At a glance
| EBITDA range | $1.5M to $5M S1 |
|---|---|
| Revenue range | $5M to $50M S1 |
| Deal types | Platform S1 |
| Geography | United States S1 |
| Sectors | Industrial & Manufacturing, HVAC, Plumbing & Electrical, Construction Services, IT Services & MSP, Consumer & Food |
What AAVIN Private Capital buys
AAVIN Private Capital is a Cedar Rapids, Iowa firm that leads buyouts and recapitalizations of founder- and family-owned companies, usually when the owner is planning for succession. It looks for $5 million to $50 million of revenue, $1.5 million to $5 million of EBITDA and margins of 10 percent or better, in less crowded parts of the US with a focus on Middle America. It is an industry generalist: its 24 current companies range from metal stamping, tanks and specialty chemicals to commercial HVAC service, chimney and exhaust contracting, managed IT for public safety agencies and marketing for home services firms.
AAVIN invests from committed funds, most recently AAVIN III, which closed in 2022 with an SBIC license, and it pays for deals with a blend of equity and debt. Its roots go back to a predecessor's 1959 SBIC license, and the current firm was formed in 1999. Releases also call it AAVIN Equity Advisors or AAVIN Private Equity. Its site describes new buyouts rather than add-ons, so a company in its size range would usually sell to AAVIN directly.
Recent deals
Announced in the 24 months before October 29, 2026.
| Date | Company | Type | Sector | Source |
|---|---|---|---|---|
| Sep 2026 | Warm Thoughts CommunicationsNew Jersey marketing firm for HVAC, propane and heating oil companies; two long-time presidents stay on and keep equity | Platform | Source | |
| Apr 2026 | CalCog (Caligor Opco assets)AAVIN formed CalCog to buy clinical supply packaging, labeling and storage assets in Bastrop, Texas; the deal closed in January 2026 | Platform | Source | |
| Feb 2026 | Formulation TechnologyOakdale, California contract manufacturer of vitamins and dietary supplements, bought from its owners | Platform | Consumer & Food | Source |
| 2026 | Illinois Mechanical Service & DesignPeoria, Illinois commercial HVAC service provider, listed as a 2026 AAVIN III investment | Platform | HVAC, Plumbing & Electrical | Source |
| 2026 | Jansons AssociatesEast Rutherford, New Jersey designer and installer of complex chimney and exhaust systems, listed as a 2026 AAVIN III investment | Platform | Construction Services | Source |
| Jun 2025 | Custom Chemical SolutionsSecondary containment and safety equipment rental for Bakken and Rocky Mountain oilfields, now CCS Energy Services | Platform | Source | |
| 2025 | Amity Die & StampingLake Forest, Illinois tooling, precision stamping and assembly company, listed as a 2025 AAVIN III investment | Platform | Industrial & Manufacturing | Source |
Portfolio by sector
From the firm's portfolio page S1.
AAVIN II
- Asteria Learning
- B12 Transportation Group
- Dynamic Restaurant Holdings
- Phoenix Loss Control
- Montana Silversmiths
- Roanwell Corporation
- Transfer Tool Products
- Verrex
AAVIN III
- A Plus Signs
- AJ Manufacturing
- AMC Fabrication
- Amity Die & Stamping
- Coastal Claims Services (TruCore Holdings)
- Caligor Coghlan (CalCog)
- Consolidated Resource Northeast (Moss Industrial Services)
- Custom Chemical Solutions
- Formulation Technology
- Grignard Company
- Island Tech Services
- Illinois Mechanical Service & Design
- Jansons Associates
- Legacy Manufacturing
- Universal Tank & Fabrication
- Warm Thoughts Communications
Past investments: Graham Waste Services, Dream Giveaway, Greenleaf Book Group, United Infrastructure Holdings, CPI Luxury Group, Green Diamond Sand Products, Standard Precast, Weeks Service Company, American Industrial Machine, HH Ventures, GZVZ, Coolibar, PMT Industries, Ruffalo Cody
Greymont’s take
How AAVIN Private Capital fits a seller
AAVIN fits owners of profitable smaller companies, roughly $1.5 million to $5 million of EBITDA, who are ready to retire or step back and want a buyer that has spent decades doing small deals. It looks outside the big coastal markets and across many industries, so a niche manufacturer or service business in a smaller city is well within range. In the September 2026 Warm Thoughts deal, two long-time executives stayed in charge and kept an ownership stake after the founder sold.
Because AAVIN finances deals with both equity and debt from SBIC-licensed funds, an owner should ask how much of the price is paid in cash at closing, whether any part comes as a seller note or earnout, and how much borrowing the company will carry afterward. AAVIN III closed in 2022, so it is also fair to ask how much room that fund has left for new deals.
Questions owners ask
What size companies does AAVIN buy?
Its published criteria call for $5 million to $50 million of revenue, $1.5 million to $5 million of EBITDA and an EBITDA margin of 10 percent or more.
What industries does AAVIN invest in?
It calls itself a generalist. Current companies include metal stamping and fabrication, specialty chemicals, supplement manufacturing, commercial HVAC service, chimney and exhaust contracting, managed IT for public safety agencies and oilfield containment rental.
Where does AAVIN invest?
Across the United States, with an emphasis on underserved areas and Middle America. Its current companies are spread from New York and New Jersey to Iowa, Illinois, Texas, Montana and California.
Does management stay after AAVIN buys a company?
In the Warm Thoughts deal announced in September 2026, the company's two presidents stayed in their roles and kept an ownership interest after the founder sold the business.
Sources
- S1AAVIN Private Capital home page (about, history, investment criteria, team and portfolio) Accessed October 29, 2026
- S2Peloton Advises Warm Thoughts Communications on its acquisition by Aavin Private Equity (September 2, 2026) Accessed October 29, 2026
- S3CalCog Establishes Clinical Supply Services Business Through Caligor Opco Asset Acquisition (April 13, 2026) Accessed October 29, 2026
- S4Benchmark International: transaction between Formulation Technology and AAVIN Private Equity (February 1, 2026) Accessed October 29, 2026
- S5Woodbridge Announces Sale of Custom Chemical Solutions to AAVIN Private Equity (June 18, 2025) Accessed October 29, 2026
- S6Island Tech Services home page (managed services, help desk and cybersecurity) Accessed October 29, 2026
Compiled by Greymont Advisors from public sources, including the firm’s own website and press releases. Greymont is not affiliated with AAVIN Private Capital. Figures are as reported on the dates shown and may have changed. Request a correction