Lower middle market private equity firm
Allied Industrial Partners
- HeadquartersHouston, TX S3
- Founded2019 S2
- Websitealliedindustrialpartners.com
- Last verifiedOctober 26, 2026
At a glance
| Assets under management | $1B (as of Jun 2026) S7 |
|---|---|
| Latest fund | Allied Industrial Partners I-A and I-B LP (Fund I), $300M (Apr 2025) S6 |
| EBITDA range | $5M to $30M S3 |
| Check size | $25M to $100M S3 |
| Deal types | Platform, Add-on, Growth S3 |
| Sectors | Environmental & Waste, Industrial & Manufacturing, Distribution, Construction Services, Transportation & Logistics |
What Allied Industrial Partners buys
Allied Industrial Partners is a Houston private equity firm, founded in 2019, that buys industrial companies in the lower middle market. It targets businesses with $5 million to $30 million of EBITDA and puts $25 million to $100 million of equity into each platform. It takes control through buyouts, recapitalizations, growth equity and corporate carve-outs. Its areas of interest are industrial services, power and utilities, value-added distribution, niche manufacturing, waste and environmental services, and critical infrastructure services. It wants mission-critical products or services, recurring cash flow and clear room to run the business better.
Allied closed its first committed fund at a $300 million hard cap in April 2025 and says it manages more than $1 billion. Its operating and M&A staff join each deal from the start, and platforms grow through add-ons. In June 2026 it agreed to sell its two waste platforms to TPG, but it still owns Mat Tech Industrial Services, a Gulf Coast industrial waste and rental business. A smaller owner is most likely to meet Allied as an add-on.
Recent deals
Announced in the 24 months before October 26, 2026.
| Date | Company | Type | Sector | Source |
|---|---|---|---|---|
| Jul 2026 | Hook Set TransportationIndustrial hauler in the Houston to Beaumont corridor, Mat Tech's first add-on under Allied | Add-on | Transportation & Logistics | Source |
| Jun 2026 | Waste Eliminator and Liberty Waste SolutionsAgreement to sell both Southeast waste platforms to TPG, expected to close by the third quarter of 2026 | Exit | Environmental & Waste | Source |
| Jun 2026 | Bill's Trash ServicesResidential trash collector in Fayetteville and Harnett County, North Carolina, added to Liberty Waste Solutions | Add-on | Environmental & Waste | Source |
| Jun 2026 | M&M Garbage DisposalResidential collector in North Carolina's Triad market added to Liberty Waste Solutions | Add-on | Environmental & Waste | Source |
| May 2026 | Trinity IndustrialMajority stake in a Gulf Coast equipment rental and specialty services company; the founders keep a stake and keep running it | Platform | Construction Services | Source |
| May 2026 | Randolph County Garbage ServicesResidential collector in Asheboro, North Carolina, added to Liberty Waste Solutions | Add-on | Environmental & Waste | Source |
| Apr 2026 | GH Energy Rental, Event Power and PurecoreThree Irish power rental businesses added to CES Power | Add-on | Source | |
| Feb 2026 | AJ DisposalFront load hauler serving Asheboro and Greensboro, North Carolina, added to Liberty Waste Solutions | Add-on | Environmental & Waste | Source |
| Jan 2026 | Happy HaulersAtlanta front load and roll off company added to Waste Eliminator | Add-on | Environmental & Waste | Source |
| Jun 2025 | Pride DynamoTexas distributed power company; the founders kept meaningful ownership and continue to lead it | Platform | Source | |
| Apr 2025 | Allied Industrial Partners Fund IFirst committed fund closed at its $300 million hard cap, above a $250 million target | Fund close | Source | |
| Mar 2025 | BandWagon RV RentalsTour RV provider added to Celebrity Coaches | Add-on | Transportation & Logistics | Source |
| Feb 2025 | Oconee ResourcesSolid waste and C&D transfer station in upstate South Carolina added to Waste Eliminator | Add-on | Environmental & Waste | Source |
| Jan 2025 | FC SanitationMunicipal solid waste and C&D hauler added to Waste Eliminator | Add-on | Environmental & Waste | Source |
| Jan 2025 | Enterprise Landfill and Phillips RecoveriesC&D and industrial waste landfill and hauling business added to Waste Eliminator | Add-on | Environmental & Waste | Source |
| Dec 2024 | Base CraftSpecialty services and equipment provider for film production added to CES Power | Add-on | Source |
Portfolio by sector
From the firm's portfolio page S4.
Current Investments
- CES Power
- Mat Tech Industrial Services
- Celebrity Coaches
- JCL Energy
- Pride Dynamo
- Trinity Industrial
Past investments: Waste Eliminator, Liberty Waste Solutions, Dovetail Infrastructure Services
Greymont’s take
How Allied Industrial Partners fits a seller
Allied fits owners of industrial service, power, equipment rental and waste businesses who want an investor that will dig into operations, not just write a check. Most of its recent deals are add-ons. Liberty Waste Solutions bought four North Carolina waste collectors in the first half of 2026, and Waste Eliminator added several Georgia and South Carolina waste businesses before both were sold. Founders often keep a stake: at Pride Dynamo in 2025 and Trinity Industrial in 2026, the founders kept meaningful ownership and stayed in charge.
Allied also shows it will sell when a platform is ready, as the 2026 TPG deal for both waste businesses shows. An owner thinking about rolling equity should ask how long Allied expects to hold the platform and which changes, such as new fleet, routing or reporting systems, it plans to make in the first year.
Questions owners ask
Does Allied Industrial Partners buy waste management companies?
Yes. Waste and environmental services is one of its stated areas. It built Waste Eliminator and Liberty Waste Solutions through many add-ons before agreeing in June 2026 to sell both to TPG, and it still owns Mat Tech Industrial Services, a Houston industrial waste and rental company.
What size company does Allied target?
Its approach page lists $5 million to $30 million of EBITDA, with $25 million to $100 million of equity committed to each platform. Its platforms also buy local businesses as add-ons, such as residential trash collectors in North Carolina, and no size floor is published for those.
Do founders keep a stake after Allied invests?
Often. When Allied invested in Pride Dynamo in 2025 and Trinity Industrial in 2026, the founders kept meaningful ownership and continued to run the companies.
How large is Allied's fund?
Its first committed fund closed in April 2025 at its $300 million hard cap, above a $250 million target. The firm says it has raised more than $1 billion in total since 2019.
Sources
- S1Allied Industrial Partners home page Accessed October 26, 2026
- S2Allied Industrial Partners: About and firm timeline Accessed October 26, 2026
- S3Allied Industrial Partners: Our Approach Accessed October 26, 2026
- S4Allied Industrial Partners: Portfolio Accessed October 26, 2026
- S5Allied Industrial Partners: News Accessed October 26, 2026
- S6Allied Closes Oversubscribed Inaugural Fund at $300 Million Hard Cap (April 28, 2025) Accessed October 26, 2026
- S7Liberty Waste Solutions Acquires Bill's Trash Services (June 11, 2026) Accessed October 26, 2026
- S8TPG to Acquire Waste Eliminator and Liberty Waste Solutions (June 17, 2026) Accessed October 26, 2026
- S9Allied Industrial Partners: Mat Tech Industrial Services Accessed October 26, 2026
- S10Allied Makes Majority Investment in Trinity Industrial (May 7, 2026) Accessed October 26, 2026
- S11Allied Announces Strategic Investment in Pride Dynamo (June 17, 2025) Accessed October 26, 2026
Compiled by Greymont Advisors from public sources, including the firm’s own website and press releases. Greymont is not affiliated with Allied Industrial Partners. Figures are as reported on the dates shown and may have changed. Request a correction