Interlock Equity invests in Evolv Consulting

23 January 2024 2 min. read

Interlock Equity, a Los Angeles-based private equity firm, has made a strategic growth investment in Evolv Consulting, a Dallas-based management and technology consultancy.

The private equity partnership will help Evolv reinforce market presence, extend solutions offerings, deepen industry expertise, and broaden geographic footprint.

Evolv was founded in 2018 and provides services in business strategy, data and analytics, and digital transformation. The firm has 156 employees across offices in Dallas and Houston.

In a press release last week announcing the hiring of Trisha Arnold as chief revenue officer, the firm said it planned to grow its headcount to 250 people by year-end.

"This strategic investment from Interlock represents a significant milestone for evolv. The cultural and philosophical alignment between our firms was clear from the beginning. This partnership will enable an accelerated growth trajectory, while allowing evolv the ability to enhance an already amazing culture as the business scales," said Eric Neef, CEO, Evolv.

Interlock Equity invests in Evolv Consulting

Interlock was founded in 2021 and focuses on lower-mid-market firms in the North American knowledge economy, including management consulting, professional staffing, tech-enabled services, marketing services, life sciences services, and healthcare services.

Interlock has three companies in its portfolio: Apply Digital, a digital marketing agency; Investor Group Services, a provider of strategic advisory and due diligence services to PE firms; and Lovelytics, a data consulting firm.

"Our investment in evolv reflects our confidence in the company's exceptional client delivery and strong momentum in the data and analytics market. Our collaborative efforts will continue the expansion of services, entry into new markets, and introduce strategic acquisitions—all while reinforcing their commitment to being a relationship-first organization,” said Rob Zielinski, managing partner at Interlock Equity.

Equiteq, an investment bank focusing on the knowledge economy, served as exclusive financial advisor to Evolv on the transaction. Guggenheim Securities served as financial advisor to Interlock.

"It was an absolute pleasure to advise Eric, Mike, Greg and the evolv management team throughout the process, that ultimately led to the team selecting a great partner in Interlock Equity. We are excited about the partnership and opportunities for growth," said Greg Fincke, managing director and co-head of Americas at Equiteq.