Lower middle market private equity and software growth equity firm (part of a multi-strategy asset manager)

Bow River Capital

At a glance

Assets under management$7.3B (as of Jun 2026) S1
Latest fundBow River Capital Software Growth Equity Fund II, $600M (Mar 2023) S6
EBITDA range$7M to $25M S2
Revenue range$25M to $200M S2
Deal typesPlatform, Add-on, Growth, Minority S2
GeographyUnited States, Rodeo Region (14 states in the Rocky Mountain West and Southwest) S5
SectorsHVAC, Plumbing & Electrical, Roofing, Construction Services, Healthcare Services, Software & SaaS

What Bow River Capital buys

Bow River Capital is a Denver alternative asset manager, founded in 2003, with $7.3 billion of managed capital across private equity, software growth equity, private credit, real estate and venture strategies. This profile covers only its two equity strategies for operating companies. The private equity team buys control of, or does majority recapitalizations with, services businesses that have $25 million to $200 million of revenue and $7 million to $25 million of EBITDA. It targets industrial and infrastructure services (facilities, utility and inspection services, retrofit construction), healthcare services (home health, physician practice management) and business services, with a main focus on the 14-state Rodeo Region of the Rocky Mountain West and Southwest.

The Software Growth Equity team makes majority and minority investments in software companies with $3 million to $15 million of revenue that are at or near cash flow break-even, often as their first institutional investor. Both teams back add-on acquisitions. The latest funds are Private Equity Fund III ($590 million, 2022) and Software Growth Equity Fund II (more than $600 million, 2023).

Recent deals

Announced in the 24 months before October 22, 2026.

DateCompanyTypeSectorSource
Mar 2026TrackViaMajority buyout of a compliance and asset tracking software platform for government and commercial customersPlatformSoftware & SaaSSource
Sep 2025meQuilibriumMajority recapitalization that merged the workforce mental health software company with portfolio company RippleWorxInvestmentSoftware & SaaSSource
Jul 2025ForecastUK AI project and resource planning software company added to AcceloAdd-onSoftware & SaaSSource
Jul 2025Progressive RoofingPhoenix commercial roofer sold to TopBuild for $810 million after three add-onsExitRoofingSource
Jun 2025TopiaMajority recapitalization of a Denver global mobility and remote work compliance software companyPlatformSoftware & SaaSSource
Apr 2025CloudShareMajority investment in a virtual training lab software company; the founder stays on as CEOPlatformSoftware & SaaSSource

Portfolio by sector

From the firm's portfolio page S2.

Private Equity: Business Services

  • One10

Private Equity: Healthcare Services

  • Amazing Care Home Health Services
  • Chrysalis Health
  • Precision Spine Care

Private Equity: Industrial Services

  • Arctic Air Holdings
  • Landmark Aquatic

Private Equity: Infrastructure Services

  • ECC Exteriors
  • NextEdge Networks

Software Growth Equity

  • Accelo
  • CloudShare
  • meQuilibrium
  • ProductPlan
  • Spear Technologies
  • Topia
  • TrackVia
  • Vitruvi Software
  • Xima Software

Past investments: Progressive Roofing

Greymont’s take

How Bow River Capital fits a seller

Bow River fits the owner of a mid-sized services business, such as a specialty contractor, inspection firm or healthcare provider group, that is ready to sell a majority stake and grow through add-ons, especially in the Mountain West or Southwest. The Progressive Roofing sale shows the playbook: Bow River invested in 2021, the company made three acquisitions and grew to about 1,700 employees, and TopBuild bought it in July 2025 for $810 million. Software founders with smaller, break-even companies would deal with the separate software growth team instead.

Bow River announces few private equity deals publicly, so an owner should ask for references from current holdings such as Arctic Air or ECC Exteriors. It is also worth asking which fund would invest and how long the firm usually holds a company before selling.

Questions owners ask

What size company does Bow River's private equity team buy?

Its platform criteria call for $25 million to $200 million of revenue and $7 million to $25 million of EBITDA, through a control buyout or majority recapitalization. Its software growth team looks at much smaller companies, with $3 million to $15 million of revenue.

Does Bow River only invest in the Rocky Mountain region?

No. Its third private equity fund invests across the United States, but its main focus is what it calls the Rodeo Region, 14 states in the Rocky Mountain West and Southwest. Current holdings include Florida-based Arctic Air and Precision Spine Care in Tyler, Texas.

Does Bow River buy home services or contractor businesses?

Yes. Its current private equity holdings include Arctic Air Holdings, a Florida residential HVAC and plumbing company, ECC Exteriors, a Denver exterior painting, siding and roofing contractor for multifamily properties, and Landmark Aquatic, a commercial pool builder and servicer. It sold Progressive Roofing to TopBuild in July 2025.

Who runs Bow River Capital now?

Greg Hiatrides, who built and led the private equity team, became chief executive in October 2026. Founder Blair Richardson, who ran the firm for 23 years, moved to the chairman role.

Sources

  1. S1Bow River Capital home page (managed capital as of June 30, 2026) Accessed October 22, 2026
  2. S2Bow River Capital: Private Equity (criteria, industries, current holdings, exits) Accessed October 22, 2026
  3. S3Bow River Capital: Software Growth Equity (criteria and holdings) Accessed October 22, 2026
  4. S4Bow River Capital: Team (founder biography, firm established 2003) Accessed October 22, 2026
  5. S5Bow River Capital Raises $590 Million for Its Third Private Equity Fund (August 4, 2022) Accessed October 22, 2026
  6. S6Bow River Capital Closes $600+ Million Software Growth Equity Fund II, Surpassing $500 Million Target (March 21, 2023, date from the firm's news listing) Accessed October 22, 2026
  7. S7Bow River Capital news: Software Growth Equity Accessed October 22, 2026
  8. S8Bow River Capital Completes the Sale of Progressive Roofing to TopBuild Corp. (July 15, 2025) Accessed October 22, 2026
  9. S9Bow River Capital Appoints Greg Hiatrides as Chief Executive Officer (October 15, 2026) Accessed October 22, 2026
  10. S10Bow River Capital news: Private Equity Accessed October 22, 2026

Compiled by Greymont Advisors from public sources, including the firm’s own website and press releases. Greymont is not affiliated with Bow River Capital. Figures are as reported on the dates shown and may have changed. Request a correction

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