Top Chicago Search Funds with Recent Private M&A Activity

130

Active Firms

1,942

TTM Deal Inquiries

$3M-$14M

Core Revenue Range

$800K-$3M

Core EBITDA Range

Top Sectors by Activity

Industrials 44%

Healthcare 12%

Business Services 11%

Technology 8%

Consumer Goods 8%

Key Attributes

Focus: Acquiring One Business | Capital Source: Investor-Backed or Self-Funded | Operating Approach: Stewardship & Growth

Vera Ratio LLC

Actively Sourcing Deals

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Vera Ratio LLC is an independent acquisition vehicle led by Carlos Silva, a finance and analytics professional with 15+ years of international business experience spanning network pricing, business development, and management consulting across the US and Latin America. Currently Manager of Network Pricing at the Discover Global Payment Network (Capital One), with deep expertise in transaction economics, pricing strategy, data modeling, and business intelligence. MBA from DePaul University. Targeting cash-flowing businesses in clinical diagnostics, healthcare IT, revenue cycle management, and…

Recent Transactions

This member has no reported closed transactions.

Stableside Capital

16 Total Closed Deals

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Stableside Capital consists of an individual entrepreneur, backed by a group of experienced investors and advisors, looking to acquire, operate, and grow a lower middle market business. We have a long-term investment horizon, deep capital markets relationships, and flexible approach to partnering with a current owner-operator to provide liquidity, a mutually beneficial transition strategy, and a continuing legacy for their business.

Recent Transactions

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Jan 2019 Acquired Patriot Growth Partners
May 2018 Acquired Clarus Glassboards
Mar 2018 Acquired Shearer's Foods
Feb 2018 Acquired Mavis Discount Tire

MSix Capital Group

2 Total Closed Deals

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MSix Capital Group is a trusted private investment firm with a strong track record and committed capital. We are focus on medium-sized businesses in the US. Join us and work with passionate entrepreneurs and experienced investors ready to ensure your business thrives. Together, let's unlock new growth and create a brighter future.

Recent Transactions

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Nov 2023 Invested in Collective
Sep 2023 Acquired Confidential Company

Five Lakes Equity Partners

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Five Lakes’ goal is to acquire a single, established healthcare business. We have a long-term focus and the team to help your company reach its potential. We’ll help you transition out of the drivers seat, while infusing your company with energy to drive the next phase of growth.

Recent Transactions

This member has no reported closed transactions.

June Road Capital LLC

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June Road is a search fund managed by an experienced entrepreneur, Jaclyn Smith, who is looking to buy one strong, existing business to operate long-term. The ideal business is people-focused and positioned for future growth. Jaclyn brings over 10 years of experience in supply chain and operations, marketing, and strategy. She founded June Road to buy and operate one small business, taking inspiration from her father, who fulfilled his lifelong entrepreneurial goal in 2020 and now runs a profitable cabinet wholesale company in Philadelphia. Prior to founding June Road, Jaclyn was a…

Recent Transactions

This member has no reported closed transactions.

Parkland Field

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Parkland Field seeks to acquire a single company. We intend to both own and operate the business for long-term value for our employees, community, and shareholders. Our approach provides owner-operators assurance that their business will remain in good, capable hands.

Recent Transactions

This member has no reported closed transactions.

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Eno Succession

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Eno Succession is a private investment company focused on acquiring one great business.We intend to take a direct, full-time active management role in the company we acquireand dedicate all of our professional energy to its enduring success.

Recent Transactions

This member has no reported closed transactions.

Transition Strategy Management LLC

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Transition Strategy Management is seeking to acquire and operate one privately-held small business in the greater Chicago area. Our founder Adam Minick, plans to take an operational role post-acquisition in order to create long term value for the key stakeholders of the business.

Recent Transactions

This member has no reported closed transactions.

Rowhouse Company

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Rowhouse Home Inc. is a family-owned company based in Chicago.We acquire essential service businesses that keep other companies running—quietly, reliably, and profitably.We focus on B2B service companies with strong recurring revenue, high customer retention, and dependable teams already in place. Our ideal sellers are owners who are ready to step back, who care about preserving their legacy, and prioritize the well-being of their employees.We’re not chasing trends — we’re building lasting value through great people, loyal customers, and smart systems.

Recent Transactions

This member has no reported closed transactions.

Northern Trail LLC

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Northern Trail LLC (www.northerntrail.us) was founded by Jorge Caraballo, to acquire and become the full-time owner-operator of a single, local business over the long term. I am seeking to acquire and become the owner-operator of a profitable business generating annual revenue between $2M and $15M, located within 60 miles of downtown Chicago

Recent Transactions

This member has no reported closed transactions.

Mode2

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Mode2 helps companies build their cloud deployments using best practices. We also coach companies to develop new cloud software and modernize existing applications. Our human-centered approach puts your team at the core of a program that focuses on business and technical innovation for long-term success.

Recent Transactions

This member has no reported closed transactions.

Declan Kavanagh

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Declan Kavanagh is a strategic growth leader seeking to acquire and scale a profitable, founder-led business in the lower middle market ($750K–$5M SDE). With a proven track record in high-stakes corporate media partnerships (McDonald’s, Chick-fil-A, Yum Brands), digital transformation, and entrepreneurial business-building, he brings the insight of an executive and the hunger of a hands-on owner.Backed by a combination of personal/family funds and a team of experienced advisors, Declan is looking to acquire a majority stake in a stable, service-based or recurring-revenue business where…

Recent Transactions

This member has no reported closed transactions.

Zen Capital Partners, LLC

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Zen Capital Partners was founded to acquire, operate and grow one Canada-based, privately-held business with revenues of $5.0 to $50.0 million and at least $1.0 million of EBITDA.We offer business owners a very different succession option from private equity firms and competitors. With our focus solely on the long-term growth and success of the acquired business, owners can exit with the comfort of knowing that the business and its employees are in the capable hands of a motivated team that will continue to build on the previous owner's accomplishments. Our goal is to structure an attractive…

Recent Transactions

This member has no reported closed transactions.

Slalom Partners

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Founded by a fourth-generation family business owner and operator, our team at Slalom Partners believes in preserving business legacies while building long-term value. We begin by getting to know you and your company’s unique characteristics.‍As leaders in automation, operations management, and data analytics, our tech-forward strategies nurture meaningful growth. Meanwhile, we leverage our experience from consulting Fortune 500 clients to keep your business at the forefront of your industry.‍Through our proactive approach, you can have confidence in the sustained success of the…

Recent Transactions

This member has no reported closed transactions.

Greenhouse Equity Partners

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Founded by Audrey Kohout along with a diverse team of investors, we are ready to work through a flexible and personalized sale process. Upon close, Audrey will move to begin an operation role within the company.Audrey is an entrepreneur dedicated to finding and running one great business. In her tenure at Target, Audrey established and executed on strategic partnerships for over 50 businesses selling into departments that spanned the industry value chain from store operations to overseas manufacturing facilities with a focus on operational technologies.

Recent Transactions

This member has no reported closed transactions.

Anthem Management

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Anthem Management is a fully-funded investment firm focused on completing a single full buyout acquisition of a US based Company and holding it into perpetuity. Our advisors and capital base will help support the Company through the acquisition process and into in its next phase of ownership. Our resources will allow the Company grow and build upon the legacy of the existing owners.We are looking to acquire a Company that is deeply connected to the community (employees, customers, vendors, etc.) that it serves. We will work with the Company's founders/existing entrepreneurs on structuring a…

Recent Transactions

This member has no reported closed transactions.

Prairie Road Partners

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Prairie Road Partners is a search fund focused on acquiring and operating a small business in the Midwest. Targeting businesses with recurring revenues of between $3-30M and primarily offering services with a low customer concentration. The founder of Prairie Road Partners, Kevin Sussman has extensive experience in healthcare strategy, business valuation, and operational process improvements. Kevin is a passionate and energetic professional who finds purpose in leading small organizations and teams.

Recent Transactions

This member has no reported closed transactions.

Artemis Partners

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Artemis Partners is an investment company whose mission is to identify and acquire a single business in the small cap market to own and operate for the long term. Artemis’ initial investment will function as the foundational centerpiece for a platform of future growth. Founded in 2023 by a small group of entrepreneurs and investors with deep experience in M&A, operations, private equity, and buying, building, & integrating services businesses, Artemis’ intent is to identify and acquire an enduringly profitable, high-caliber company, with a long runway ahead of it. Our founders and backers…

Recent Transactions

This member has no reported closed transactions.

Catalyst Strategic Advisors, LLC

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I am actively seeking to invest in the acquisition of a business with up to $10 million in annual revenue. My focus is on opportunities based in the Chicago area or companies with a remote or online-enabled workforce. I am open to a range of industries and intend to bring professional management and strategic resources to support long-term growth.

Recent Transactions

This member has no reported closed transactions.

Magpie Migrations

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Investment Firm: Magpie Migrations Focus: Owner-Operator Acquisition / Modernization PlayBio / Investment Thesis:I am a veteran technology executive and former founder (ex-AWS ProServe, CollabRite) looking to acquire and operate a service-based platform in the $3M – $12M revenue range.My thesis, Magpie Migrations, is centered on acquiring established B2B service businesses—specifically in Managed Services, Specialized Logistics, or Niche Manufacturing—and driving significant margin expansion through technological modernization. I bring 25+ years of experience in technical architecture…

Recent Transactions

This member has no reported closed transactions.

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Firms in the Chicago Search Funds directory are ordered based on recent deal activity on Axial. The default order reflects observed market signals rather than a subjective ranking of firm quality.

Each profile provides information about the firm’s areas of focus, transaction criteria, and relevant activity on Axial’s M&A platform. Together, these details provide a clearer view of where a firm is active and the types of companies and opportunities most relevant for it.

Based on activity on Axial’s M&A platform, the core revenue range for Chicago Search Funds is $3M-$14M, with a core EBITDA range of $800K-$3M. Company size can be an important indicator of fit, as firms often concentrate their experience, resources, and transaction activity within particular segments of the market.

Location can be an important consideration, but it does not necessarily define where a firm is active. Firms based in Chicago may bring regional knowledge, local relationships, and experience with businesses in the area, while many also pursue opportunities across a broader geographic footprint. Geography is best considered alongside sector focus, company size, and relevant transaction activity.

Not necessarily. A firm’s location does not always define its geographic reach. Many Search Funds based in Chicago are active across multiple regions, while firms based elsewhere may also participate in the Chicago market. Location can provide useful context, but it should not be interpreted as a firm’s geographic boundary.

When comparing Search Funds in Chicago, consider factors such as sector focus, size range, and recent transaction activity. These characteristics vary across the 130 firms included in the directory and can help identify firms that align with your needs.

Axial can help you identify and connect with firms based on your objectives and what you are looking to accomplish. The process varies depending on your role and transaction needs. If you are interested in connecting with firms in the Chicago Search Funds directory, you can request information here.

Top Chicago Search Funds

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