Lower middle market private equity firm
Appian Way Capital Partners
- HeadquartersDallas, TX S2
- Founded2019 S7
- Websiteappianwaycap.com
- Last verifiedNovember 3, 2026
At a glance
| EBITDA range | $3M to $12M S3 |
|---|---|
| Revenue range | $15M to $100M S3 |
| Check size | $10M to $50M S3 |
| Deal types | Platform, Add-on, Minority S3 |
| Geography | United States S3 |
| Sectors | Industrial & Manufacturing, Distribution |
What Appian Way Capital Partners buys
Appian Way Capital Partners is a Dallas private equity firm that invests only in aerospace and defense suppliers: precision manufacturers, value-added distributors and technical service businesses. It prefers second and third tier suppliers that sell to many customers and programs, so the company is not tied to one weapons system. It is comfortable with regulated work under standards such as AS9100, Nadcap, ITAR and CMMC, and it keeps a small portfolio so the partners stay close to each company.
For a new platform it looks for $3 million to $12 million of EBITDA, with a sweet spot near $5 million to $10 million, and $15 million to $100 million of revenue. It puts in $10 million to $50 million at first and takes majority or meaningful minority stakes through founder and family successions, management deals, recapitalizations and carve-outs, all in the US. A smaller company can still fit as an add-on to Maximum Precision Group, its current holding company, with as little as $5 million of revenue and $1 million of EBITDA.
Recent deals
Announced in the 24 months before November 3, 2026.
| Date | Company | Type | Sector | Source |
|---|---|---|---|---|
| Aug 2025 | SBS Precision Sheet MetalMelbourne, Florida sheet metal and machining shop serving military and aerospace customers; now part of Maximum Precision Group | Investment | Industrial & Manufacturing | Source |
Portfolio by sector
From the firm's portfolio page S5.
Cutting & Machining Services
- Maximum Industries
Holding company
- Maximum Precision Group
Precision Manufacturing
- Gemco Manufacturing
Precision Sheet Metal
- SBS Precision Sheet Metal
Greymont’s take
How Appian Way Capital Partners fits a seller
Appian Way suits owners of aerospace and defense machine shops, fabricators, special process houses and technical distributors who want to stay involved after a sale. The firm says day-to-day operations stay with the existing team, that partners meet with management weekly, and that it wants owners and key managers to keep or roll equity. It describes itself as a long-term holder that does not force a set exit, and it says it uses debt conservatively. Its partner group includes a former defense operator and banker, so quality systems and customer approvals should not need much explaining.
This is a small team with one holding company today. An owner should ask where the equity for a new deal comes from, since the firm publishes no fund size, and whether the company would stay a separate business or be folded into Maximum Precision Group.
Questions owners ask
What size company does Appian Way buy?
For a new platform it targets $3 million to $12 million of EBITDA and $15 million to $100 million of revenue, with an initial investment of $10 million to $50 million.
Will Appian Way look at a smaller company?
Yes, as an add-on. It says it will consider businesses with at least $5 million of revenue and $1 million of EBITDA if they add capability, capacity or customers to a company it owns.
Does an owner have to sell the whole company?
No. Appian Way takes majority or meaningful minority positions and encourages owners and key managers to keep or roll meaningful equity, so they share in the value created after the deal.
What does Appian Way own today?
Its portfolio page lists Maximum Precision Group, a holding company that owns three precision manufacturers: Gemco Manufacturing, Maximum Industries and SBS Precision Sheet Metal.
Sources
- S1Appian Way Capital Partners home page Accessed November 3, 2026
- S2Appian Way: About Accessed November 3, 2026
- S3Appian Way: Investment Criteria Accessed November 3, 2026
- S4Appian Way: Investment Approach Accessed November 3, 2026
- S5Appian Way: Portfolio Accessed November 3, 2026
- S6Appian Way: Leadership Team Accessed November 3, 2026
- S7Madison Street Capital release on the sale of SBS Precision to Appian Way (August 22, 2025) Accessed November 3, 2026
- S8Maximum Precision Group home page Accessed November 3, 2026
- S9SBS Precision Sheet Metal home page Accessed November 3, 2026
- S10Gemco Manufacturing home page Accessed November 3, 2026
- S11Maximum Industries home page 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 Appian Way Capital Partners. Figures are as reported on the dates shown and may have changed. Request a correction