Panther Equity group
A TRUSTED PARTnER FOR FOUNDERS, COMPANIES & ENTREPRENEURS.
ABOUT PANTHER EQUITY GROUP
Panthers are among the rare few in the animal kingdom that move seamlessly through land, water, and trees — adapting to changing environments with grace and focus.
At Panther Equity Group, we take a similarly adaptive approach to investing in lower middle market companies. We partner with founders and management teams during moments of change — whether it’s a generational transition, navigating market complexity, or accelerating through a period of growth.
Our role goes beyond providing capital. We bring strategic guidance, operational & leadership support, and a collaborative mindset to help businesses thrive through their next chapter.
In every investment, we are a steady partner — offering the resources, experience, and flexibility needed to succeed across all terrain. Panther look to create long-term value and support through:
- Optimizing core operations and scaling systems for growth
- Services, product & market expansion
- Sales, marketing & channel acceleration
- Leadership and executive team development
- Strategic technology, AI & IT systems implementation
- Targeted M&A (add-on) sourcing and execution
At Panther, we invest in companies that provide essential, high-impact services or solutions to their customers. We typically invest majority, or meaningful equity, investments in established businesses — and we do so with a deep respect for the legacy that founders have built.
While we remain agile, Panther Equity Group typically invests in line with the following:
Size & Geography
- EBITDA of $3 million – $12 million with at least 10% EBITDA margin
- U.S. or Canada headquarters
Target transaction
- Majority, significant minority or structured equity investment
- Founder(s) ready to Exit / Retire
- Recapitalization with Founder(s) liquidity event
- We find best alignment occurs where we can share additional value creation with Founders, Sellers and Management teams post transaction
Business Profile
- Founder, family or closely-held ownership
- Experienced management teams
- Diversified customer base
- Stable or Recurring customer relationships
- Minimum 5 years of operating history
IT & Tech-Enabled Services
- Digital Transformation, Software Development and Product Engineering
- Managed IT Services
- System Integrators & VARs
- Healthcare IT Services, Support & Consulting
- Cybersecurity Services & Solutions
- Data & Analytics Services
- IT Compliance
- Cloud Solutions and Managed Cloud Services
- Ecosystem Partners (cloud, ERP, data etc.)
Business services
- Testing, Inspection & Certification (‘TIC’) Services
- Governance, Risk & Compliance Services
- Marketing & Agency Services
- Engineering Services
- Administrative, Technical & Training Services
- B2B Professional Services
- Niche (i.e., Legal) Services
- Niche B2B Vertical Software
Niche Manufacturing
- Specialty & Contract Manufacturers (CMOs and CDMOs)
- Consumable & Recurring Demand Products
- Specialty Packaging Manufacturers
- Value Added Distributors
Glass box Technology
Glass Box Technology (“Glass Box”) is a leading managed services provider, IT solutions integrator and cybersecurity consultant. Glass Box delivers tailored technology solutions and outcomes across infrastructure design, cybersecurity, network architecture, virtualization and cloud enablement. Known for deep client relationships and enterprise-grade performance, Glass Box serves healthcare, financial and public-sector organizations across the U.S. For more information, please visit: www.gboxtech.com
- Status: Current
- Investment Date: 2025
- Industry: Managed IT Services, Solutions Integrator / VAR, Cybersecurity Consultant
- Headquarters: California
- Transaction Type: Recapitalization
- Add-On Criteria: Up to $6M in EBITDA
Switchbox Inc.
- Status: Current
- Investment Date: 2023
- Industry: Digital IT Transformation, Software Development
- Headquarters: Ohio
- Transaction Type: Recapitalization
- Add-On Criteria: Up to $3M in EBITDA
We welcome meeting company Founders, experienced industry Executives, reviewing investment proposals or referrals that are in-line with our criteria. We are actively seeking investment opportunities and happy to compensate fees to intermediaries at market levels.
David Eshaghian
Managing Partner
David is the Founder of Panther Equity Group and a member of the Panther Investment Committee. He is responsible for deal qualification, transaction execution, firm strategy, portfolio management and investor relations.
Prior to Panther Equity Group, David was the CEO of a Managed IT Services Provider (MSP) which he acquired in 2017 through a Search Fund vehicle. In 2020 the MSP merged with a California based ISP / CLEC and is now operating as a comprehensive Technology Service Provider. Previously, David was an investment banker within Guggenheim Securities M&A practice focusing on strategic M&A advisory and providing public & private companies on various ways to improve growth or financial performance.
David is currently on the Board of Directors of Glass Box Technology, Switchbox, Inc. and a non-profit focused on high-school systems in underserved communities (Youth Renewal Fund). David is a California native and graduated from the University of Southern California’s Marshall School of Business.
Rene biller
Partner
Rene is a Partner at Panther Equity Group and a member of the Panther Investment Committee. He is responsible for deal origination and qualification, transaction execution, firm strategy, portfolio management, and investor relations.
Prior to joining Panther Equity Group, Rene founded and led a boutique technology M&A advisory firm specializing in B2B software and IT services. He previously worked as a private equity investor in the broader technology sector and has held operating roles in multiple venture-backed technology companies, contributing to both product and business development. Earlier in his career, Rene gained hands-on experience in his family business, a manufacturer of electrical components for industrial applications.
Rene is currently on the Board of Directors of Switchbox, Inc. Originally from Germany, he has studied on multiple continents and holds an MSc from HHL Leipzig Graduate School of Management and an MBA from Tulane University.
An extension of the Panther team providing functional and industry expertise across the portfolio.
Joseph Ziegler
CFO, Executive & Board Advisor
Joseph (Joe) Ziegler, has a distinguished career in driving business value through strategic financial leadership supporting private equity backed and entrepreneur-owned businesses.
Joe recently served as the CFO of DAS Health (private equity backed healthcare IT services company) and Encompass Onsite (company that experienced rapid growth under his financial guidance). His tenure in the healthcare industry includes significant contributions to BioMatrix (CFO from $60M-$500M during tenure) and Novis Pharmaceuticals (CFO from $60M-$200M during tenure), where he led notable growth and successful exits.
He graduated from Florida Atlantic University with an MBA following a BS in finance. A resident of Florida, Joseph spends his free time boating, enjoying the beach, playing Pickleball and spending quality time with his family and friends.
Ryan hummel
CIO / CTO / CISO, Executive & Board Advisor
Ryan Hummel is a seasoned Technology and M&A executive with 25+ years of experience leading digital transformation, IT strategy, and business integrations. He specializes in guiding companies through IT & digital transformation initiatives, change management, security projects and C-Suite advisory.
Previously, Ryan served as CIO at Planet Payment, a global fintech firm, where he led technology and security initiatives across digital payments, foreign exchange, and compliance. His expertise spans enterprise IT leadership, cybersecurity, and global-scale technology operations, supporting business transactions exceeding $2 billion.
Ryan holds a B.S. in Business Administration & IT and an Executive MBA from Drexel University, where he is also an Adjunct Professor in Leadership. He serves as a board member of the EMBA Alumni Association and is passionate about aligning technology with business growth.
The values that move us
Ethics Creativity Simplicity Persistency
At Panther Equity Group, we are guided by four core values that embody how we interact with all of our stakeholders. These values drive how we treat others, how we make decisions and how we lead.
contact us
Please contact us to learn more about Panther Equity Group or to discuss an investment opportunity.