Lower middle market private equity firm
Ashland Capital Partners
- HeadquartersChicago, IL S1
- Founded2005 S4
- Websiteashlandcapitalpartners.com
- Last verifiedNovember 5, 2026
At a glance
| EBITDA range | $3M to $15M S2 |
|---|---|
| Revenue range | $20M to $100M S2 |
| Deal types | Platform, Add-on S3 |
| Geography | Continental United States S2 |
| Sectors | Industrial & Manufacturing, Distribution |
What Ashland Capital Partners buys
Ashland Capital Partners is a Chicago firm, founded in 2005, that buys lower middle market industrial and manufacturing companies in the continental US. Its criteria call for $20 million to $100 million of revenue and $3 million to $15 million of EBITDA, with a steady profit history. Beyond factories it also looks at distribution, metals, concrete, packaging and niche business services. It says it has put more than $250 million to work since it started, and it holds nine companies today.
Ashland usually takes a majority stake and encourages the owner to keep some equity, though it will do a full buyout, a recapitalization or a phased handover. Its long-dated capital is money with no set date by which a company must be sold: the team invests its own money too, and it held KBK Industries for 19 years. It often buys with partners, such as Main Street Capital and, on AFCO Industries, the family office Fulton Asset Management. A company below the range is most likely to meet Ashland as an add-on to a holding such as GMI Group.
Recent deals
Announced in the 24 months before November 5, 2026.
| Date | Company | Type | Sector | Source |
|---|---|---|---|---|
| Jan 2026 | KBK IndustriesFiberglass and steel tank maker sold after 19 years of ownership | Exit | Industrial & Manufacturing | Source |
| Jul 2025 | AFCO IndustriesAlexandria, Louisiana building products and contract metal fabrication business, bought with Fulton Asset Management; management stays and Ashland's founder joins the board | Platform | Industrial & Manufacturing | Source |
Portfolio by sector
From the firm's portfolio page S4.
Automotive Equipment
- Dedoes Industries
Building Products
- AFCO Industries
Consumer Finance
- NewFound Rentals
Oil & Gas
- GMI Group
Precast Concrete
- Boccella Precast
- NAPCO Precast
Specialty Casting
- Stainless Foundry & Engineering
Specialty Manufacturing
- Mayco Industries
Steel Abrasives
- Metaltec Steel Abrasives
Past investments: KBK Industries, Syneo, Uvalco Supply
Greymont’s take
How Ashland Capital Partners fits a seller
Ashland suits an owner of a steady, profitable manufacturer who cares more about what happens after closing than about a quick resale. It has no preset exit timetable, several holdings go back to 2006, and it describes itself as growing companies rather than cutting them. Owners can stay, step back over time or retire, and keeping some equity is encouraged. In the July 2025 AFCO deal, the existing management team stayed in charge and Ashland's founder joined the board.
Two points are worth pressing. Ashland often brings partners, so ask who will own what and who makes the final call, since it did not publish the split on AFCO. And a long hold cuts both ways: an owner who keeps equity should ask how and when that stake can be turned into cash, because no fund deadline forces a sale.
Questions owners ask
Does an owner have to sell 100% of the company to Ashland?
No. Ashland usually buys a majority stake but encourages owners to keep equity, and it will shape the deal around a full retirement, a phased handover or continued involvement.
What does Ashland mean by long-dated capital?
It means no fixed date by which Ashland has to sell a company. It says several holdings have been with it since 2006, and it announced the sale of KBK Industries in January 2026 after 19 years.
What size company does Ashland look for?
Its criteria page asks for $20 million to $100 million of revenue and $3 million to $15 million of EBITDA, with operations in the continental US. Its AFCO announcement puts target company values at $10 million to $100 million.
Who owns AFCO Industries?
Ashland bought AFCO in July 2025 together with Fulton Asset Management, a family office. Ashland's founder joined the board, and the announcement does not say how the ownership is split between the two.
Sources
- S1Ashland Capital Partners home page Accessed November 5, 2026
- S2Ashland Capital Partners: Criteria Accessed November 5, 2026
- S3Ashland Capital Partners: Approach and FAQ Accessed November 5, 2026
- S4Ashland Capital Partners: Investments Accessed November 5, 2026
- S5Ashland Capital Partners: News (KBK sale, January 28, 2026; AFCO acquisition, July 31, 2025) Accessed November 5, 2026
- S6Main Street Announces Exit of Investments in KBK Industries (January 13, 2026) Accessed November 5, 2026
Compiled by Greymont Advisors from public sources, including the firm’s own website and press releases. Greymont is not affiliated with Ashland Capital Partners. Figures are as reported on the dates shown and may have changed. Request a correction