, including Club Pilates, the largest Pilates brand in the U.S.; CycleBar, the foremost indoor cycling brand; and StretchLab, which provides individualized and group stretching services. Other brands in its portfolio include Row House, which focuses on low-impact indoor rowing; AKT, a dance-based cardio workout; YogaSix, the largest franchised yoga brand; Pure Barre, which employs ballet barre techniques for small isometric movements; STRIDE, a treadmill-based concept combining cardio and strength training; Rumble, a boxing-inspired full-body workout; and BFT, focusing on functional training. Xponential Fitness partners with franchisees to deliver engaging and personalized fitness experiences in studios across 48 U.S. states and through international expansion in 11 additional countries, fulfilling its mission to make boutique fitness accessible to everyone.

Woolpert

Private Equity Round in 2021
Woolpert is a design, geospatial, and infrastructure management firm that delivers a range of consulting services to public, private, and governmental entities. The company specializes in geospatial services, architectural and engineering solutions, and strategic consulting, supporting various industries including planning, design, information technology, and energy. Woolpert offers expertise in laser scanning, civil engineering, fire protection, and structural design, providing comprehensive advisory services that facilitate effective project planning and execution. Through its diverse capabilities, the firm aims to enhance infrastructure and operational efficiency for its clients.

Goodleap

Secondary Market in 2021
GoodLeap is a sustainable home solutions marketplace that focuses on providing innovative point-of-sale technology for professionals assisting homeowners in upgrading their living spaces. The company offers flexible financing options for a variety of sustainable products, including solar panels, battery storage, smart home devices, modern HVAC systems, energy-efficient windows, and water-saving turf. By simplifying access to consumer-friendly financing solutions such as solar loans and home improvement loans, GoodLeap enables customers to embrace a more sustainable lifestyle while saving money. Committed to environmental stewardship, GoodLeap fosters strong relationships with partners and customers, facilitating the adoption of sustainable practices through its advanced technology and user-friendly services.

Arko

Post in 2020
Arko Holdings is a holding company that primarily operates in the convenience store sector across the United States. The company owns various regional store brands, including Stop, Admiral, Apple Market, BreadBox, E-Z Mart, Fas Mart, Li'l Cricket, and Next Door Store. Arko's retail outlets provide a range of products and services, such as hot food, beverages, tobacco products, snacks, groceries, beer, and general merchandise. The company operates in four segments: retail, wholesale, fleet fueling, and petroleum, with the majority of its revenue generated from the retail and wholesale distribution of fuel. Additionally, Arko is involved in finance and real estate activities, further diversifying its business portfolio.

Finch Therapeutics

Series D in 2020
Finch Therapeutics is a microbiome technology company focused on developing microbial therapies for patients with serious medical needs. The company utilizes donor-derived Full-Spectrum Microbiota and Rationally-Selected Microbiota platforms to create complete microbiome communities aimed at restoring functionality and addressing conditions caused by microbiome disruption. Finch offers oral microbiome treatments targeting recurrent C. difficile infections, chronic hepatitis B, inflammatory bowel disease, and gastrointestinal symptoms in children with autism. By employing machine learning algorithms, Finch analyzes clinical data to identify effective microbial combinations, thereby minimizing translational risks associated with drug development. Founded in 2017 and headquartered in Somerville, Massachusetts, Finch Therapeutics holds a significant portfolio of intellectual property, including over 70 patents related to microbiome therapeutics.

Lindblad Expeditions Holdings

Post in 2020
Lindblad Expeditions Holdings, Inc. is an expedition travel company that specializes in adventure travel experiences through ship-based voyages. Founded in 1979 and headquartered in New York, the company operates a fleet of nine owned expedition ships and five seasonal charter vessels under the Lindblad brand. It offers eco-conscious expeditions and nature-focused small-group tours through its Natural Habitat brand. Lindblad's itineraries are designed to provide guests with intimate encounters with wildlife, nature, history, and culture, emphasizing guest empowerment and interactivity. The company fosters engagement between guests, crew members, and a diverse team of scientists, naturalists, researchers, and photographers, enhancing the overall travel experience. Lindblad Expeditions has a strategic alliance with the National Geographic Society, further enriching its offerings.

BioTheryx

Series D in 2020
BioTheryX, Inc. is a clinical-stage biopharmaceutical company based in Chappaqua, New York, that specializes in restoring protein homeostasis through innovative small molecule therapies. The company develops Protein Homeostatic Modulators, including a small molecular glue that targets cereblon for protein degradation, with applications in oncology, inflammation, and other diseases. BioTheryX employs its proprietary PRODEGY platform, which utilizes a library of cereblon binders to design targeted protein degraders (TPDs). Among its key products is BTX-A51, an oral multi-kinase inhibitor aimed at treating specific leukemic stem cell targets and preventing the transcription of oncogenic genes. Founded in 2007, BioTheryX aims to address unmet medical needs by leveraging its expertise in targeted protein degradation.

EXUMA Biotech

Series B in 2020
EXUMA Biotech Corp. is a clinical-stage biotechnology company focused on the discovery and development of adoptive cellular therapies for solid tumors and hematological malignancies. The company specializes in chimeric antigen receptor-T cell therapy, aiming to enhance the immune system's ability to combat various cancers, including renal cell carcinoma, soft tissue sarcoma, and gastric cancer. Founded in 2015, EXUMA Biotech is headquartered in West Palm Beach, Florida, with additional locations in San Diego, California, Grand Cayman, Cayman Islands, and Shanghai, China. The company is committed to pioneering innovative solutions in cell and gene therapy, leveraging its logic-gated CAR-T platform to improve patient access to these advanced treatment options.

Boca Raton Resort

Acquisition in 2019
Discover the luxury of Waldorf Astoria in one of two spectacular resorts on South Florida’s Gold Coast.

Lubys

Post in 2018
Luby's Inc is a multi-branded restaurant company based in the United States, primarily known for its classic, homestyle comfort foods. The company operates several dining segments, including company-owned restaurants, franchise operations, and Culinary Contract Services. Its popular brands include Luby's Cafeteria, Fuddruckers, and Cheeseburger in Paradise, with a focus on providing hearty meals like meatloaf, fish, liver and onions, and mac and cheese, often accompanied by dessert options like coconut cream pie. While the majority of revenue comes from company-owned locations, Luby's only offers franchises for the Fuddruckers brand, expanding into markets deemed suitable for growth. Through its Culinary Contract Services, Luby's also provides food services to various sectors, further diversifying its business operations.

Endries International

Acquisition in 2018
Endries International Inc. distributes fasteners and related production components to original equipment manufacturers. It offers abrasives, chemicals, electrical supplies, fasteners/hardware, fluid power products/hydraulics and pneumatics, industrial supplies, mechanical components, non-metallic components, janitorial supplies, packaging and shipping supplies, and safety supplies, as well as pipes, valves, and fittings.

Ring Container Technologies

Acquisition in 2017
Ring Container Technologies Group, LLC is a manufacturer based in Oakland, Tennessee, specializing in the production of high-density polyethylene (HDPE) and polyethylene terephthalate (PET) containers. The company focuses on creating innovative and practical packaging solutions for the consumer packaging industry, serving various markets including food service and retail. By employing advanced blow molding techniques, Ring Container delivers lightweight yet durable products that enhance shelf performance and meet the diverse needs of its customers. The company collaborates closely with clients to address specific challenges and capitalize on market opportunities, ensuring that its containers not only meet functional requirements but also align with sustainable practices. Ring Container employs approximately 580 full-time staff and generates an estimated annual revenue of $137.5 million, partnering with notable companies in the food industry.

Theriva Biologics

Post in 2017
Theriva Biologics is a clinical-stage immuno-oncology company focused on developing oncolytic viruses to treat cancer. The company's lead program, VCN-01, is designed to disrupt the protective stroma of solid tumors, allowing for targeted infection and destruction of cancer cells. Additionally, Theriva is advancing its preclinical program, VCN-11, which employs proprietary Albumin Shield Technology to shield oncolytic viruses from the host immune system, enhancing their therapeutic potential. By leveraging the unique properties of oncolytic viruses, Theriva Biologics aims to offer innovative cancer treatments that improve efficacy while reducing harm to surrounding healthy tissues.
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