Lower middle market private equity firm
Brass Ring Capital
- HeadquartersMinnetonka, MN S2
- Founded2004 S2
- Websitebrassringcapital.com
- Last verifiedOctober 28, 2026
At a glance
| EBITDA range | $1M to $5M S3 |
|---|---|
| Deal types | Platform, Add-on, Minority, Growth S3 |
| Geography | United States S3 |
| Sectors | Industrial & Manufacturing, Accounting & Professional Services, Environmental & Waste |
What Brass Ring Capital buys
Brass Ring Capital is a Minnetonka, Minnesota firm, started in 2004, that buys established, privately held U.S. companies with $1 million to $5 million of EBITDA. Its sweet spot is $1 million to $3 million. It calls itself industry-agnostic, but most of its companies have been business services firms, diversified industrial businesses and specialty manufacturers. Its screens: no customer above 40% of revenue, gross margins over 25% and EBITDA margins over 10%. It looks nationwide, with its deepest network in the Midwest and Southeast, and it also has a Houston office.
It does outright buyouts for owners who want to retire, recapitalizations where the owner keeps a stake, family succession deals, corporate carve-outs and some growth financing. It has made 17 platform and 11 add-on investments across three funds, now invests from Fund IV, and raises money from individuals rather than institutions. Its latest platform was the December 2024 recapitalization of Harvest Valuations. Current holdings also include two environmental businesses: CRI Environmental Solutions, a Wisconsin recycling and waste company, and Summit Drilling, an environmental investigation and remediation firm.
Recent deals
Announced in the 24 months before October 28, 2026.
| Date | Company | Type | Sector | Source |
|---|---|---|---|---|
| December 2024 | Harvest ValuationsRecapitalization of a Burr Ridge, Illinois firm that values complex financial instruments; NorthCoast Mezzanine put in junior debt and equity alongside Brass Ring | Platform | Accounting & Professional Services | Source |
Portfolio by sector
From the firm's portfolio page S4.
Accounting & Professional Services
- Harvest Valuations
Construction Services
- Acterra Group
Consumer & Food
- Elenco Electronics
Environmental & Waste
- CRI Environmental Solutions
- Summit Drilling
Industrial & Manufacturing
- XeteX
Other
- Madden Media
- SentriForce
Past investments: Creative Learning Systems, Portu-Sunberg Marketing, RIE Coatings, DPIS Builder Services, Classic Brands, Franklin Energy Services, American Finishing Resources, IGC Technologies, Infinity Precision Systems
Greymont’s take
How Brass Ring Capital fits a seller
Brass Ring suits owners of smaller, steady businesses who want to retire or take money off the table and would rather sell to a hands-on local partner than a large institution. Its FAQ says it usually values companies at about 4 to 6 times EBITDA, pairs bank debt with its own equity and sometimes seller notes or earn-outs, and gives key managers 10% to 45% of the equity. An owner can stay and keep a stake through a recapitalization or step away; the firm prefers to keep management but will recruit new leaders. It says its companies rarely work together, so a sale usually means joining a board partner, not being folded into a larger platform. Its past holds have run from about 4 to 12 years. Owners should ask how much of the price would come as seller debt or an earn-out, and how much equity they would need to roll.
Questions owners ask
What size company does Brass Ring Capital buy?
U.S. businesses with $1 million to $5 million of EBITDA, with a sweet spot of $1 million to $3 million. It will look at add-on acquisitions of any size for the companies it already owns.
Does Brass Ring buy environmental or waste companies?
It has. It bought CRI Environmental Solutions, a Woodville, Wisconsin recycling and waste management business, in October 2022, and recapitalized Summit Drilling, an environmental investigation and remediation firm, in April 2021. Both are still listed as current investments.
Does Brass Ring need to buy a majority stake?
Not always. Its FAQ says ownership follows the deal economics: a management buyout may call for a majority, while a family succession deal could leave Brass Ring with a minority stake that carries protections.
What valuation does Brass Ring usually pay?
Its FAQ says companies in its $1 million to $5 million EBITDA range typically trade at about 4 to 6 times EBITDA, moving up or down with growth, the depth of the management team and how spread out the customer base is.
Sources
- S1Brass Ring Capital home page Accessed October 28, 2026
- S2Brass Ring Capital: About Us Accessed October 28, 2026
- S3Brass Ring Capital: Investment Approach and Criteria Accessed October 28, 2026
- S4Brass Ring Capital: Portfolio (current and realized investments) Accessed October 28, 2026
- S5Brass Ring Capital: Frequently Asked Questions Accessed October 28, 2026
- S6Brass Ring Capital Fund III Closing Announcement (November 30, 2018) Accessed October 28, 2026
- S7NorthCoast Announces an Investment in Harvest (December 2024 deal, posted February 25, 2025) Accessed October 28, 2026
- S8Brass Ring Capital: News and Announcements 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 Brass Ring Capital. Figures are as reported on the dates shown and may have changed. Request a correction