At a glance
| Assets under management | $300M (as of Jul 2026) S6 |
|---|---|
| EBITDA range | $2M to $7M S2 |
| Revenue range | $10M to $100M S2 |
| Deal types | Platform, Add-on, Minority S3 |
| Geography | United States S3 |
| Sectors | Industrial & Manufacturing, Distribution |
What Capital For Business buys
Capital For Business, or CFB, is a St. Louis investment firm founded in 1959 and owned by Commerce Bancshares, and it is one of the oldest Small Business Investment Companies in the country. It backs industrial growth companies: manufacturers and value-added industrial service and distribution businesses serving markets such as aerospace, automotive, medical and general industry. It is a control investor that looks at minority deals only selectively, and it funds each deal with a mix of subordinated debt and common stock, often next to other investors, with management invited to invest too.
For a new platform, CFB wants $10 million to $100 million of revenue and $2 million to $7 million of EBITDA, and it sets no minimum for add-ons. It does founder and family transitions, management buyouts, recapitalizations, corporate spin-outs and deals brought by independent sponsors. It avoids start-ups, turnarounds, unproven technology, real estate and financial firms. A smaller manufacturer can meet CFB as an add-on, as TEI Rock Drills did with Entegra Attachments in July 2026.
Recent deals
Announced in the 24 months before October 28, 2026.
| Date | Company | Type | Sector | Source |
|---|---|---|---|---|
| Jul 2026 | TEI Rock DrillsMontrose, Colorado maker of rock drilling machinery added to Entegra Attachments | Add-on | Industrial & Manufacturing | Source |
| Apr 2026 | Watershield IndustriesFire and rescue equipment maker sold in a buyout led by HKW Management; CFB reinvested in the new deal | Exit | Industrial & Manufacturing | Source |
| Mar 2026 | Vanguard Graphics InternationalDigital inkjet press maker in Eagan, Minnesota sold to Peninsula Capital Partners and Pillsman Partners | Exit | Industrial & Manufacturing | Source |
| Jan 2026 | Leading Edge AttachmentsHubbardston, Massachusetts supplier of frost and rock ripping buckets added to Entegra Attachments | Add-on | Industrial & Manufacturing | Source |
| 2025 | Amity Die & Stamping CompanyLake Forest, Illinois tooling and precision stamping company, shown on the portfolio page as a 2025 investment | Platform | Industrial & Manufacturing | Source |
Portfolio by sector
From the firm's portfolio page S4.
Distribution
- AirWorx Construction Equipment & Supply
- Central States Bus Sales
Industrial & Manufacturing
- A&A Machine & Fabrication
- Advanced Industries
- Allegiant Manufacturing
- Amity Die & Stamping Company
- Brunk Plastic Services
- DCA Manufacturing
- Delco Corporation
- DIT-MCO International
- Driv-Lok
- Entegra Attachments
- Fiberdome Products
- Kupferle Water Solutions
- Malone's Aerospace Holdings
- Paladin Chemical Company
- Panek Precision Products
- Patterson Mold and Tool
- Perennial Energy
- QPD
- Remtec
- Talk-A-Phone
- The IFH Group
- The Jor-Mac Company
- Transfer Tool Products
- Vehicle Security Innovators
- Watershield Industries
- Wisconsin Coil Spring
Other
- Pima Oilfield Services
Past investments: Vanguard Graphics International
Greymont’s take
How Capital For Business fits a seller
CFB is a good match for owners of niche manufacturers and industrial service companies, many of them in the Midwest, who want a patient partner that will not run the business day to day. It works at the board level, and managers can invest next to CFB and earn a current return. Its long holds stand out: it has backed Central States Bus Sales since 2010, held Watershield from 2018, and chose to reinvest when Watershield was sold in 2026.
Because CFB pairs equity with subordinated debt, an owner should ask how much of the price is paid in cash at closing and how much debt the company will carry afterward. It is also worth asking which co-investors CFB plans to bring, since many of its deals include partners such as Konza Valley Capital.
Questions owners ask
What size company does Capital For Business invest in?
For a platform deal it wants $10 million to $100 million of revenue and $2 million to $7 million of EBITDA. There is no minimum size for add-on acquisitions made by its existing companies.
Does CFB invest outside manufacturing?
Rarely. It says it does not invest outside manufacturing and value-added industrial services, and it avoids start-ups, turnarounds, unproven technology, real estate and financial institutions. A few holdings are distributors, such as Central States Bus Sales and AirWorx.
How does CFB structure its investments?
It uses a mix of subordinated debt and common stock, and it invites management teams to invest alongside it so they earn current returns plus a share of the upside.
Who owns Capital For Business?
Its 2023 and 2024 press releases say CFB is owned by Commerce Bancshares and was founded in 1959, which makes it one of the oldest Small Business Investment Companies in the United States.
Sources
- S1Capital For Business home page Accessed October 28, 2026
- S2Capital For Business: About Us Accessed October 28, 2026
- S3Capital For Business: Investment Approach and Criteria Accessed October 28, 2026
- S4Capital For Business: Portfolio Accessed October 28, 2026
- S5Capital For Business: News Accessed October 28, 2026
- S6CFB Portfolio Company Finalizes Add-On Acquisition: TEI Rock Drills (July 17, 2026) Accessed October 28, 2026
- S7CFB Completes Reinvestment in Watershield Industries After Exit (April 7, 2026) Accessed October 28, 2026
- S8CFB Completes Exit of Vanguard Graphics International (March 6, 2026) Accessed October 28, 2026
- S9CFB Portfolio Company Finalizes Add-On Acquisition: Leading Edge Attachments (January 22, 2026) Accessed October 28, 2026
- S10CFB Completes Majority Recapitalization Investment in Central States Bus Sales (January 2024) Accessed October 28, 2026
- S11CFB Completes Investment in New Life Chemical (October 2023) 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 Capital For Business. Figures are as reported on the dates shown and may have changed. Request a correction