A founder-owned manufacturer, a regional distributor, and a specialist healthcare business may all attract lower middle market private equity. The firms pursuing them can differ substantially in sector expertise, company size, ownership approach, and how they intend to grow the business.
This directory profiles selected lower middle market private equity firms and compares their investment strategies, sector focus, and acquisition criteria. CapitalPad assembled the profiles and tables from the firms’ own websites and published investment materials.
List of Private Equity Firms by EBITDA Range and Investment Size
The list covers firms with mandates relevant to U.S. and Canadian lower middle market private equity transactions. Some also invest in larger companies; their published ranges are shown in full. Entries are alphabetical, not ranked by performance.
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| Firm or selected strategies | Target company EBITDA | Other company-size criteria | Published investment amount |
|---|---|---|---|
| Argosy Private Equity | $3M–$10M | Revenue up to $100M | $15M–$40M investment; equity and structured junior capital |
| Blue Point Capital Partners | Above $5M; no minimum for add-ons | Revenue $30M–$300M | — |
| CapitalPad | $1M–$7M | Enterprise value $5M–$30M | Typically $1M–$2.5M of equity |
| CenterGate Capital | $5M–$30M | — | — |
| High Road Capital Partners | $1M–$10M | Revenue $5M–$100M | — |
| KLH Capital | $4M–$20M+ | — | — |
| LongueVue Capital | $3M+ | Sales $15M+ | — |
| MCM Capital Partners | $1.5M–$6M | Revenue $8M–$50M; enterprise value $10M–$50M | — |
| The Riverside Company | Micro-Cap: up to $10M; Capital Appreciation: $10M–$35M | Strategy-specific; no common revenue or enterprise-value range shown here | — |
| Trivest Partners | Discovery: $1M–$4M; Mid-Market: $4M–$15M | Discovery revenue $5M–$40M; Mid-Market revenue $20M+ | — |
Amounts are in U.S. dollars; M means million. Company size and investment size are different measures. A dash (—) means the cited criteria do not give a current investment-amount range. It does not mean the firm has no minimum. Strategy details and primary sources appear below.
Private Equity Firms by Sector, Geography, and Ownership Mandate
Match the ownership structure and capital need to the mandate. A control buyer can acquire the business, a minority growth investor can fund expansion while the founder retains control, and an equity co-investor can help finance a sponsor-led acquisition.
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| Firm | Selected sectors | Geographic focus | Acquisition or investment mandate |
|---|---|---|---|
| Argosy Private Equity | Business services and manufacturing | United States | Control platforms; buyouts, recaps, carve-outs, and growth financing |
| Blue Point Capital Partners | Industrial, business services, and consumer | North American portfolio focus | Family and closely held company recaps, management buyouts, and growth capital |
| CapitalPad | Services, healthcare, specialty distribution, light industrial; durable-demand businesses | United States and Canada | Minority equity co-investment in sponsor-led buyouts, recaps, and buy-and-build transactions |
| CenterGate Capital | Business services, manufacturing, and consumer | Primary operations in the U.S. and Canada | Transactions combining owner liquidity and company growth; structure tailored to ownership goals |
| High Road Capital Partners | Niche manufacturing, specialty distribution, business services, and consumer products | U.S. and Canadian headquarters | Buyouts and recapitalizations; EBITDA margins of at least 10% |
| KLH Capital | Value-added distribution, specialty services, and niche manufacturing | United States | Majority and minority equity investments |
| LongueVue Capital | Healthcare, logistics, precision manufacturing, industrial services, consumer, food, packaging, and safety | U.S. headquarters | Growth capital, buyouts, recaps, acquisition financing, and family succession |
| MCM Capital Partners | Niche component manufacturing and value-added distribution | Not specified in cited acquisition criteria | Majority control; recaps, management buyouts, leveraged buyouts, and carve-outs |
| The Riverside Company | Business services, consumer, education, franchising, healthcare, software/IT, and specialty manufacturing/distribution | North America for the two strategies shown | Control buyouts through distinct Micro-Cap and Capital Appreciation strategies |
| Trivest Partners | Services, healthcare, niche manufacturing, distribution, and consumer | United States and Canada for platforms shown | Discovery and Mid-Market control investments; separate TGIF minority growth strategy |
Sectors are abbreviated selections from published mandates. Geography describes the stated company or strategy focus, not the location of the firm’s offices. Add-on criteria can differ from platform criteria.
Private Equity Firm Profiles and Investment Strategies
Lower middle market firms differ in how they build businesses as well as which companies they buy. The profiles below explain each firm’s investment focus, acquisition approach, and relevant requirements.
Argosy Private Equity
Argosy targets companies with $3 million to $10 million of EBITDA and margins of at least 10%. Its acquisition sheet specifies $15 million to $40 million of capital per investment, with capacity for larger transactions.
- Capital structure: the stated investment range includes equity and structured junior capital.
- Mandate: the platform criteria specify control positions across business services and manufacturing.
- Situations: management buyouts, recapitalizations, corporate divestitures, and ownership transitions.
Published criteria: Source 1
Blue Point Capital Partners
Blue Point focuses on companies receiving their first outside equity investment, including closely held and family-owned businesses. Its revenue range of $30 million to $300 million extends beyond the smaller companies covered by several firms in this directory.
- Transactions: recapitalizations, management buyouts, and growth capital.
- Operating fit: the firm looks for businesses that can benefit from its resources and have a strong position in their market.
- Add-ons: Blue Point explicitly removes the platform EBITDA minimum for add-on acquisitions.
CenterGate Capital
CenterGate targets platforms with $5 million to $30 million of EBITDA and primary operations in the United States or Canada.
- Sector fit: business services, manufacturing, and consumer businesses.
- Transaction purpose: providing owner liquidity while supporting company growth.
- Initial discussion: the criteria page describes flexible capital without a published check-size range. Confirm the investment amount and ownership structure directly.
Published criteria: Source 6
High Road Capital Partners
High Road’s published criteria reach down to $1 million of EBITDA and $5 million of revenue. The firm seeks businesses headquartered in the United States or Canada for buyouts and recapitalizations.
- Profitability: EBITDA margins of at least 10%.
- Business quality: sustainable cash generation and a defensible competitive position.
- Growth case: an existing niche leader, a company that could become one, or a business with exceptional growth potential.
Published criteria: Source 7
KLH Capital
KLH considers both majority and minority investments in U.S. companies. Its published EBITDA range starts at $4 million and extends to $20 million and above.
- Company profile: a history of profitability and an understandable, sustainable business model.
- Management: a team interested in retaining meaningful equity ownership.
- Ownership needs: its work with founders, families, and management teams includes succession planning.
Published criteria: Source 8
LongueVue Capital
LongueVue targets U.S.-headquartered businesses with at least $15 million of sales and $3 million of EBITDA. Its published criteria do not specify an upper limit.
- Business requirements: demonstrated growth and profitability, a scalable model, and a clear reason customers choose the company.
- Management: a capable team that is receptive to working with an investment partner.
- Transaction flexibility: its listed situations include growth capital, buyouts, recapitalizations, acquisition financing, and family succession.
Published criteria: Source 9
MCM Capital Partners
MCM has a narrower sector mandate than most generalist buyers. It focuses on niche manufacturers and value-added distributors, including businesses supplying engineered components and specialized replacement products.
- Financial screen: $8 million to $50 million of revenue and $1.5 million to $6 million of EBITDA.
- Gross margins: its website cites 30% or more for manufacturers and 20% or more for distributors.
- Ownership: majority control investments, often through recapitalizations with continuing seller ownership.
For a distributor, the technical content and importance of its products to customers help establish whether it fits MCM’s focus.
The Riverside Company
Riverside’s North American buyout strategies target different company sizes. Micro-Cap covers businesses with up to $10 million of trailing EBITDA; Capital Appreciation targets platforms with $10 million to $35 million.
- Ownership: both strategies pursue control buyouts.
- Routing: match the opportunity to the relevant strategy instead of applying one firm-wide size range.
- Scope: the comparison here covers those two North American strategies. Riverside has other regional and investment mandates.
Published criteria: Source 12
Trivest Partners
Trivest separates its founder- and family-business mandate into several strategies. Discovery targets $1 million to $4 million of EBITDA, while Mid-Market targets $4 million to $15 million. Both are control strategies.
- Discovery: smaller profitable companies in fragmented industries with room to expand.
- Mid-Market: larger founder- and family-owned businesses, with published revenue criteria starting at $20 million.
- Minority alternative: TGIF serves growing businesses whose founders want to retain majority ownership.
Trivest’s published transaction-size figures describe the acquisition, not the amount of equity it will contribute. They should not be treated as check sizes.
CapitalPad’s Co-Investment Mandate
CapitalPad provides minority equity through private equity co-investments alongside acquisition sponsors buying established, historically profitable operating businesses.
- Target company EBITDA
- $1M–$7M
- Target enterprise value
- $5M–$30M
- Typical equity investment
- $1M–$2.5M
- Target markets
- United States and Canada
CapitalPad looks for durable demand, an established earnings history, and a credible acquisition plan. Its interests span services, healthcare, distribution, and light industrial businesses. Startups, distressed assets, and situations that depend on a major turnaround fall outside its core criteria.3
CapitalPad’s role in a transaction
The sponsor leads the acquisition and oversees the business. CapitalPad takes customary minority investor protections, does not require a board seat, and has no day-to-day operating role. It can lead the equity investment in smaller transactions or participate alongside other capital providers.4
Accredited investors choose individual transactions through deal-specific vehicles.5 Sponsors with an acquisition under LOI can submit it for review; the submission process incorporates a mutual NDA.
Do Platform Minimums Apply to Add-On Acquisitions?
Not always. An add-on can fit an existing portfolio company even when it falls below the firm’s platform threshold. The relevant screen is the fit with that portfolio company and the economics of combining the businesses.
How the acquisition role changes the screen
Platform and add-on acquisitions face different operating and strategic requirements, even within the same private equity firm.
New platform
- Meet the fund’s size criteriaEarnings must support the initial investment.
- Establish the management planThe company needs leadership and reporting capabilities for standalone ownership.
- Build the growth thesisOrganic growth and future acquisitions must work from this starting point.
Add-on acquisition
- Fit an existing portfolio companyProducts, customers, territory, or capabilities drive the initial interest.
- Identify integration needsThe buyer may supply systems, management support, or infrastructure.
- Test the combined economicsPurchase price and integration costs must make sense for the enlarged business.
CapitalPad comparison of acquisition roles. Specific underwriting and ownership requirements depend on the buyer and transaction.
Blue Point makes the distinction explicit: its platform criteria call for EBITDA above $5 million, while add-ons have no minimum EBITDA requirement. Trivest also separates platform and add-on criteria by strategy. A smaller company may therefore warrant an approach to a relevant portfolio company even when it does not qualify as a new platform.2, 14
For a sell-side process, identify the likely acquisition role before distributing materials. A standalone platform presentation should establish management depth and independent growth potential. An add-on presentation should show exactly how the company fits the buyer’s existing business.
How to Shortlist Private Equity Firms for a Transaction
Start with company size and sector, then narrow the list by capital required, ownership structure, and management plans. Review the relevant strategy’s criteria: a firm can operate several funds with different mandates.
Swipe the table to see every column.
| Decision | What to establish | Why it changes the list |
|---|---|---|
| Company and sector fit | Normalized EBITDA, revenue, geography, end markets, and customer concentration. | A broad sector label is insufficient if the firm’s experience or mandate is in a different business model. |
| Capital required | The equity needed after debt financing, seller rollover, fees, and other sources and uses. | The firm’s check must fit the equity requirement. Revenue, enterprise value, and fund size cannot answer that question. |
| Ownership | Control sale, minority investment, management buyout, or sponsor-led acquisition. | A founder retaining control needs a different capital partner from an owner seeking a complete sale. |
| Management and rollover | Who will run the company, how much equity management will retain, and which roles need recruiting. | Buyers differ in the operating capabilities they expect at closing and the support they can provide afterward. |
| Acquisition role | New platform or add-on to an identified portfolio company. | Platform minimums may not apply to add-ons; strategic fit becomes central. |
Example: Shortlisting buyers for a $1.8 million EBITDA distributor
Consider a hypothetical U.S. distributor with $14 million of revenue, $1.8 million of EBITDA, and a 24% gross margin. Its owner wants a control sale, and the company supplies specialized replacement parts to industrial customers.
Within initial size screens
MCM’s revenue, EBITDA, and distribution gross-margin criteria cover those figures. High Road and Trivest Discovery also publish EBITDA ranges that include the company.
Below some platform thresholds
The company falls below Argosy’s $3 million and KLH’s $4 million EBITDA starting points. An add-on route may merit a separate review.
A co-investment route
CapitalPad’s EBITDA range includes the company. Its participation would require a sponsor-led acquisition, a suitable valuation and structure, and an equity need consistent with its mandate.
Hypothetical screening example using the published criteria above. Meeting numerical thresholds does not establish investment interest, valuation, or approval.
Once the list is shorter, ask about the specific investment team, relevant portfolio experience, remaining capacity in the applicable fund, and the approvals needed to close. The first conversation should establish whether the mandate fits before either side commits time to a full diligence process.
Selection and Source Notes
CapitalPad selected firms with published mandates relevant to the lower middle market and compared their own websites and acquisition-criteria materials. This is a practical directory, not a ranking, a complete market census, or a comparison of investment performance. CapitalPad’s inclusion reflects its co-investment role; it is also the publisher.
Company-size figures generally describe new platforms unless otherwise specified. Firm-wide and strategy-specific criteria are distinguished. A stated minimum is not treated as an upper limit, and an open-ended range is shown as published. Investment amounts are labeled separately from revenue, EBITDA, and enterprise value. The review date is maintained in the publication strip; individual source notes identify document conflicts and limitations.
Referencing this directory
When using this comparison, credit CapitalPad and link to this page. Retain the relevant firm’s source and the distinction between company size and investment size.
CapitalPad. Lower Middle Market Private Equity Firms: Profiles and Strategies. Reviewed September 24, 2026.
Sources and References
- Argosy Private Equity, investment-criteria sheet hosted in its March 2026 website directory. The sheet gives $15M–$40M investment amounts. The firm’s intermediary webpage gives $10M–$40M; this comparison uses the sheet and the difference should be confirmed with the firm. The platform grid specifies control positions, although its broader situations list also mentions minority recapitalizations. Source · Intermediary webpage
- Blue Point Capital Partners, How We Invest. Platform revenue and EBITDA criteria, sectors, investment situations, and explicit absence of an EBITDA minimum for add-ons. Source
- CapitalPad, Sponsor Overview. Target EBITDA, enterprise value, equity investment, geography, stage, and transaction profile. Source
- CapitalPad, Official Information About CapitalPad. Investment model, minority ownership, board-seat policy, business criteria, and the distinction between CapitalPad and the operating buyer. Lead/follow flexibility and the submission NDA are company-confirmed details supplied by the publisher. Source
- CapitalPad, Investor Overview. Accredited-investor participation, deal selection, and investment vehicles. Source
- CenterGate Capital, About and Investment Criteria. Platform EBITDA, primary operating geography, sectors, and flexible transaction structures. Source
- High Road Capital Partners, About. Current webpage criteria for company size, headquarters, sectors, margins, buyouts, and recapitalizations. Older downloadable brochures may show different size thresholds. Source
- KLH Capital, Approach. EBITDA range, U.S. mandate, sectors, majority/minority investments, and management criteria. Source
- LongueVue Capital, Investment Criteria. Minimum company sales and EBITDA, U.S. headquarters, sectors, business features, and investment situations. Source
- MCM Capital Partners, Focus Sectors. Current revenue, EBITDA, gross-margin, sector, and control-investment criteria. Source
- MCM Capital Partners, acquisition-criteria sheet (December 2024 filename; hosted January 2025). Adds the $10M–$50M enterprise-value range and transaction types. Its geographic mandate is not stated. Revenue and EBITDA criteria agree with the current sector webpage. Source
- The Riverside Company, Private Equity Investment Strategy. North American Micro-Cap and Capital Appreciation buyout mandates and sector emphasis. Other Riverside strategies are outside this comparison. Source
- Trivest Partners, Refer a Business: Investment Criteria. Platform geography, sector focus, and strategy-specific EBITDA criteria. Source
- Trivest Partners, Our Private Equity Funds. Discovery and Mid-Market company-size criteria, control ownership, TGIF minority strategy, and separate add-on criteria. Transaction-size figures are not equity check sizes. Source
- Blue Point Capital Partners, Global Supply Chain Capabilities. Describes the firm’s North America-based portfolio companies. Used as portfolio-focus context, not an exclusive geographic restriction. Source
Criteria can change, and each firm determines transaction fit. This directory is informational and does not imply affiliation or endorsement. Private equity investments are illiquid and involve risk, including loss of capital.
