Top Minnesota Private Equity Funds with Recent Private M&A Activity

Active Firms

320

TTM Deal Inquiries

$6M-$23M

Core Revenue Range

$1M-$5M

Core EBITDA Range

Top Sectors by Activity

Industrials 44%

Technology 14%

Business Services 12%

Consumer Goods 10%

Transportation 9%

Key Attributes

Focus: Control Investments | Capital Source: Committed Capital | Operating Approach: Scale & Exit

ShoreView Industries

2 Closed Deals via Axial

29 Total Closed Deals Actively Sourcing Deals

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Founded in 2002, ShoreView is a Minneapolis-based private equity firm that has raised over $1.8 billion of committed capital across fivefunds. ShoreView partners with family or entrepreneurial-owned companies across many sectors, including engineered products, distribution, industrial services, business services, healthcare, and niche consumer products. Shoreview structures a variety of acquisition, recapitalization and build-up transactions, typically in businesses with revenues ranging between $20 million and $300 million.The Partners at ShoreView have completed over 100…

Recent Transactions

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Oct 2023 Acquired Confidential Company
Dec 2018 Invested in American Eye Associates
Sep 2017 Invested in Winzer Corporation
Sep 2016 Acquired Spring USA

Northern Lakes Capital

27 Total Closed Deals Actively Sourcing Deals

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Northern Lakes Capital makes control equity investments in leading family owned private companies with revenues typically ranging from $15 million to $150 million and earnings before interest, taxes, depreciation, and amortization (EBITDA) between $3 million and $20 million. We will look at smaller companies as add-on acquisitions.

Recent Transactions

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Apr 2026 Acquired Gary O’Brien Property Services
Apr 2026 Acquired Collins Brothers Towing of St. Cloud
Mar 2026 Acquired True Access Security
Jan 2026 Acquired Cones & Barrells

Tonka Bay Equity Partners

24 Total Closed Deals Actively Sourcing Deals

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Tonka Bay Equity Partners acquires and invests in small and midsized companies that are pursuing the next level of success. Our patient, personalized and collaborative approach has yielded superior returns for investors and management partners alike.Since 1998, Tonka Bay has raised more than $550 million of capital in four funds, composed of contributions from institutional investors, endowments, pensions, family offices and high-net-worth individuals. We seek to partner with and support management teams in established, profitable businesses that serve a specific niche. We do not consider…

Recent Transactions

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Jan 2023 Acquired Corporate Technologies
Jan 2022 Acquired Standard Locknut
Jan 2021 Acquired Professional
Jan 2021 Acquired Orange Tree

Traction Capital

15 Total Closed Deals Actively Sourcing Deals

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Traction Capital is a Minnesota-based private equity firm focused on acquiring and scaling businesses located in the Upper Midwest.Traction seeks buyouts in essential industries with strong, defensible market positions, target control investments in lower middle market companies with $1–3.5M of EBITDA, Traction is also very interested in ecommerce, product, and SaaS opportunities.Traction prioritizes industries with recurring demand, low cyclicality, and meaningful barriers to entry, enabling sustainable value creation and attractive exit optionality.

Recent Transactions

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Jun 2025 Invested in PARQA
Jun 2025 Invested in Blank Metal
Feb 2025 Acquired Superior Decks and Railings
Dec 2024 Invested in Atlasticity

Arthur Ventures

10 Total Closed Deals Actively Sourcing Deals

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Minority and majority investments in software and business services companies.Based in Minneapolis.Targeting $2-20M investments in companies Headquartered in North America.

Recent Transactions

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Aug 2023 Invested in Candor Consultants
Aug 2023 Invested in CFI
Aug 2023 Invested in Avalara
Aug 2023 Invested in CyberQP

Conduit Capital Ltd.

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RuralWorks Partners believes businesses should benefit the communities in which they operate, both locally and globally. Our strategy builds local community wealth and economic resilience by supporting the creation of quality jobs and broad employee ownership, while our investments in sustainable and regenerative food and agriculture and the circular economy help the planet and our global community.

Recent Transactions

This member has no reported closed transactions.

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Equity Corp Group

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Equity Corp Group is an international advisory firm that specializes in mergers and acquisitions (M&A), debt advisory, equity raising, and tax advisory services. The company primarily serves businesses in the lower middle market, focusing on transactions ranging from $5 million to $300 million. With a team of approximately 150 employees, Equity Corp Group provides comprehensive capital advisory services, including strategic growth planning and valuation services. The firm also focuses on real estate investment opportunities for qualified investors through private placements, managing…

Recent Transactions

This member has no reported closed transactions.

Firms in the Minnesota Private Equity 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 Minnesota Private Equity Funds is $6M-$23M, with a core EBITDA range of $1M-$5M. 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 Minnesota 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 Private Equity Funds based in Minnesota are active across multiple regions, while firms based elsewhere may also participate in the Minnesota market. Location can provide useful context, but it should not be interpreted as a firm’s geographic boundary.

When comparing Private Equity Funds in Minnesota, consider factors such as sector focus, size range, and recent transaction activity. These characteristics vary across the 7 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 Minnesota Private Equity Funds directory, you can request information here.

Top Minnesota Private Equity Funds

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