Lower middle market private equity firm

Banner Capital Management

Formerly Banner Ventures

  • HeadquartersLehi, UT S1
  • Founded2020 S2
  • Websitebannercap.com
  • Last verifiedOctober 26, 2026

At a glance

Assets under management$611M (as of Jun 2026) S2
EBITDA range$4M to $15M S3
Deal typesPlatform, Add-on S3
GeographyIntermountain West, Western United States S3
SectorsConstruction Services, Roofing, Industrial & Manufacturing, Consumer & Food

What Banner Capital Management buys

Banner Capital is a Utah private equity firm, with a second office in Phoenix, that backs founder-led and family-owned companies across the Intermountain West. It looks for businesses with $4 million to $15 million of EBITDA in what it calls Main Street services: property, infrastructure and repair services, roofing and restoration, home services, auto care, and IT and professional services. It wants steady revenue, positive cash flow and a clear edge in its niche or local market. Founded in 2020, it reported $611 million of assets under management as of June 30, 2026.

Banner builds a platform around one strong company and then adds similar businesses, which its platforms say keep their names and local leaders. Fund II, launched in 2025 with a $200 million target, has backed Western Pavement Services, Roof Restoration Group and the pending Seaway Group. Older holdings, including minority stakes in consumer brands, sit in a continuation fund. A smaller owner is most likely to meet Banner as an add-on, or when selling to retire, buy out a partner or pass the business on.

Recent deals

Announced in the 24 months before October 26, 2026.

DateCompanyTypeSectorSource
Oct 2026Seaway Group (Seaway Plastics Engineering, MME Group and Wright Engineered Plastics)Agreement to buy three outsourced medical device design and molding businesses as the third Fund II platform, with closing expected in the fourth quarter of 2026PlatformIndustrial & ManufacturingSource
2026Roof Restoration GroupCommercial re-roofing, coating, waterproofing and maintenance platform; the second Fund II platformPlatformRoofingSource
2026American Property CareSouthwest cleaning, janitorial and property maintenance platform built from Zerorez of Phoenix and LimpiexPlatformSource
Jun 2025Banner Capital Fund I and Fund IIA continuation fund of more than $400 million, led by Hamilton Lane, took over eight earlier holdings, and a new buyout fund launched with a $200 million targetFund closeSource
Apr 2025Western Pavement Services (Roadrunner Paving and Asphalt Maintenance)New asphalt maintenance platform for the West, starting with a third-generation family business in Mesa, ArizonaPlatformConstruction ServicesSource
Jan 2025Queen of WrapsUtah commercial vehicle wrap company added to Vision Graphics; the founding family stays a significant ownerAdd-onSource

Portfolio by sector

From the firm's portfolio page S4.

Fund I

  • American Property Care
  • Zerorez
  • Vision Graphics
  • Averra Holdings
  • Pattern
  • Manscaped
  • Pura
  • Route

Fund II

  • Western Pavement Services
  • Roof Restoration Group

Past investments: Beam

Greymont’s take

How Banner Capital Management fits a seller

Banner suits owners of essential service businesses in Utah, Arizona, Nevada and nearby states who want a buyer with local roots. Its deals so far follow a pattern: buy one well-run family business as the base, keep its leaders in place, then add similar companies across the region. In the Roadrunner deal the family business kept running the Arizona market under its existing president, and in the Queen of Wraps add-on the founding family stayed a significant owner of the combined company.

Banner is a young firm, founded in 2020, and it has not published a final size for Fund II, so an owner should ask how much capital is set aside for their deal and for later add-ons. An owner who rolls equity should also ask how long Banner plans to hold the platform, since several older holdings were moved into a continuation fund in 2025 to give them more time.

Questions owners ask

What size company does Banner Capital look for?

Its stated criteria call for $4 million to $15 million of EBITDA in a Main Street services business in the Intermountain West, with predictable revenue, positive cash flow and a competitive edge in its sector or local market.

Does Banner Capital buy roofing and paving companies?

Yes. Its Fund II platforms include Western Pavement Services, an asphalt maintenance group formed in April 2025 around Roadrunner Paving in Mesa, Arizona, and Roof Restoration Group, a commercial roofing and restoration platform started in 2026.

When does Banner Capital usually get involved with an owner?

Banner lists four common situations: an owner who needs capital to fund an acquisition, a family handing the business to the next generation or new leaders, an owner facing retirement or an unexpected event, and a founder buying out a former or less involved partner.

Was Banner Capital known by another name?

Banner's portfolio page says the Banner name also covers related or predecessor entities, including Ainge Advisory, LLC, Banner Founders, LLC and Banner Ventures Management, LLC.

Sources

  1. S1Banner Capital home page Accessed October 26, 2026
  2. S2Banner Capital: About Accessed October 26, 2026
  3. S3Banner Capital: Approach and investment criteria Accessed October 26, 2026
  4. S4Banner Capital: Portfolio Accessed October 26, 2026
  5. S5Banner Capital Announces Agreement to Acquire Seaway Plastics Engineering, MME Group, and Wright Engineered Plastics (October 1, 2026) Accessed October 26, 2026
  6. S6Banner Capital Announces Fund I Recapitalization and Launch of Fund II (June 5, 2025) Accessed October 26, 2026
  7. S7Banner Capital Management Forms Western Pavement Services in Partnership with Roadrunner (April 30, 2025) Accessed October 26, 2026
  8. S8Vision Graphics Partners with Queen of Wraps (January 2, 2025) Accessed October 26, 2026
  9. S9Relative Newcomer Banner Capital Lands Backing From GCM Grosvenor (June 29, 2026) Accessed October 26, 2026
  10. S10Banner Capital: News Accessed October 26, 2026
  11. S11Western Pavement Services home page Accessed October 26, 2026
  12. S12American Property Care home page 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 Banner Capital Management. Figures are as reported on the dates shown and may have changed. Request a correction

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