Lower middle market private equity firm

Ancor Capital Partners

At a glance

EBITDA range$5M to $15M S2
Deal typesPlatform, Add-on S1
SectorsIndustrial & Manufacturing, Healthcare Services, Environmental & Waste, Consumer & Food

What Ancor Capital Partners buys

Ancor Capital Partners is an operations-focused firm in Southlake, Texas, in the Dallas-Fort Worth area, founded in 1994. It buys lower middle market companies through leveraged buyouts, looking for $5 million to $15 million of EBITDA, an enterprise value of $25 million to $150 million, steady profits and room to grow. It is not tied to one industry. Its current holdings sit mostly in healthcare, industrial manufacturing, consumer staples and what it calls emerging industries, which include environmental services. Ancor counts about 60 acquisitions since it started.

A defining feature is that Ancor wants the current owner to take some cash out and also reinvest in the business. Recent platform deals show the range: CEAR, a California electronics recycling and data destruction company, in April 2025, and VST, an Ohio maker of fuel vapor recovery equipment, in November 2025. Its portfolio companies also buy smaller businesses, as when LSC Environmental Products acquired Benzaco Scientific in 2024, so a smaller company may fit as an add-on.

Recent deals

Announced in the 24 months before October 26, 2026.

DateCompanyTypeSectorSource
Nov 2025Vapor Systems Technologies (VST)Springboro, Ohio maker of vapor recovery and fuel dispensing equipment; CEO Glenn Walker stays on. Ancor called it its fourth environmental-sector investmentInvestmentIndustrial & ManufacturingSource
Apr 2025CEARElectronics recycling and IT asset disposition company in Mather, CaliforniaPlatformEnvironmental & WasteSource
Nov 2024Predictive FitnessStrategic partnership with a Southlake, Texas maker of AI-driven endurance training software, including TriDotInvestmentSoftware & SaaSSource

Portfolio by sector

From the firm's portfolio page S4.

Consumer Staples

  • Mid-West Textile
  • Identity Group Holdings Corporation

Emerging Industries

  • CEAR
  • LSC Environmental Solutions

Healthcare Services

  • Vita 10
  • Stratus
  • HealthTrackRx

Industrial & Manufacturing

  • Icon EV
  • VST
  • DISPLAYIT Inc.

Industrial Manufacturing

  • Christensen Arms
  • Industrial Timber

Software & SaaS

  • Predictive Fitness

Other

  • STATinMED Research

Greymont’s take

How Ancor Capital Partners fits a seller

Ancor suits an owner who wants a payday now and a second one later. Its criteria ask for a seller who wants liquidity but is willing to put part of the proceeds back into the company, and its founders describe the model as letting owners keep active roles while the business becomes more professional. In the VST deal, the CEO, who was also the majority owner, stayed on to run the company.

Ancor is a generalist with a 30-year history, so fit depends more on size and profit than on industry. Owners of recycling or specialty waste businesses can point to CEAR as a recent example. Before signing, an owner should ask how much equity Ancor expects them to reinvest and how much debt the deal will carry, since Ancor describes its deals as leveraged buyouts.

Questions owners ask

What size company does Ancor Capital Partners buy?

Its published criteria call for EBITDA of $5 million to $15 million and an enterprise value of $25 million to $150 million, with a history of profits and good growth prospects.

Does the owner have to reinvest when selling to Ancor?

Ancor looks for owners who want a liquidity event and are also interested in reinvesting in the business. Its founders say the approach gives owners cash while keeping them in active roles.

Does Ancor invest in environmental services?

Yes. It bought CEAR, a California electronics recycling and IT asset disposition company, in April 2025, and called its November 2025 VST investment its fourth deal in the environmental sector.

Sources

  1. S1Ancor Capital Partners home page (sector focus and featured news) Accessed October 26, 2026
  2. S2Ancor: Investment Strategy and Criteria Accessed October 26, 2026
  3. S3Ancor: About Accessed October 26, 2026
  4. S4Ancor: Current portfolio (page 1) Accessed October 26, 2026
  5. S5Ancor: Current portfolio (page 2) Accessed October 26, 2026
  6. S6Ancor Makes Fourth Investment in the Environmental Sector with VST (November 12, 2025) Accessed October 26, 2026
  7. S7Ancor Expands Sustainability Focus with Investment in CEAR (April 2, 2025) Accessed October 26, 2026
  8. S8Ancor Announces Strategic Partnership with Predictive Fitness (November 20, 2024) Accessed October 26, 2026
  9. S9Ancor Celebrates 30 Years (May 2, 2024) Accessed October 26, 2026
  10. S10Ancor: Contact Us (office address) Accessed October 26, 2026
  11. S11Ancor: Emerging Industries portfolio category Accessed October 26, 2026
  12. S12Ancor: News 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 Ancor Capital Partners. Figures are as reported on the dates shown and may have changed. Request a correction

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