Top Multi-Utilities Private Equity Funds with Recent Private M&A Activity

206

Active Firms

15,010

TTM Deal Inquiries

$3M-$19M

Core Revenue Range

$800K-$4M

Core EBITDA Range

Top States by Activity

Florida 14%

California 11%

Texas 10%

New York 7%

New Jersey 4%

Key Attributes

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

Clearwell Group, LLC

1 Closed Deal via Axial

14 Total Closed Deals Actively Sourcing Deals

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Clearwell Group is a single family office based in Tampa, FL focused on making majority equity investments in companies located in the Southeast and Texas. We focus on simple to understand, but not simple to operate businesses with at least $2.0M in EBITDA. We have five businesses in the portfolio today that operate in the business services, manufacturing, environmental services and engineering sectors.

Recent Transactions

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Dec 2025 Acquired Flash-Rite
Jul 2025 Acquired Confidential Company
Jan 2025 Invested in Steadfast Alliance
Nov 2021 Acquired Gaskins LeCraw

Chicago Capital Partners

1 Closed Deal via Axial

12 Total Closed Deals Actively Sourcing Deals

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Chicago Capital Partners is a private equity firm which primarily makes control investments in lower middle-market companies with $2-10 million of EBITDA in the following industries: business services, consumer products, distribution, food and beverage, and niche manufacturing. Our fund structure and investment mindset promote building business partnerships and creating value over the long-term.Operational Perspective: Managed by founders and operators, our team understands small and family business dynamics;Partnership Focused: We partner with strong management teams, provide…

Recent Transactions

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Apr 2025 Acquired Confidential Company
Feb 2022 Acquired Nickerson
Jun 2021 Acquired Chocolate Works
Dec 2020 Acquired Home Sweet Home

Castle Capital

1 Closed Deal via Axial

10 Total Closed Deals Actively Sourcing Deals

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Castle Capital is focused on environmental services in lower middle market private equity. We have successfully invested (and exited) companies in the recycling space and are looking at other environmental services sectors as well.

Recent Transactions

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Nov 2025 Acquired Confidential Company
Nov 2024 Acquired Tire Depot
Nov 2024 Acquired Ray's Tire
Nov 2024 Acquired Dietrich Tire Waste Hauling

PennSpring Capital

1 Closed Deal via Axial

10 Total Closed Deals Actively Sourcing Deals

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Investment OverviewPennSpring Capital is actively seeking acquisitions of lower-middle-market businesses where founders are looking for a trusted partner to ensure long-term continuity, professionalize operations, and support the next stage of growth. We move quickly, close reliably, and customize structures to meet seller goals.We have a strong track record across compliance-oriented software, environmental services, B2B services, and niche recurring-revenue businesses.Target CriteriaIndustry Focus (any of the following):Environmental services (asbestos, mold,…

Recent Transactions

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Aug 2023 Acquired EHC
Aug 2023 Acquired Yapstone
Aug 2023 Acquired Circle
Aug 2023 Acquired total traffic service

Fusion Capital Partners

1 Closed Deal via Axial

5 Total Closed Deals Actively Sourcing Deals

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Fusion Capital Partners is a Los Angeles based private equity firm pursuing investments in engineered products and essential services businesses across the commercial and industrial markets of North America

Recent Transactions

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Jul 2026 Acquired Confidential Company
Mar 2026 Acquired Confidential Company
Jun 2025 Acquired Arkansas Industrial Machinery
May 2025 Acquired Relevant Industrial

Colville Capital

1 Closed Deal via Axial

3 Total Closed Deals Actively Sourcing Deals

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For the past 20 years, we have partnered with management teams to build businesses that are fierce competitors in their markets, great places to work and contributive to their communities.We are a community of strategic advisors and investors dedicated to the long-term growth of independently owned industrial companies.- Horizon-Free Investments: Our capital is our own, allowing us to make decisions in the best interest of our companies.- Integrity First, Active Engagement: We are committed to active engagement and integrity, enabling us to align with management and provide insights, capital,…

Recent Transactions

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Mar 2025 Acquired Confidential Company
Jul 2013 Invested in Kurz Electric Solutions, Inc.
Sep 2006 Acquired Motion & Flow Control Products

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Ninth Street Capital Partners

1 Closed Deal via Axial

9 Total Closed Deals

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Ninth Street Capital Partners is a private investment partnership that specializes in acquiring, developing and managing established businesses. With a focus on executing deals with the highest degree of integrity, we make long-term controlling investments in growth-oriented, privately held businesses with revenues ranging from $5 to $50 million. Our flexible approach allows us to tailor our investments to help entrepreneurs and business owners achieve their personal and financial goals.

Recent Transactions

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Sep 2019 Acquired Undislosed
Jun 2015 Invested in Premium Inspection & Testing
Mar 2014 Invested in Kitchen Cabinet Distributors
May 2013 Acquired SCADA Source, LLC

Gemini Investors

136 Total Closed Deals Actively Sourcing Deals

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Founded in 1993, Gemini Investors is a Massachusetts-based private equity firm that provides capital and strategic resources to lower middle market companies. Since its inception, we have invested approximately $1 Billion in more than 185 companies throughout the U.S., typically investing $3 – $8 million per transaction in either control or minority positions. Gemini offers a flexible investment approach. We provide a wide range of financing structures, which include subordinated debt with warrants, preferred stock, and common equity. We have extensive experience leading transactions, as…

Recent Transactions

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Sep 2025 Acquired Party Reflections
May 2025 Acquired Honey Smoked Fish
May 2025 Acquired Gold Coast Baking Company
Feb 2025 Acquired Spectro-UV

Gen Cap America

57 Total Closed Deals Actively Sourcing Deals

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Gen Cap America (GCA) is a private equity firm headquartered in Nashville, Tennessee that specializes in leveraged buyouts of privately held lower-middle market businesses. Investment Criteria: Revenue: $5M - $100MEBITDA: $1.5M - $10M Geography: United States & CanadaTransaction Types: Family SuccessionManagement BuyoutDivisional Spin-offRecapitalizationsMost transactions are management buyouts or buyouts of one or multiple retiring owners. GCA target investments typically have a long history of successful operations and cash flow, and quality managers who wish to be part of the…

Recent Transactions

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Feb 2022 Acquired Aquasol Corporation
Sep 2021 Invested in Lab Products, Inc.
Jan 2021 Acquired Frontier Packaging, Inc.
Sep 2020 Acquired TFM Services, LLC

CIVC Partners

55 Total Closed Deals Actively Sourcing Deals

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CIVC Partners is a Chicago-based private equity firm investing in high growth middle market companies in business services sectors. Since 1989, the team has invested over $1.9 billion and currently invests from CIVC Partners Fund VII. More information on CIVC Partners and its portfolio companies can be found at www.civc.com.

Recent Transactions

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Aug 2024 Acquired Renu
Feb 2024 Acquired Highstreet IT Solutions
Jan 2024 Acquired HR Green
Jan 2024 Acquired Datavail

Graham Partners

46 Total Closed Deals Actively Sourcing Deals

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Graham Partners is a private investment firm focused on investing in businesses with proprietary technologies, advanced manufacturing know-how, innovative product development capabilities, and strong growth potential. Graham Partners targets companies with EBITDA between $5 million and $50 million, and will invest in smaller companies to the extent they complement one or more of its other holdings. Since the firm's founding in 1988, Graham Partners has closed over sixty acquisitions, joint ventures, financings, and divestitures. The committed capital raised since inception through the Graham…

Recent Transactions

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Sep 2023 Acquired Barcoding
Sep 2023 Acquired Commercial Bakeries Corp.
Aug 2023 Acquired TAOGLAS
Mar 2023 Acquired Rhythmlink

Clearview Capital

45 Total Closed Deals Actively Sourcing Deals

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We are a private investment firm specializing in control and non-control investments of North American companies with operating profits of $4 - $20 million.Since the firm’s founding in 1999 by Jim Andersen, Calvin Neider and Pete Doolittle, Clearview has single-mindedly remained dedicated to investing in and supporting the development of lower middle market companies. Working collaboratively with our portfolio company management teams, we provide targeted strategic and operational assistance, as well as capital, to fuel organic and acquisition growth initiatives.Since inception, the…

Recent Transactions

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Jan 2025 Acquired Loss Prevention Services
Dec 2023 Acquired AdCellerant
May 2023 Acquired Inventive
Apr 2023 Acquired Capitol Services

Hammond Kennedy Whitney & Company

44 Total Closed Deals Actively Sourcing Deals

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HKW is evolving with clarity and purpose, while honoring the vision of the firm’s founders and our 100 plus year history. We focus on specific sectors in which we can utilize our skills and perspective, leveraging technology as part of a data-driven methodology to power our “Four Pillar” structure. HKW has developed processes that support our strategy to find, create, and sustain value in our companies while trusting and appreciating that our approach is what sets us apart.

Recent Transactions

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Jan 2023 Acquired CMIT Solutions
Dec 2022 Acquired dominKnow
Sep 2022 Acquired Golden Country Oriental Food
Mar 2022 Invested in Draup

Stonehenge Partners

42 Total Closed Deals Actively Sourcing Deals

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Stonehenge Partners ("Stonehenge" or the "Firm") is a middle-market private equity firm with a highly successful 25+ year track record. The Firm directs the investment activities for approximately $1 billion in capital commitments. Stonehenge's investment professionals have extensive experience executing a broad range of transactions including:Management and leveraged buyoutsAcquisitionsRecapitalizationsGrowth capital investmentsStonehenge Partners has the flexibility to invest in a variety of structures including common equity, preferred equity and subordinated debt (or combinations…

Recent Transactions

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Jun 2019 Invested in Carolina Restaurant Group, Inc.
Apr 2019 Invested in Weil Foot & Ankle Institute
Jan 2019 Acquired PPM Technologies
Sep 2018 Acquired EMX Industries, Inc.

Rockwood Equity Partners

41 Total Closed Deals Actively Sourcing Deals

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Rockwood Equity Partners:B2B manufacturing, service providers, distribution in industrials and regulated industries (e.g., healthcare, aerospace & defense, environmental, waste, rail, water, others)Transaction types: First institutional capital partner, majority, minority, growth, independent sponsor and operator partners, management buyout, corporate divestitureTarget company size: $10-$75 million in revenues and $2-$7 million EBITDA, add-ons of any size.Private equity investment firm for lower middle market companies, with a track record spanning 25+ years.Approach:Focused on growing…

Recent Transactions

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Dec 2025 Acquired Wright's Hydroseeding
Dec 2025 Acquired Utility Locating Services in Ohio
Nov 2025 Acquired Sealer Equipment Business serving Medical and Pharmaceutical
Sep 2024 Acquired SafeSite

The Brydon Group

38 Total Closed Deals Actively Sourcing Deals

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The Brydon Group is a veteran-led $500M+ private equity fund focused on acquiring recurring revenue small businesses with $1-$5M EBITDA. To date we've closed 39 transactions. We are an ideal solution for owners looking to transition their legacy to the next generation of small business owner as we bring in one of our industry-focused entrepreneurs-in-residence as CEO.We have a focus on software and B2B, government, & healthcare services.Investor team consists of Alex Mears (two decades in large cap private equity at Blackstone and Carlyle and five years in Special…

Recent Transactions

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Jan 2026 Acquired Confidential Company
Dec 2025 Acquired Confidential Company
Dec 2025 Acquired Confidential Company
Dec 2025 Acquired Confidential Company

Garnett Station Partners

35 Total Closed Deals Actively Sourcing Deals

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Garnett Station Partners was founded in 2013 by Matt Perelman and Alex Sloane, two entrepreneur-investors who grew up together, attended school together, and built the firm together. Today, GSP is a New York–based principal investment firm managing approximately $4.5 billion in assets, investing in growing businesses at attractive entry points across sectors including food and beverage, health and wellness, automotive, and business services. GSP's origins trace to the founders' first year of business school, when they acquired 23 struggling Burger King franchises in Henderson, North…

Recent Transactions

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Dec 2025 Acquired Skybound Service Partners
Dec 2025 Acquired True North Fleet Services
Dec 2025 Acquired Honey Baked Ham
Dec 2025 Acquired Tavern in the Square

KLH Capital Partners, LP

33 Total Closed Deals Actively Sourcing Deals

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Founded in 2005, KLH Capital is a private equity firm serving management teams of lower middle-market companies in the specialty services, value-added distribution, and niche manufacturing industries. The firm makes majority and minority equity investments in U.S.-based businesses to support the company’s growth plans, provide ownership opportunities for key managers, and allow owners to harvest the value in their businesses. Our commitment goes beyond financial support as we believe in establishing a collaborative team of peers, all of whom have a hand in the company’s progress.…

Recent Transactions

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Aug 2022 Invested in Thorpe Specialty Services
Nov 2021 Invested in The Warehouse Rentals & Supplies
Oct 2021 Invested in Precision Impacts
Dec 2020 Invested in Jackson Infrastructure Services

Argosy PE Investments, LLC

32 Total Closed Deals Actively Sourcing Deals

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Founded in 1990, Argosy Capital invests entrepreneurial capital with experienced business partners in two asset classes, lower middle market operating companies and real estate. Our focus is on creating value with our business partners by investing in inefficient markets where creativity, hard work and disciplined risk taking can generate exceptional returns for the benefit of all stakeholders. As partners with our investors, co-investors, operating company management teams and real estate operating partners, we are dedicated to creating value by building upon the strengths of the people,…

Recent Transactions

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Aug 2023 Acquired Barco Products
May 2023 Acquired Diverse Logistics & Distribution, Inc.
Apr 2023 Acquired Burco, Inc.
Nov 2022 Acquired Best Warehousing & Transportation, Inc.

Highview Capital

30 Total Closed Deals Actively Sourcing Deals

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Highview Capital is a family-office backed private equity fund in Los Angeles with an evergreen fund structure (patient capital with ability to hold longer) and flexible, opportunistic investment mandate that has deployed nearly $700mm of equity capital through 2024.We look for companies poised to undergo a transformation. We drive value through a strategic and operational approach coupled with patient capital and an extremely flexible mandate.We invest in middle market businesses that are facing a critical inflection point and are ready for transformation, whether that is executing…

Recent Transactions

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Sep 2023 Acquired Lamm Food Service
Aug 2023 Invested in Safety Marking
Jun 2023 Invested in B&R Auto
Sep 2022 Acquired Armstrong’s Restoration

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Firms in the Multi-Utilities 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 Multi-Utilities Private Equity Funds is $3M-$19M, with a core EBITDA range of $800K-$4M. 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.

Relevant Energy & Utilities experience can be an important consideration when evaluating a firm. Familiarity with the sector can provide a stronger understanding of its business models, market dynamics, valuation considerations, and transaction environment. The 206 firms included in this directory provide a starting point for identifying firms with relevant experience and activity in Energy & Utilities.

Not necessarily. Many firms are active across multiple industries, so inclusion in the Multi-Utilities Private Equity Funds directory reflects relevant experience or activity in Energy & Utilities, rather than an exclusive sector focus. Individual profiles provide additional context on each firm’s areas of focus and activity within the sector.

When comparing Private Equity Funds with experience in Energy & Utilities, consider factors such as size range, geographic reach, and recent transaction activity. These characteristics vary across the 206 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 Multi-Utilities Private Equity Funds directory, you can request information here.

Top Multi-Utilities Private Equity Funds

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