Evergreen's investment thesis revolves around the concept of long-term ownership and decentralized operating models, which they believe are ideal for the Managed Service Provider (MSP) space. Co-founder Ramsey Sahyoun emphasizes their goal of establishing a lasting home for businesses rather than engaging in quick turnovers. This strategy mirrors the Berkshire Hathaway model of holding businesses indefinitely, albeit on a smaller scale. 

The decentralized operating model enables Evergreen to run acquired MSP businesses independently while still benefiting from shared best practices and collective scale. This approach ensures that businesses maintain close relationships with customers, a critical factor for customer retention and business growth in the MSP industry. 

Drawing from their experience with acquiring and managing MSPs like Executech and Wolf Consulting, Evergreen has witnessed the transformation and shift to managed services, making MSPs more recurring, profitable, sticky, and rapidly growing. These characteristics align with Evergreen's investment thesis of long-term ownership and decentralized operations, making the MSP niche an attractive investment opportunity for the company.

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