Lower middle market growth equity and private credit firm

Boathouse Capital

At a glance

Latest fundBoathouse Capital Fund III, $300M (Nov 2021) S7
EBITDA range$2M to $15M S6
Revenue range$10M+ S2
Check size$5M to $50M S2
Deal typesPlatform, Add-on, Minority, Growth S2
GeographyUnited States S6
SectorsIT Services & MSP, Software & SaaS, Accounting & Professional Services, Education, Cybersecurity

What Boathouse Capital buys

Boathouse Capital is a lower middle market investor based in Berwyn, Pennsylvania, outside Philadelphia, and it runs two strategies side by side. Its equity strategy puts $5 million to $50 million into US companies in IT and tech-enabled services, B2B business services, software, training and education, and franchised businesses. It will do control buyouts, minority recapitalizations, growth rounds and acquisition financing, and it often invests through mezzanine or subordinated debt alongside, or instead of, common equity. A separate private credit strategy lends mainly to private equity sponsors and independent sponsors.

For profitable companies, Boathouse looks for at least $10 million of revenue and $2 million of EBITDA with margins of 10% or better, and its 2026 overview caps the EBITDA range at about $15 million. Software companies can qualify instead with at least $5 million of recurring revenue growing 10% a year or more. A smaller business is more likely to meet Boathouse as an acquisition by one of its portfolio companies, such as Guidewell Education's 2025 purchase of Reach Cambridge.

Recent deals

Announced in the 24 months before November 3, 2026.

DateCompanyTypeSectorSource
May 2026SandboxxExited its stake in the app-based platform for service members and their familiesExitSoftware & SaaSSource
May 2026/prompt (Prompt Group)Growth partnership with a New York healthcare and consumer marketing agency that stays management-ownedInvestmentAccounting & Professional ServicesSource
Mar 2026Unnamed government-focused cybersecurity platformBacked the recapitalization of a secure digital operations software company serving US government customersInvestmentCybersecuritySource
Dec 2025OntraportExited the founder-led marketing automation and CRM software company; its seventh realization from Fund IIIExitSoftware & SaaSSource
Nov 2025VersalinxPharmaceutical events business sold to Questex, a MidOcean Partners portfolio companyExitSource
Oct 2025Guidewell EducationEagle Merchant Partners took a control stake with Boathouse support, and Guidewell bought UK camp provider Reach CambridgeInvestmentEducationSource
Jul 2025AnalyticsIQMarketing data company sold to Alliant, which is backed by Inverness GrahamExitSoftware & SaaSSource
Jul 2025Aligned Fitness HoldingsDebt and an equity co-investment behind Eagle Merchant Partners' recapitalization of a 34-studio Club Pilates franchiseePlatformConsumer & FoodSource
May 2025Munich StrategyGerman consultancy merged into portfolio company Ducker CarlisleAdd-onAccounting & Professional ServicesSource
Feb 2025Analytics8Growth investment in a founder-built data and analytics consulting firm to fund expansion and acquisitionsGrowthIT Services & MSPSource
Nov 2024IMPLAN GroupEconomic impact software company exited through a strategic investment from CharlesbankExitSoftware & SaaSSource

Portfolio by sector

From the firm's portfolio page S4.

Healthcare IT / Services

  • Community Dental Partners

Software / SaaS

  • Cardinality.ai
  • Choozle
  • Compendium Federal Technology
  • Finch
  • Mediafly
  • Spark Hire
  • TapClicks

Tech-Enabled Services

  • Accurate Background
  • ACI Learning
  • Analytics8
  • The District Communications Group
  • Ducker Carlisle
  • Glamsquad
  • Millenium Health and Fitness
  • Prompt Group
  • Re-Sourcing Group
  • Splashlight

Other

  • ALHI
  • Aligned Fitness Holdings
  • Guidewell Education
  • Jan-Pro
  • TalentBridge
  • TCK Sports

Greymont’s take

How Boathouse Capital fits a seller

Boathouse suits founders of profitable IT services, software, consulting or education companies who want growth money or some liquidity without necessarily handing over control. Its recent deals show the range: a 2025 growth investment in Analytics8, a data consulting firm its founder had bootstrapped; a 2026 partnership with marketing agency /prompt that left the company owned by management; and a debt and equity package behind another sponsor's purchase of Aligned Fitness.

Because Boathouse often invests through mezzanine or subordinated debt rather than common stock, an offer can look more like a loan with an equity piece than a classic buyout. An owner should ask early whether the money is equity, debt or a mix, when it has to be repaid or exited, and how many board seats or approval rights come with it. Its seven realizations from Fund III so far show it does plan for an exit.

Questions owners ask

Does Boathouse Capital invest in IT services companies?

Yes. IT services and tech-enabled business services are among its stated target industries. In February 2025 it invested in Analytics8, a Chicago data and analytics consulting firm, to fund expansion and targeted acquisitions.

Does Boathouse take control or minority stakes?

Both. Its equity criteria list control buyouts, minority recapitalizations, growth capital and acquisition financing, and its portfolio notes show many positions made through mezzanine or subordinated debt, sometimes with equity alongside.

What size company does Boathouse look for?

Profitable companies with at least $10 million of revenue and $2 million of EBITDA at margins of 10% or more, or software companies with at least $5 million of recurring revenue growing 10% a year or faster. Investments run from $5 million to $50 million.

Does Boathouse invest in franchise businesses?

Yes. Franchisors and franchisees are a stated interest. Its July 2025 Aligned Fitness deal, backing a Club Pilates franchisee, was its fourth franchise investment after KBP Foods, Fresh Dining Concepts and a Jan-Pro franchisee.

Sources

  1. S1Boathouse Capital home page Accessed November 3, 2026
  2. S2Boathouse Capital: Buyouts investment approach and criteria Accessed November 3, 2026
  3. S3Boathouse Capital: Private Credit investment approach and criteria Accessed November 3, 2026
  4. S4Boathouse Capital: Portfolio Accessed November 3, 2026
  5. S5Boathouse Capital: News and Insights Accessed November 3, 2026
  6. S6Boathouse Capital 2026 Debt and Equity Overview (PDF) Accessed November 3, 2026
  7. S7Boathouse Capital Successfully Closes Oversubscribed $300 Million Fund III (November 1, 2021) Accessed November 3, 2026
  8. S8Boathouse Capital Completes Investment in Analytics8 (February 27, 2025) Accessed November 3, 2026
  9. S9Boathouse Capital Provides Financing to Support Acquisition of Club Pilates Franchisee (July 10, 2025) Accessed November 3, 2026
  10. S10Boathouse Capital Marks Successful Realization of Investment in Ontraport (December 16, 2025) 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 Boathouse Capital. Figures are as reported on the dates shown and may have changed. Request a correction

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