Behrman Capital: Buy Box & Recent Acquisitions

At a glance

EBITDA range	Up to $25M S5
Revenue range	$50M to $200M S5
Check size	$25M to $100M S5
Deal types	Platform, Add-on S4
Geography	North America S4
Sectors	Industrial & Manufacturing

What Behrman Capital buys

Behrman Capital is a New York private equity firm, started in 1991 by brothers Grant and Darryl Behrman, that buys controlling stakes in middle-market companies based in North America. It works in three areas: defense and aerospace, healthcare, and specialty industrials. It looks for niche leaders with demand that holds up in a recession, strong margins, recurring revenue and proprietary products or know-how. Its published criteria are revenue of $50 million to $200 million, EBITDA of up to $25 million and an equity investment of $25 million to $100 million, and it takes majority positions only. It does buyouts, recapitalizations, corporate spinoffs and roll-ups, including buying out founders and families.

Behrman says it has raised about $4.7 billion across nine funds and invests from its seventh main fund, Behrman Capital VII, with more than 35 platforms and 90 add-ons to date. Its current companies are Metallizing Service Company, Micross, The Thermal Group, Vista Apex and Shurco, and most of its recent deals are add-ons to them. A smaller niche manufacturer is most likely to meet Behrman as an add-on.

Recent deals

Announced in the 24 months before November 3, 2026.

Date	Company	Type	Sector	Source
Aug 2026	Heavy MotionsCalifornia supplier of hydraulic systems and motion products added to Shurco	Add-on	Industrial & Manufacturing	Source
Jul 2026	AEMtecMicross signed an agreement to buy the Berlin maker of micro and optoelectronic modules, its eleventh add-on under Behrman	Add-on	Industrial & Manufacturing	Source
Jul 2026	ShurcoMoved from Fund VI into a new single-asset continuation vehicle of about $250 million led by Coller Capital; Fund VII also invested	Investment	Industrial & Manufacturing	Source
Apr 2026	Metallizing Service CompanyThermal spray coatings for aerospace, defense and gas turbine parts, based in West Hartford, Connecticut	Platform	Industrial & Manufacturing	Source
Feb 2026	Waterline Renewal TechnologiesTrenchless sewer repair products maker sold to Azuria Water Solutions, a New Mountain Capital company	Exit	Industrial & Manufacturing	Source
Feb 2025	ACT AerospaceUtah maker of advanced composite structures added to The Thermal Group	Add-on	Industrial & Manufacturing	Source
Jan 2025	Integra TechnologiesWichita semiconductor assembly and test provider added to Micross	Add-on	Industrial & Manufacturing	Source

Portfolio by sector

From the firm's portfolio page S7.

Defense & Aerospace

Metallizing Service Company
Micross
The Thermal Group

Healthcare

Vista Apex

Specialty Industrials

Shurco

Past investments: Waterline Renewal Technologies

Greymont’s take

How Behrman Capital fits a seller

Behrman fits owners of specialty manufacturing and engineered products businesses, especially aerospace and defense suppliers, that hold a defensible niche and already clear its $50 million revenue floor. It buys majority stakes only, so a founder should expect to give up control, though Behrman usually keeps the existing leaders in place, as it did at Metallizing Service Company in April 2026. It tends to hold and keep building: Shurco made five add-ons after Behrman bought it in 2021, and in 2026 it moved into a new continuation vehicle instead of being sold, with management rolling proceeds into the new structure.

An owner who plans to roll equity should ask how long Behrman expects to hold the business and whether a continuation vehicle is a likely end point. Since Simon Lonergan becomes sole Managing Partner at the end of 2026, it is also fair to ask who will sit on the board.

Questions owners ask

What size company does Behrman Capital buy?

Its published criteria call for $50 million to $200 million of revenue, EBITDA of up to $25 million and an equity investment of $25 million to $100 million. It takes majority positions only.

Does Behrman invest outside defense and aerospace?

Yes. Healthcare and specialty industrials are its other two sectors. Current examples are Vista Apex, a Racine, Wisconsin maker of dental consumables, and Shurco, a Yankton, South Dakota maker of cargo covering and control systems for trucking and other transport.

Does management stay after a Behrman acquisition?

Usually. After the April 2026 Metallizing Service Company deal, its existing vice presidents continued to lead the company, and Shurco's management rolled significant proceeds into the July 2026 continuation vehicle and stayed on.

Who has Behrman sold companies to recently?

In February 2026 it sold Waterline Renewal Technologies, a maker of products for repairing sewer lines without digging, to Azuria Water Solutions, a New Mountain Capital company, after two add-ons under its ownership.

Sources

S1Behrman Capital home page (New York address) Accessed November 3, 2026
S2Behrman Capital: Our History Accessed November 3, 2026
S3Behrman Capital: Our Capital Base Accessed November 3, 2026
S4Behrman Capital: Investment Strategy Accessed November 3, 2026
S5Behrman Capital: Investment Criteria Accessed November 3, 2026
S6Behrman Capital: Sector Focus Accessed November 3, 2026
S7Behrman Capital: Investments (all and current companies) Accessed November 3, 2026
S8Behrman Capital Closes ~$250 Million Continuation Vehicle for Shurco (July 1, 2026) Accessed November 3, 2026
S9Behrman Capital Acquires Metallizing Service Company (April 22, 2026) Accessed November 3, 2026
S10Behrman Capital Announces Leadership Transition Plan (July 1, 2025) Accessed November 3, 2026
S11Behrman Capital: News 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 Behrman Capital. Figures are as reported on the dates shown and may have changed. Request a correction