Lower Middle Market Private Equity Firms: The 2026 List
Most lists of "middle market" private equity firms are really lists of mega-funds, or a single firm's homepage. This one is 30 firms that actually buy lower middle market companies, grouped by the deal size each firm publishes, with its sector focus and headquarters.
Every size range below is the firm's own published criteria and every headquarters is from its own office listing, checked in October 2026; the sector focus is our summary of each firm's site. Where a firm states its size in EBITDA we show EBITDA; where it uses revenue, enterprise value (EV) or equity check size, we show that. Criteria change between funds, so confirm with the firm before you rely on a range.
What counts as the lower middle market?
There is no single official definition. Across the firms on this list, the lower middle market starts at roughly $1 million to $3 million of EBITDA and runs to about $25 million, with the larger firms here reaching enterprise values of $250 million to $500 million. Below that range is the search fund and independent sponsor market; above it, the upper middle market and the large-cap buyout funds.
Jump to: Smaller deals · Core lower middle market · Upper end
Smaller deals: about $1M to $10M EBITDA
Firms whose published criteria start at or near $1M to $3M of EBITDA. The most common first institutional buyer for a founder-owned business.
| Firm | Headquarters | Published size criteria | Sector focus |
|---|---|---|---|
| Shore Capital Partners | Chicago, IL | $1M-$10M EBITDA; $5M-$100M revenue | Healthcare, food and beverage, business services, industrials, real estate |
| Osceola Capital | Tampa, FL | $1M-$10M EBITDA; $5M-$75M revenue; up to $25M equity | Business, healthcare and industrial services |
| The Riverside Company (Micro-Cap) | Cleveland, OH and New York, NY | Under $10M EBITDA (Micro-Cap); $10M-$35M (Capital Appreciation) | Healthcare, software and IT, business services, consumer, education, specialty manufacturing |
| NewSpring Capital | Radnor, PA | $1M-$10M EBITDA (franchise); $10M-$100M revenue (healthcare) | Healthcare, franchise brands, technology, mezzanine |
| Branford Castle Partners | New York, NY | $2M-$15M EBITDA; EV up to $150M | Niche market leaders across industrials, distribution and services |
| Copley Equity Partners | Boston, MA | $2M-$25M earnings or free cash flow | Industry agnostic; founder-owned with recurring revenue |
| WILsquare Capital | St. Louis, MO | $3M-$10M EBITDA | Business services, niche manufacturing, distribution, tech-enabled services |
Core lower middle market: about $3M to $25M EBITDA
The center of the market. Most of these firms also buy add-ons of any size for their existing platforms.
| Firm | Headquarters | Published size criteria | Sector focus |
|---|---|---|---|
| Align Capital Partners | Dallas, TX and Cleveland, OH | $3M-$15M EBITDA | Business services, specialty distribution, manufacturing |
| Capstreet Group | Houston, TX | $3M-$15M EBITDA | Entrepreneur-owned services companies |
| Hamilton Robinson Capital Partners | Stamford, CT | $3M-$15M EBITDA; $15M-$200M revenue; $5M-$50M equity | Niche manufacturing, industrial and business services, distribution |
| Kian Capital Partners | Atlanta, GA | $3M-$15M EBITDA; $10M-$100M revenue; $15M-$40M investment | Business services, value-added distribution, industrials |
| Shorehill Capital | Chicago, IL | EBITDA up to $15M; $20M-$150M EV | Manufacturing, business services, distribution |
| Clearlight Partners | Irvine, CA | $4M-$15M EBITDA | Consumer, healthcare, business services |
| Benford Capital Partners | Chicago, IL | $3M-$20M EBITDA; $10M-$200M revenue | Niche manufacturing, specialty services, specialty distribution |
| Hastings Equity Partners | Boston, MA | $5M-$20M EBITDA; $20M-$200M revenue | Industrial services, logistics, environmental services |
| Saw Mill Capital | Briarcliff Manor, NY | $3M-$25M EBITDA; $20M-$200M revenue | Industrial services, engineered products, specialty manufacturing |
| MountainGate Capital | Denver, CO | $5M-$25M EBITDA for platforms | Digital marketing, business services, specialty manufacturing |
| Blue Point Capital Partners | Cleveland, OH | EBITDA over $5M; $30M-$300M revenue | Industrial, business services, consumer |
| Gauge Capital | Southlake, TX | $5M+ EBITDA; $50M-$500M EV | Business services, consumer, healthcare, industrials |
| Halifax Group | Washington, DC | $8M-$30M EBITDA; $50M-$300M EV; $40M-$80M equity | Business and healthcare services |
Upper end: bigger checks and operational situations
Firms that reach into larger deals or define themselves by revenue, enterprise value or check size rather than an EBITDA floor. Several specialize in carve-outs and turnarounds.
| Firm | Headquarters | Published size criteria | Sector focus |
|---|---|---|---|
| Tenex Capital Management | New York, NY | $3M-$40M EBITDA; $25M-$125M equity | Family-owned businesses, carve-outs, sponsor-owned companies |
| Graham Partners | Newtown Square, PA | $5M-$50M EBITDA | Advanced manufacturing and related services |
| Satori Capital | Dallas, TX | $5M-$50M EBITDA; majority or minority | Long-term partnerships across services and industrials |
| CenterOak Partners | Dallas, TX | $7M-$35M EBITDA; $50M-$500M EV | Business, industrial and consumer services |
| Incline Equity Partners | Pittsburgh, PA | $25M-$750M EV | Services, value-added distribution, software and technology, light manufacturing |
| Bertram Capital | Foster City, CA | $50M-$500M EV | Business services, consumer, industrial and manufacturing, technology |
| Prophet Equity | Southlake, TX | $10M-$250M EV; revenue up to $500M | Operationally intensive industrial, aerospace, transportation and distribution businesses |
| Speyside Equity | Ann Arbor, MI | Up to $500M revenue; up to $75M equity | Manufacturing and industrial, special situations, succession |
| Hidden Harbor Capital Partners | Boca Raton, FL | Up to $500M revenue | Special situations across industrial and services businesses |
| Grey Mountain Partners | Boulder, CO | Equity up to $75M for majority positions | Businesses in transition that need operational improvement |
How lower middle market firms find their deals
At this size, the best companies often never run a banker-led process. Many are founder-owned businesses whose owners have not decided to sell, which is why most firms on this list run some form of proprietary sourcing alongside intermediary relationships: direct outreach to owners, add-on programs for existing platforms, and industry networks. For a deeper look, see our guides to proprietary deal flow, add-on acquisitions and what the middle market is.
Is your firm missing, or has your criteria changed?
We update this list as funds close and criteria move. If your firm invests in the lower middle market and should be here, or a range above is out of date, email hello@visbl.io with your published criteria.