Lower middle market private equity firm focused on manufacturing
Altus Capital Partners
- HeadquartersWilton, CT S1
- Founded2003 S2
- Websitealtuscapitalpartners.com
- Last verifiedNovember 3, 2026
At a glance
| EBITDA range | $4M+ S2 |
|---|---|
| Deal types | Platform, Add-on S2 |
| Geography | North America S2 |
| Sectors | Industrial & Manufacturing, Environmental & Waste |
What Altus Capital Partners buys
Altus Capital Partners, based in Wilton, Connecticut, with a second office in Lincolnshire, Illinois, has been investing in lower middle market manufacturers since 2003. It looks for niche manufacturers in North America with at least $4 million of EBITDA for a new platform, strong margins, a defensible product or process, and managers willing to invest alongside it. For platforms it prefers companies east of the Rocky Mountains. Altus usually insists on control, through buyouts, recapitalizations and corporate divestitures, and it says it keeps debt levels conservative.
It holds seven companies today, including Winsert, Nichols Portland, Air Innovations and ALM Positioners. One sits outside the manufacturing theme: MAX Environmental Technologies, a Pittsburgh business owned since 2017 that transports, treats and disposes of hazardous and non-hazardous waste. Altus does not publish a check size or an EBITDA ceiling. A company below the $4 million floor is most likely to meet Altus as an add-on, as South Bend machining shop Mack Tool & Engineering did when Winsert bought it in 2025.
Recent deals
Announced in the 24 months before November 3, 2026.
| Date | Company | Type | Sector | Source |
|---|---|---|---|---|
| Mar 2026 | ChoiceSpineSpinal implant company sold to Zavation Medical Products after an investment dating to 2018 | Exit | Source | |
| November 2025 | Thomson PlasticsCustom injection molder held since March 2021, shown as realized on the Altus portfolio page | Exit | Industrial & Manufacturing | Source |
| Aug 2025 | Mack Tool & EngineeringSouth Bend, Indiana precision machining shop serving aerospace and medical customers, added to Winsert | Add-on | Industrial & Manufacturing | Source |
| Apr 2025 | ALM PositionersRock Island, Illinois maker of automated positioning equipment, bought with Centerfield Capital and company management | Platform | Industrial & Manufacturing | Source |
| Dec 2024 | Air InnovationsNorth Syracuse, New York maker of custom environmental control units | Platform | Industrial & Manufacturing | Source |
Portfolio by sector
From the firm's portfolio page S3.
Environmental & Waste
- MAX Environmental Technologies
Industrial & Manufacturing
- ALM Positioners
- Air Innovations
- Winsert
- Pinnacle X-Ray Solutions
- Thermal Solutions Manufacturing
- Nichols Portland
Greymont’s take
How Altus Capital Partners fits a seller
Altus fits an owner of a specialized manufacturer who wants a buyer that knows factories and is not in a rush. Its holding periods back up the patient label: ChoiceSpine was held from 2018 until 2026, and MAX Environmental has been owned since 2017. In the Air Innovations and ALM Positioners deals, the management teams stayed in place. Expect to give up control, and expect managers to be asked to invest alongside the firm.
Owners of waste or environmental businesses should see MAX Environmental as a possible home for an add-on, not as proof of a broad environmental strategy. Two questions matter. First, how will the deal be funded, since the website mentions a committed fund while the April 2026 overview says only that Altus has access to capital. Second, which partner will work with the company, because the team is small.
Questions owners ask
What is the minimum size for an Altus platform investment?
Altus looks for at least $4 million of EBITDA for a new platform. That floor is stated for platforms only, and Winsert's August 2025 purchase of Mack Tool & Engineering shows it also buys add-ons.
Does Altus Capital Partners buy waste or environmental companies?
It owns one: MAX Environmental Technologies in Pittsburgh, held since February 2017, which transports, treats and disposes of hazardous and non-hazardous waste. Environmental services is on its list of industries of interest, but its main focus is manufacturing.
Will Altus take a minority stake?
That looks unlikely. Altus says it typically requires a controlling interest and encourages management to invest alongside it. Its usual deals are buyouts, recapitalizations and corporate divestitures.
Who has Altus sold companies to recently?
Its March 2026 sale of ChoiceSpine went to Zavation Medical Products, which it described as a strategic buyer. Its sale of MGC Diagnostics to CAIRE Inc. was announced in January 2023.
Sources
- S1Altus Capital Partners home page Accessed November 3, 2026
- S2Altus: Why Altus (criteria and transaction types) Accessed November 3, 2026
- S3Altus: Portfolio Accessed November 3, 2026
- S4Altus: News Accessed November 3, 2026
- S5Altus Capital overview brochure (updated April 7, 2026) Accessed November 3, 2026
- S6Altus Announces Sale of Choice Spine Holdings to Zavation Medical Products (March 2, 2026) Accessed November 3, 2026
- S7Altus Completes Second Acquisition for Winsert with Mack Tool & Engineering (August 8, 2025) Accessed November 3, 2026
- S8Altus, Centerfield Capital and ALM Management Acquire ALM Positioners (April 7, 2025) Accessed November 3, 2026
- S9Altus Capital Partners Acquires Air Innovations (December 4, 2024) Accessed November 3, 2026
- S10Altus: Team Accessed November 3, 2026
Compiled by Greymont Advisors from public sources, including the firm’s own website and press releases. Greymont is not affiliated with Altus Capital Partners. Figures are as reported on the dates shown and may have changed. Request a correction