Generational Group Advises LANstar in its Sale to ProVelocity and IronEdge

By Generational Group


Generational Group, a leading mergers and acquisitions advisor for privately held businesses, is pleased to announce the sale of its client LANstar, LLC to ProVelocity and IronEdge (a portfolio company of The Riverside Company). The transaction closed July 20, 2023.

Founded in 2000, LANstar, LLC provides IT Support, VoIP telephones, and Cloud solutions to Arizona businesses. LANstar Communications, LLC is an Arizona-licensed low voltage contractor that provides customers with voice and data cabling services (together referred to as LANstar).

With a caring, professional team of engineers, technicians, and back-office staff, LANstar has a solid reputation and a very high customer retention rating. LANstar assists a wide variety of companies including small offices, medical practices, and large industrial projects.

The Company provides clients with the right equipment, technicians, and knowledge to exceed expectations and deliver on projects. LANstar partners with industry-leading manufacturers to develop personalized data and communication solutions for every client.

LANstar’s excellent industry reputation and local brand awareness have established it as the preeminent computer, IT consulting sales and services, and low voltage/data/cabling contractor in the region. It is the go-to source for these services in the local community and has widespread awareness in the metro Phoenix area for its services. This investment is an add-on to Riverside’s portfolio company, ProVelocity and IronEdge.

ProVelocity and IronEdge, located in Grand Junction, Colorado, provide comprehensive outsourced IT services to small- and medium-sized businesses and local governments. The Company provides clients with guidance to define an overall IT strategy, followed by tactical support to design the IT infrastructure.

They also help clients execute the strategy by identifying, purchasing, installing, configuring and supporting PCs, mobile devices, networks and network infrastructure (e.g. internet, wireless, routers). In addition, the Company provides servers and storage infrastructure, off-premise IT environments on public or private clouds, on-premise and off-premise business applications, IT security, data backup and disaster recovery, and an IT help desk.

Co-headquartered in Cleveland, Ohio, and New York City, The Riverside Company (Riverside) started with an entrepreneurial vision and they have retained that spirit through more than 970 investments and decades of growth. “Riversiders” share the firm’s philosophy that making deals is about more than making money; it’s about long-term partnerships based on trust, common goals and shared values.

Riverside’s team brings a combination of financial acumen, operational expertise and cultural understanding to everything they do.

Riverside’s origination team sources thousands of investment opportunities a year, seeking to deliver growth opportunities everywhere Riverside invests. Their understanding of local markets and established relationships help Riverside find and evaluate excellent opportunities efficiently and effectively.

The investment in LANstar is another example of Riverside’s dedication to working with Software and IT companies. Riverside has completed more than 260 investments in this specialization and has a team of global experts dedicated to growing these companies.

“LANstar is an established, well-respected provider of IT services in Arizona,” said Riverside Micro-Cap Fund (RMCF) Managing Partner Loren Schlachet. “With the addition of LANstar, ProVelocity and IronEdge are well-positioned for continued growth and operational expansion.”

“We are excited to welcome LANstar to the ProVelocity and IronEdge team,” said RMCF Principal Garrett Monda. “The company delivers a high-quality offering while ensuring outstanding customer service. Together, with LANstar, we will leverage our combined resources to continue to provide top-notch service to our customers.”

Generational Group Executive Managing Director of M&A – Western Region, Stephen Crisham, and his team, led by Vice President – Western Region, Bo Zhao, closed the deal. Senior Managing Director Ashok Tandon established the initial relationship with LANstar. 

“We are glad to find a pathway for LANstar founder Joel Ray to be part of a greater MSP platform, and for July Ray to retire in the near future,” said Zhao.

About Generational

Headquartered in Dallas, Generational is one of the leading M&A advisory firms in North America.

With more than 350 professionals located throughout 17 offices in North America, the companies help business owners release the wealth of their business by providing growth consulting, merger, acquisition, and wealth management services. Their six-step approach features strategic and tactical growth consulting, exit planning education, business valuation, value enhancement strategies, M&A transactional services, and wealth management.

The M&A Advisor named the company Investment Banking Firm of the Year three years in a row, Valuation Firm of the Year in 2020, and North American Investment Bank of the Year in 2022 as well as Consulting Firm of the Year. For more information, visit