Partner Companies
Partner
Companies
Since 2012, we’ve partnered with owner-led industrial and infrastructure businesses across the lower middle market. We take control or significant ownership positions and remain invested for the long term, working alongside management to build durable value through operational improvement, thoughtful capital decisions, and targeted acquisitions.
Your father's name might still be on the building. You might have employees who've been there longer than you have. What happens to them matters to you. It matters to us too.
Your father's name might still be on the building. You might have employees who've been there longer than you have. What happens to them matters to you. It matters to us too.
What We've built
What We've built
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Platform Investments Since 2012
3-9yr
3-9yr
3-9yr
Hold Period
$2-15M
$2-15M
$2-15M
EBITDA Sweet Spot at Entry
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Add-on Acquisitions
Printware
Printing & Direct Mail Equipment
2025 - Present
Printware designs and manufactures the iJetColor family of digital inkjet presses — high-speed full-color printing systems powered by HP PageWide technology for short-run envelope, direct mail, and specialty print applications, pairing hardware sales with recurring consumables and service revenue for predictable cash flow and deep customer relationships.
We partnered with the team to scale this niche technology leader, supporting investments in product innovation, expanded service offerings, and workflows that increase uptime and customer reliance. Today, Printware's technology powers fast, high-quality printing while creating a pathway into packaging and adjacent personalized print markets through expanded media support and advanced workflow software — increasing recurring consumables sales of inks, parts, and service contracts as customers adopt more digital print capabilities.
Printware
Printing & Direct Mail Equipment
2025 - Present
Printware designs and manufactures the iJetColor family of digital inkjet presses — high-speed full-color systems powered by HP PageWide technology for envelope, direct mail, and specialty print applications, pairing hardware with recurring consumables and service revenue for predictable cash flow and deep customer relationships.
We partnered with the team to scale this niche technology leader, supporting product innovation and workflows that increase uptime and customer reliance — building a pathway into packaging and adjacent markets through advanced workflow software and growing recurring ink, parts, and service revenue.
Edge One
Managed ATM Services
2021 – Present
Edge One operates a large installed base of ATMs, delivering predictable, recurring revenue through cash management and long-term service contracts. We partnered with the team to accelerate the shift from transactional hardware sales to a managed services model built around installed assets, software-enabled workflows, and durable customer relationships.
Along the way: the platform expanded its technical and automation capabilities, improving monitoring, service responsiveness, and operational efficiency across the network. The result is a business with meaningful switching costs and service economics that improve with scale and density.
Edge One
Managed ATM Services
2021 – Present
Edge One operates a large installed base of ATMs, delivering predictable, recurring revenue through cash management and long-term service contracts. We partnered with the team to accelerate the shift from transactional hardware sales to a managed services model built around installed assets, software-enabled workflows, and durable customer relationships.
Along the way: the platform expanded its technical and automation capabilities, improving monitoring, service responsiveness, and operational efficiency across the network. The result is a business with meaningful switching costs and service economics that improve with scale and density.
Edge One
Managed ATM Services
2021 – Present
Edge One operates a large installed base of ATMs, delivering predictable, recurring revenue through cash management and long-term service contracts. We partnered with the team to accelerate the shift from transactional hardware sales to a managed services model built around installed assets, software-enabled workflows, and durable customer relationships.
Along the way: the platform expanded its technical and automation capabilities, improving monitoring, service responsiveness, and operational efficiency across the network. The result is a business with meaningful switching costs and service economics that improve with scale and density.
PowerVac of Michigan
Municipal & Utility Services
2019 – Present
PowerVac is a mission-critical infrastructure and facility services platform serving municipal, utility, institutional, and industrial customers across the Midwest and Northeast. We partnered with the team to build an integrated regional platform in a highly fragmented market, anchored by recurring, non-discretionary work and long-term customer relationships.
Since 2019, we’ve completed eleven acquisitions and unified the business under a single operating model — shared fleet, centralized dispatch, standardized systems, and cross-service execution. The result is a density-driven platform where utilization, response time, and coordination create real operating leverage. This is a roll-up where synergies exist — and actually compound.
PowerVac of Michigan
Municipal & Utility Services
2019 – Present
PowerVac is a mission-critical infrastructure and facility services platform serving municipal, utility, institutional, and industrial customers across the Midwest and Northeast. We partnered with the team to build an integrated regional platform in a highly fragmented market, anchored by recurring, non-discretionary work and long-term customer relationships.
Since 2019, we’ve completed eleven acquisitions and unified the business under a single operating model — shared fleet, centralized dispatch, standardized systems, and cross-service execution. The result is a density-driven platform where utilization, response time, and coordination create real operating leverage. This is a roll-up where synergies exist — and actually compound.
PowerVac of Michigan
Municipal & Utility Services
2019 – Present
PowerVac is a mission-critical infrastructure and facility services platform serving municipal, utility, and industrial customers across the Midwest and Northeast. We partnered to build a regional platform in a fragmented market, anchored by recurring, non-discretionary work and long-term customer relationships.
Since 2019, we've completed eleven acquisitions under a single operating model — shared fleet, dispatch, and standardized systems. The result is a density-driven platform where utilization, response time, and coordination create real operating leverage — a roll-up where synergies actually compound.
Bristol ID Technologies
Security & Identity Solutions
2015 - Present
Bristol evolved from a distributor of identification products into a manufacturer of high-security credentials, including Teslin substrates, RFID cards, secure government documents, and gift cards. We partnered with the team to support that move up the value chain through strategic capital investment and targeted tuck-in acquisitions.
What made it work: institutional customers with recurring demand and technical barriers that pure distributors struggle to replicate.
Bristol ID Technologies
Security & Identity Solutions
2015 - Present
Bristol evolved from a distributor of identification products into a manufacturer of high-security credentials, including Teslin substrates, RFID cards, secure government documents, and gift cards. We partnered with the team to support that move up the value chain through strategic capital investment and targeted tuck-in acquisitions.
What made it work: institutional customers with recurring demand and technical barriers that pure distributors struggle to replicate.
Bristol ID Technologies
Security & Identity Solutions
2015 - Present
Bristol evolved from a distributor of identification products into a manufacturer of high-security credentials, including Teslin substrates, RFID cards, secure government documents, and gift cards. We partnered with the team to support that move up the value chain through strategic capital investment and targeted tuck-in acquisitions.
What made it work: institutional customers with recurring demand and technical barriers that pure distributors struggle to replicate.
Squan Solutions
Telecom Infrastructure Services
2014 – Present
When carriers need wireless or fiber networks designed, built, and deployed, they turn to Squan. Together, we helped scale a strong regional wireless contractor into a national infrastructure platform by expanding capabilities into fiber, engineering, and turnkey network delivery — supported by disciplined growth and professional operating infrastructure.
What made it work: recurring, program-level relationships with tier-one carriers and a scalable operating model that combined in-house technical depth with a trusted vendor network. Investing in systems, leadership, and execution discipline proved just as critical as winning the next contract.
Squan Solutions
Telecom Infrastructure Services
2014 – Present
When carriers need wireless or fiber networks designed, built, and deployed, they turn to Squan. Together, we helped scale a strong regional wireless contractor into a national infrastructure platform by expanding capabilities into fiber, engineering, and turnkey network delivery — supported by disciplined growth and professional operating infrastructure.
What made it work: recurring, program-level relationships with tier-one carriers and a scalable operating model that combined in-house technical depth with a trusted vendor network. Investing in systems, leadership, and execution discipline proved just as critical as winning the next contract.
Squan Solutions
Telecom Infrastructure
2014 – Present
When carriers need wireless or fiber networks designed, built, and deployed, they turn to Squan. Together, we helped scale a regional wireless contractor into a national infrastructure platform by expanding into fiber, engineering, and turnkey network delivery — supported by disciplined growth and professional operating infrastructure.
What made it work: recurring, program-level relationships with tier-one carriers and a scalable operating model that combined in-house technical depth with a trusted vendor network. Investing in systems, leadership, and execution discipline proved just as critical as winning the next contract.
SST Conveyor Components
Industrial Components
2014 – 2022
SST manufactures mission-critical conveyor rollers, bearings, pulleys, and related components used in material handling, distribution, and production systems. We partnered with the team to professionalize management, invest in automation, and strengthen service execution across product lines, building a more scalable and reliable platform in a highly fragmented market.
That operating focus, combined with disciplined execution, made SST an attractive partner for both financial and strategic buyers. Following a secondary buyout, the business was ultimately integrated into a leading industry component manufacturer, reinforcing the strength of the operating platform we helped build.
The outcome: A nine-year hold that generated returns through sustained operational improvement and platform value creation.
SST Conveyor Components
Industrial Components
2014 – 2022
SST manufactures mission-critical conveyor rollers, bearings, pulleys, and related components used in material handling, distribution, and production systems. We partnered with the team to professionalize management, invest in automation, and strengthen service execution across product lines, building a more scalable and reliable platform in a highly fragmented market.
That operating focus, combined with disciplined execution, made SST an attractive partner for both financial and strategic buyers. Following a secondary buyout, the business was ultimately integrated into a leading industry component manufacturer, reinforcing the strength of the operating platform we helped build.
The outcome: A nine-year hold that generated returns through sustained operational improvement and platform value creation.
SST Conveyor Components
Industrial Components
2014 – 2022
SST manufactures mission-critical conveyor rollers, bearings, pulleys, and components used in material handling, distribution, and production systems. We partnered to professionalize management, invest in automation, and strengthen execution — building a scalable platform in a fragmented market.
That focus, combined with disciplined execution, made SST attractive to financial and strategic buyers. Following a secondary buyout, the business was integrated into a leading manufacturer — a nine-year hold that generated returns through operational improvement and value creation.
NYCOA
Specialty Chemicals
2013 – 2017
NYCOA is a manufacturer of specialty engineered nylon resins used in demanding industrial and performance applications. We partnered with the team to move the business up the value chain — from a distributor of commodity materials to a producer of high-performance, custom-engineered nylon compounds with differentiated capabilities.
The focus was on mix optimization, margin expansion, and strengthening technical know-how rather than chasing volume. That strategy positioned the company with a broader portfolio of engineered materials, improved operating performance, and stronger customer relationships.
NYCOA
Specialty Chemicals
2013 – 2017
NYCOA is a manufacturer of specialty engineered nylon resins used in demanding industrial and performance applications. We partnered with the team to move the business up the value chain — from a distributor of commodity materials to a producer of high-performance, custom-engineered nylon compounds with differentiated capabilities.
The focus was on mix optimization, margin expansion, and strengthening technical know-how rather than chasing volume. That strategy positioned the company with a broader portfolio of engineered materials, improved operating performance, and stronger customer relationships.
NYCOA
Specialty Chemicals
2013 - 2017
NYCOA is a manufacturer of specialty engineered nylon resins used in demanding industrial and performance applications. We partnered with the team to move the business up the value chain — from a distributor of commodity materials to a producer of high-performance, custom-engineered nylon compounds with differentiated capabilities.
The focus was on mix optimization, margin expansion, and strengthening technical know-how rather than chasing volume. That strategy positioned the company with a broader portfolio of engineered materials, improved operating performance, and stronger customer relationships.
Investment Philosophy
Investment Philosophy
Investment Philosophy
Patterns That Matter
These aren’t theories — they’re patterns we’ve seen hold up across fourteen years and more than two dozen investments. Every business is different, but certain lessons repeat. In our experience, outcomes are driven less by grand strategy and more by the conditions that allow a strategy to work.
We don’t do turnarounds. We don’t rely on financial engineering. We invest in good businesses and help make them better.
Geographic consolidation works
When density is built deliberately, enabling shared fleet, centralized procurement, and integrated operations to drive utilization and execution.
PowerVac
PowerVac
Moving up the value chain creates margin
When differentiated capability is matched with institutional demand that values reliability, compliance, and scale.
Bristol ID
Bristol ID
Professionalization accelerates growth
When founders stay engaged and alignment is preserved as systems, teams, and processes mature.
SST
SST
Capability expansion compounds value
When a focused core is extended into adjacent services — adding engineering depth and end-to-end solutions that strengthen customer relationships.
Squan
Squan
Testimonials
Testimonials
Testimonials
What Our Partners Say
What Our Partners Say
"Zero surprises. Everything they said in diligence is exactly how they showed up."
"They funded our growth without making us give up what made the business special in the first place."
"I expected quarterly pressure. Instead got patient capital and intros that actually moved the needle."
"Zero surprises. Everything they said in diligence is exactly how they showed up."
"They funded our growth without making us give up what made the business special in the first place."
"I expected quarterly pressure. Instead got patient capital and intros that actually moved the needle."
"Zero surprises. Everything they said in diligence is exactly how they showed up."
"They funded our growth without making us give up what made the business special in the first place."
"I expected quarterly pressure. Instead got patient capital and intros that actually moved the needle."