Family investment firm (Carlson family capital, no fixed holding period)
Carlson Private Capital Partners
- HeadquartersMinnetonka, MN S6
- Founded2018 S6
- Websitecarlsonprivatecapital.com
- Last verifiedOctober 28, 2026
At a glance
| EBITDA range | $8M to $40M S2 |
|---|---|
| Revenue range | $50M to $500M S2 |
| Check size | $20M to $100M S2 |
| Deal types | Platform, Add-on, Minority S6 |
| Geography | United States, Canada S2 |
| Sectors | Industrial & Manufacturing, Distribution, Consumer & Food |
What Carlson Private Capital Partners buys
Carlson Private Capital Partners invests the Carlson family's own money rather than capital raised from outside fund investors. The family's business history goes back to 1938, and the firm launched as a dedicated investment platform in 2018 in Minnetonka, Minnesota. It looks for profitable US and Canadian companies with $50 million to $500 million of revenue and $8 million to $40 million or more of EBITDA, and it invests $20 million to $100 million of equity per deal. Its core areas are industrial, consumer, distribution and business services, with some interest in healthcare and financial services.
Carlson takes control, minority and co-investment positions and has no set holding period. It presents itself as a third option for owners who do not want to sell to a competitor or to a traditional fund, and many of its partners are family or founder-led businesses taking on an outside investor for the first time. Owners below its size floor are most likely to meet it as an add-on, as PKM Panel Systems did with Thermo Systems in 2026.
Recent deals
Announced in the 24 months before October 28, 2026.
| Date | Company | Type | Sector | Source |
|---|---|---|---|---|
| Sep 2026 | PKM Panel SystemsNew Jersey panel fabrication and testing shop, a supplier for nearly 30 years, added to Thermo Systems | Add-on | Industrial & Manufacturing | Source |
| May 2026 | QnamiSwiss developer of diamond-based quantum sensing tools added to Quantum Design | Add-on | Industrial & Manufacturing | Source |
| Dec 2025 | AMAG TechnologyAccess control, identity and video security company; Carlson invested alongside Shore Rock Partners and BellTower Partners | Investment | Source | |
| Jun 2025 | Oxford Instruments NanoScience divisionQuantum Design signed an agreement to buy the UK ultra-low temperature cryogenics unit; Carlson's portfolio page lists the deal under January 2026 | Add-on | Industrial & Manufacturing | Source |
Portfolio by sector
From the firm's portfolio page S4.
Our Portfolio
- AMAG Technology
- Quantum Design International
- Thermo Systems
- Millennium
- Pattern
- Street Smart
- Lakeshirts/Blue 84
- LindFast Solutions Group
Greymont’s take
How Carlson Private Capital Partners fits a seller
Carlson fits a family or founder-owned company at the top of the lower middle market, with at least $8 million of EBITDA, whose owner wants a long-term partner instead of a competitor or a fund with a short, fixed holding period. The firm says it sees itself as an investor and resource rather than an operator, and its Lakeshirts case study quotes a co-founder who still runs the company as co-CEO. It also funds add-ons: Quantum Design agreed to buy the Oxford Instruments NanoScience unit in 2025 and bought Qnami in 2026, and Thermo Systems bought PKM Panel Systems in 2026.
An owner should ask whether Carlson would take control or a minority stake alongside other investors, as it did with AMAG Technology, and how the owner's remaining equity could be cashed out over a hold with no planned end date.
Questions owners ask
How big does a company need to be for Carlson Private Capital Partners?
Its stated targets are $50 million to $500 million of revenue, $8 million to $40 million or more of EBITDA, and equity investments of $20 million to $100 million.
Is Carlson Private Capital a traditional private equity fund?
No. It invests the Carlson family's own capital rather than money raised from institutional investors, and it says its decisions are not tied to a predetermined holding period or fundraising cycles.
Does Carlson Private Capital make add-on acquisitions?
Yes. In 2026 its portfolio company Thermo Systems bought PKM Panel Systems and Quantum Design bought Qnami, after Quantum Design agreed in June 2025 to buy the NanoScience division of Oxford Instruments.
Sources
- S1Carlson Private Capital Partners home page Accessed October 28, 2026
- S2Carlson Private Capital: What We Look For Accessed October 28, 2026
- S3Carlson Private Capital: About Carlson Accessed October 28, 2026
- S4Carlson Private Capital: Our Portfolio Accessed October 28, 2026
- S5Carlson Private Capital: News Accessed October 28, 2026
- S6Carlson Private Capital Partners Launches Dedicated Private Investment Platform (May 1, 2018) Accessed October 28, 2026
- S7Carlson Private Capital Partners adds to portfolio with investment in AMAG Technology (December 9, 2025) Accessed October 28, 2026
- S8Thermo Systems Adds to Manufacturing Capabilities by Acquiring PKM Panel Systems (September 30, 2026) Accessed October 28, 2026
- S9Quantum Design Acquires Qnami (May 8, 2026) Accessed October 28, 2026
- S10Quantum Design Signs Agreement to Acquire NanoScience Division of Oxford Instruments (June 10, 2025) Accessed October 28, 2026
- S11Carlson Private Capital Adds to Portfolio with Investment in Quantum Design International (October 11, 2024) 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 Carlson Private Capital Partners. Figures are as reported on the dates shown and may have changed. Request a correction