Lower middle market private equity firm
BDI Partners
Formerly FMI Investment Partners
- HeadquartersRaleigh, NC S6
- Websitebdipartners.com
- Last verifiedOctober 28, 2026
At a glance
| Latest fund | BDIP Fund II, L.P., $159M (Apr 2025) S6 |
|---|---|
| EBITDA range | $1M to $7M S3 |
| Revenue range | $5M to $60M S3 |
| Check size | $3M+ S3 |
| Deal types | Platform, Add-on, Minority, Growth S3 |
| Geography | United States, Canada S6 |
| Sectors | Environmental & Waste, Construction Services, Industrial & Manufacturing, Landscaping |
What BDI Partners buys
BDI Partners is a Raleigh, North Carolina firm that invests in one industry, which it calls the Built Environment: the businesses that design, build, maintain and supply buildings and infrastructure. It looks at four areas: professional services such as engineering and environmental consulting; ongoing maintenance work such as facility, environmental and utility services; specialty contractors and technical services; and building products, materials and light manufacturing. It usually takes a majority stake, often from a founder or a family, and also does management buyouts and, now and then, minority growth deals.
Its target platform has roughly $1 million to $7 million of EBITDA and $5 million to $60 million of revenue, and it writes equity checks from about $3 million up to $25 million or more. The team first invested in 2020 under the FMI Investment Partners name and closed its second fund, BDIP Fund II, at about $159 million in April 2025. Smaller firms can also join an existing platform as an add-on, as several Pennsylvania engineering and water companies have done with ARRO Consulting.
Recent deals
Announced in the 24 months before October 28, 2026.
| Date | Company | Type | Sector | Source |
|---|---|---|---|---|
| Jun 2026 | Mountain ResearchAltoona, Pennsylvania environmental consulting and drilling firm added to ARRO Consulting | Add-on | Environmental & Waste | Source |
| Jan 2026 | Ott ConsultingEastern Pennsylvania civil engineering, surveying and site design firm added to ARRO Consulting | Add-on | Construction Services | Source |
| Oct 2025 | Private Utility EnterprisesPerkasie, Pennsylvania water and wastewater contract operator folded into ARRO Water Services | Add-on | Environmental & Waste | Source |
| Apr 2025 | BDIP Fund IIFinal close at about $159 million after the fund was oversubscribed | Fund close | Source |
Portfolio by sector
From the firm's portfolio page S4.
Construction Services
- LoJac
- Ira Walden & Sons
Environmental & Waste
- ARRO Consulting
Industrial & Manufacturing
- Tricon Force Piping Solutions
Landscaping
- Turf Masters Brands Active (minority stake)
Greymont’s take
How BDI Partners fits a seller
BDI suits owners of smaller engineering, environmental consulting, infrastructure services or building products companies who want a buyer that knows their industry and invests in nothing else. Its size range starts around $1 million of EBITDA, lower than many funds, and its criteria say it prefers management teams that want to keep a meaningful ownership stake after the deal. A sale usually means BDI takes control and then helps the company grow through add-ons, as ARRO Consulting has done with three Pennsylvania acquisitions since October 2025.
BDI makes only a limited number of investments in each fund, so an owner should ask how much room Fund II still has for new platforms and how long BDI expects to hold the business. Owners who want to stay in charge can also ask whether BDI would take a minority position, which its criteria allow.
Questions owners ask
What size company does BDI Partners look for?
Its stated criteria are about $1 million to $7 million or more of EBITDA and $5 million to $60 million or more of revenue, with equity checks from about $3 million to $25 million or more. Smaller companies can fit as add-ons to its existing platforms.
Does BDI Partners invest in environmental and water services companies?
Yes. Environmental consulting and environmental services are named in its focus areas, and its portfolio company ARRO Consulting bought water and wastewater operator Private Utility Enterprises in October 2025 and environmental consultant Mountain Research in June 2026.
Was BDI Partners known by another name?
Yes. The team ran the business as FMI Investment Partners until September 2023, when co-founders Chris Burnham and Adam Daigle formed BDI Partners to buy full ownership of it. The strategy and the investment team stayed the same.
Sources
- S1BDI Partners home page Accessed October 28, 2026
- S2BDI Partners: About Us Accessed October 28, 2026
- S3BDI Partners: Investment Strategy and Investment Criteria Accessed October 28, 2026
- S4BDI Partners: Partnerships Accessed October 28, 2026
- S5BDI Partners Announces the Acquisition of FMI Investment Partners (October 23, 2023) Accessed October 28, 2026
- S6BDI Partners Announces Close of Oversubscribed Fund II at about $159 Million (April 16, 2025) Accessed October 28, 2026
- S7ARRO Acquires Mountain Research, LLC (effective June 30, 2026) Accessed October 28, 2026
- S8ARRO Acquires Ott Consulting, Inc. (effective January 13, 2026) Accessed October 28, 2026
- S9ARRO Acquires Private Utility Enterprises (effective October 1, 2025) Accessed October 28, 2026
- S10BDI Partners: ARRO Consulting partnership page Accessed October 28, 2026
Compiled by Greymont Advisors from public sources, including the firm’s own website and press releases. Greymont is not affiliated with BDI Partners. Figures are as reported on the dates shown and may have changed. Request a correction