Middle market private equity firm
Argonaut Private Equity
- HeadquartersTulsa, OK S1
- Founded2004 S2
- Websiteargonautpe.com
- Last verifiedOctober 20, 2026
At a glance
| Latest fund | Argonaut Private Equity Fund V, $500M (Jun 2024) S5 |
|---|---|
| EBITDA range | $5M to $50M S3 |
| Revenue range | $20M to $300M S3 |
| Check size | $15M to $100M S3 |
| Deal types | Platform, Add-on S3 |
| Geography | United States S3 |
| Sectors | Industrial & Manufacturing, Construction Services, Distribution |
What Argonaut Private Equity buys
Argonaut is a Tulsa, Oklahoma firm, established in 2004, that buys manufacturing, distribution, infrastructure and industrial services companies based in Middle America and in other US markets it sees as overlooked by larger investors. Its stated range is $20 million to $300 million or more of revenue and $5 million to $50 million or more of EBITDA, with $15 million to $100 million or more of equity per deal. It takes control positions and says it keeps debt low. Its fifth fund closed at its $500 million hard cap in June 2024.
Argonaut works with founders and families on generational handoffs and majority recapitalizations, and it also backs management buyouts, corporate carve-outs and distressed or special situations. Many of its companies serve oil and gas, construction, utility and power customers. A business below its size range can still meet Argonaut as an add-on, because the firm says it will consider add-on acquisitions of any size.
Recent deals
Announced in the 24 months before October 20, 2026.
| Date | Company | Type | Sector | Source |
|---|---|---|---|---|
| Jan 2026 | VoidForm ProductsFort Worth maker of void forms that shield concrete foundations from shifting soils, sold to White Cap | Exit | Industrial & Manufacturing | Source |
| Nov 2025 | American Well ServicesPermian Basin well servicing company sold to Ranger Energy Services for about $90.5 million in total consideration | Exit | Source | |
| Feb 2025 | Pryer AerospaceTulsa maker of machined parts and structural assemblies for aircraft, defense and space programs, added to Fund V | Platform | Industrial & Manufacturing | Source |
Portfolio by sector
From the firm's portfolio page S4.
Fund III
- JAC Products
- SEF Energy
Fund IV
- American Cementing
- FABco
- Glass Enterprises
- Mammoth Carbon Products
- Mark Young Construction
- MultiTech Industries
- Tex-Mex Rentals and Services
Fund V
- American Power Innovations (formerly Layco Electric Innovations)
- Allstream Services and Rental
- Bandera Utility Contractors
- Center Rock Inc.
- Chemoil Energy Services
- FabTech-IGM
- Hammer & Steel
- Legacy Building Solutions
- Miller Contracting Services
- Petroplex Acidizing
- Pryer Aerospace
- Tulsa Inspection Resources
Legacy
- S&R Compression
- QRC Valves
Past investments: VoidForm Products, American Well Services, Crimson Steel Supply
Greymont’s take
How Argonaut Private Equity fits a seller
Argonaut fits owners of industrial businesses in the central US who want a buyer that knows energy, construction and manufacturing markets and sits close to them in Tulsa. Its core range starts at about $5 million of EBITDA. Owners below that level are a better match as an add-on, which the firm accepts at any size. It will also take on harder cases, such as companies in bankruptcy or ones that are underperforming, which many buyers avoid.
Its low-debt style matters to an owner who rolls equity, since the company carries less borrowing after closing. Its two most recent sales went to strategic buyers: VoidForm to White Cap in January 2026 and American Well Services to Ranger Energy Services in November 2025. Owners should ask how long Argonaut expects to hold the business, because some current holdings date back to its third fund and earlier.
Questions owners ask
What size company does Argonaut Private Equity buy?
Its focus page lists $20 million to $300 million or more of revenue, $5 million to $50 million or more of EBITDA, and equity checks of $15 million to $100 million or more. It also says it will look at add-on acquisitions of any size.
Does Argonaut buy family-owned businesses?
Yes. Partnering with entrepreneur and family owners on generational transfers, transition planning and majority recapitalizations is one of the four deal situations it lists, alongside management buyouts, distressed situations and corporate carve-outs.
Where does Argonaut invest?
It targets companies headquartered in Middle America and other underserved US markets. Its current holdings are based in states including Oklahoma, Texas, Illinois, Minnesota, Missouri, Michigan and Pennsylvania.
What is Argonaut's latest fund?
Argonaut Private Equity Fund V held its final close in June 2024 with $500 million of commitments, above its $400 million target and at its hard cap. Later Fund V deals include Hammer & Steel in 2024 and Pryer Aerospace in 2025.
Sources
- S1Argonaut Private Equity home page Accessed October 20, 2026
- S2Argonaut Private Equity: History Accessed October 20, 2026
- S3Argonaut Private Equity: Focus (investment criteria) Accessed October 20, 2026
- S4Argonaut Private Equity: Portfolio (Fund V, Fund IV, Fund III and Legacy tabs) Accessed October 20, 2026
- S5Argonaut Private Equity Closes Fifth Fund at $500 Million (June 3, 2024) Accessed October 20, 2026
- S6Argonaut Private Equity: News Accessed October 20, 2026
- S7Argonaut Private Equity Sells VoidForm Products to White Cap (January 8, 2026) Accessed October 20, 2026
- S8Argonaut Private Equity tear sheet Accessed October 20, 2026
- S9Argonaut Private Equity Announces Acquisition of Pryer Aerospace (Business Wire, February 26, 2025) Accessed October 20, 2026
Compiled by Greymont Advisors from public sources, including the firm’s own website and press releases. Greymont is not affiliated with Argonaut Private Equity. Figures are as reported on the dates shown and may have changed. Request a correction