A Trusted Partner for Founders, Companies & Entrepreneurs

We invest in lower middle market companies during moments of change — bringing capital, strategic guidance, and operational support to help businesses thrive through their next chapter.

About
Adaptive by Nature

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 and 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.

01

Core Operations

Optimizing operations and scaling systems for sustainable growth

02

Market Expansion

Services, product and market expansion into new verticals

03

Revenue Acceleration

Sales, marketing and channel acceleration strategies

04

Leadership

Executive team development and strategic talent

05

Technology & AI

Strategic technology, AI and IT systems implementation

06

M&A Execution

Targeted add-on sourcing, evaluation and integration

$3–$15M
EBITDA Range
2
Active Portfolio Companies
3
Core Sectors
100%
Founder Alignment
Investment Criteria
How We Invest
We invest in companies that provide essential, high-impact services or solutions — with a deep respect for the legacy that founders have built.
I

Size & Geography

  • EBITDA of $3M – $15M, minimum 10% margin
  • U.S. or Canada headquarters
  • Experienced management teams
  • Minimum 5 years of operating history
II

Target Transaction

  • Majority, significant minority or structured equity
  • Founder(s) ready to exit or retire
  • Recapitalization with founder liquidity event
  • Shared value creation with founders and management post-close
III

Business Profile

  • Founder, family or closely-held ownership
  • Experienced management teams
  • Diversified customer base
  • Stable or recurring customer relationships
Where We Focus
Deep domain expertise and operating partner networks across three core verticals.

IT & Tech-Enabled Services

  • Cybersecurity Services & Solutions
  • Data & Analytics Services
  • IT Lifecycle Management & IT Asset Disposition ("ITAD")
  • Digital Transformation Services
  • System Integrators & VARs
  • Managed IT Services
  • Healthcare IT Services & Consulting

Business Services

  • Testing, Inspection & Certification (TIC)
  • Governance, Risk & Compliance
  • Engineering Services
  • B2B Professional Services
  • Niche Legal Services
  • Niche B2B Vertical Software

Niche Manufacturing

  • Specialty & Contract Manufacturers (CMOs/CDMOs)
  • Specialty Packaging Manufacturers
  • Consumable & Recurring Demand Products
  • Value Added Distributors
Active Investments
Our Portfolio
Current

Glass Box Technology

A leading managed services provider, IT solutions integrator and cybersecurity consultant delivering tailored technology solutions across infrastructure design, cybersecurity, network architecture, virtualization and cloud enablement — serving healthcare, financial and public-sector organizations.

Investment Date
2025
Industry
Managed IT / Integrator / Cyber
Headquarters
California
Transaction
Recapitalization
Add-On Criteria
Up to $6M EBITDA
Website
gboxtech.com
Current

Switchbox, Inc.

A digital transformation, AI and engineering company designing agentic software applications and solutions across multiple industries with a strong track record of helping customers achieve business goals through technology.

Investment Date
2023
Industry
Digital IT / Software Development
Headquarters
Ohio
Transaction
Recapitalization
Add-On Criteria
Up to $3M EBITDA
Website
switchboxinc.com
News
Latest Updates
Jan 2026
Panther Equity Group Welcomes Rene Biller as Partner, Expanding into Select Niche and Contract Manufacturing
LinkedIn
Oct 2025
Glass Box Technology Announces Hire of Raffi Shahbazian as CTO, from Oracle Cloud
LinkedIn
Sep 2025
Joseph Ziegler and Ryan Hummel Join Panther Equity Group as Operating Partners
LinkedIn
Jul 2025
Glass Box Technology Announces Hire of Industry Executive John Marler as New CEO
LinkedIn
Jul 2025
Panther Equity Group Announces Strategic Investment in Glass Box Technology
Business Wire
Oct 2024
Switchbox, Inc. Announces Hire of Software Engineering Executive Trip Bodley as President
LinkedIn
Oct 2023
Panther Equity Group & Corbel Capital Partners Announce Investment in Switchbox
Newswire
Leadership
Our Team
David Eshaghian

David Eshaghian

Partner David@PantherEG.com

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, David was the CEO of a Managed IT Services Provider which he acquired in 2017 through a Search Fund vehicle. Previously, he was an investment banker within Guggenheim Securities' M&A practice focusing on strategic advisory.

David is on the Board of Directors of Glass Box Technology, Switchbox, Inc. and Youth Renewal Fund. He graduated from USC's Marshall School of Business.

LinkedIn
Rene Biller

Rene Biller

Partner Rene@PantherEG.com

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 Panther, Rene founded and led a boutique technology M&A advisory firm specializing in B2B software and IT services. He previously worked as a PE investor in the broader technology sector and held operating roles in multiple venture-backed companies.

Originally from Germany, Rene holds an MSc from HHL Leipzig and an MBA from Tulane University. He is on the Board of Directors of Switchbox, Inc.

LinkedIn
Operating Partners
Functional & Industry Expertise
An extension of the Panther team providing deep domain expertise across the portfolio.
Joseph Ziegler

Joseph Ziegler

CFO, Executive & Board Advisor

Joe has a distinguished career driving business value through strategic financial leadership supporting PE-backed and entrepreneur-owned businesses. His tenure spans BioMatrix (CFO from $60M–$500M), Novis Pharmaceuticals (CFO from $60M–$200M), DAS Health, and Encompass Onsite — with multiple successful exits under his leadership.

Ryan Hummel

Ryan Hummel

CIO / CTO / CISO, Executive & Board Advisor

Ryan is a seasoned technology and M&A executive with 25+ years leading digital transformation, IT strategy, and business integrations. He previously served as CIO at Planet Payment, a global fintech firm, with expertise spanning enterprise IT leadership, cybersecurity, and technology operations supporting transactions exceeding $2 billion.

Our Foundation
The Values That Move Us
The principles that guide how we invest, how we partner, and how we build.

Integrity

Adaptability

Conviction

Resilience

Get In Touch
Contact Us

We welcome meeting company founders, experienced industry executives, reviewing investment proposals or referrals in-line with our criteria. We are actively seeking investment opportunities and happy to compensate intermediary fees at market levels.

Office

2121 Avenue of the Stars, Suite 800
Los Angeles, CA 90067