Lower middle market private equity firm
CID Capital
- HeadquartersCarmel, IN S1
- Founded1981 S1
- Websitecidcap.com
- Last verifiedOctober 26, 2026
At a glance
| Latest fund | CID Capital Opportunity Fund IV, $250M (Oct 2024) S5 |
|---|---|
| EBITDA range | $3M+ S2 |
| Revenue range | $10M+ S2 |
| Deal types | Platform, Add-on S2 |
| Geography | United States, Canada S2 |
| Sectors | Roofing, Landscaping, Distribution, Construction Services, Industrial & Manufacturing |
What CID Capital buys
CID Capital is an Indianapolis-area private equity firm, founded in 1981, that buys majority control of lower middle market companies in the United States and Canada. Its published criteria are at least $10 million of revenue, at least $3 million of EBITDA and a transaction of $10 million or more, with no minimum size for add-ons. It focuses on three areas: industrial products such as niche manufacturing, valves and safety gear; services such as facility, security, industrial and outsourced services; and distribution of electrical, plumbing, lighting, glass and building products. It often acts as a founder's first institutional investor.
CID's newest fund, the $250 million Fund IV closed in October 2024, has backed four platforms since August 2025: Etruscan Gutters & Roofing, Hittle Landscaping, Kaiser Garage Doors & Gates, and South Bay Hardware with Dave's Lock Service. CID then grows each platform through add-ons, as Lettermen's Energy did with nine acquisitions before its sale. A smaller owner can meet CID as an add-on to Roebuck Landscaping, Georgia Metals, PWSG or one of the new platforms.
Recent deals
Announced in the 24 months before October 26, 2026.
| Date | Company | Type | Sector | Source |
|---|---|---|---|---|
| Sep 2026 | South Bay Hardware and Dave's Lock ServiceAccess control and security hardware services for apartment and commercial properties in California and Washington; the fourth Fund IV platform, with the co-founders staying in charge | Platform | Source | |
| Aug 2026 | Kaiser Garage Doors & GatesArizona installer and servicer of overhead doors and gates; the third Fund IV platform, with an industry veteran brought in as CEO | Platform | Construction Services | Source |
| Dec 2025 | Lettermen's EnergyPropane distribution platform that CID co-founded in 2021, sold to Revelar Capital after nine acquisitions | Exit | Distribution | Source |
| Oct 2025 | The Greathouse Company and Great Lawns Turf CareNashville landscaping business added to Roebuck Landscaping; the founders stay on | Add-on | Landscaping | Source |
| Sep 2025 | Hittle LandscapingMulti-generation commercial landscaping company in the Indianapolis area; the second Fund IV platform | Platform | Landscaping | Source |
| Aug 2025 | Etruscan Gutters & RoofingResidential roof repair and re-roofing company in Chicago's northern suburbs; the first Fund IV platform | Platform | Roofing | Source |
| Jul 2025 | 1st Coast Metal Roofing SupplyFlorida metal roofing distributor added to Georgia Metals | Add-on | Distribution | Source |
| May 2025 | Pecos PropaneNew Mexico propane retailer added to Lettermen's Energy | Add-on | Distribution | Source |
| Feb 2025 | Northport Electrical SupplyAlabama electrical distributor added to Park Wiseway Supply Group | Add-on | Distribution | Source |
| Nov 2024 | Arrowhead PropaneNew Mexico and Colorado propane retailer added to Lettermen's Energy | Add-on | Distribution | Source |
Portfolio by sector
From the firm's portfolio page S3.
Construction Services
- Kaiser Garage Doors & Gates
- Midwest Remediation
Consumer & Food
- LumiSource + Grandview Gallery
- Extra Mile Brands
- Fit + Fresh
Distribution
- Georgia Metals
- Wiseway
- Park Supply
Industrial & Manufacturing
- PDQ Industries
Landscaping
- Hittle Landscaping
- Roebuck Landscaping
Roofing
- Etruscan Gutters & Roofing
Other
- South Bay Hardware & Dave's Lock Service
- Kind Water Systems
Past investments: Lettermen's Energy
Greymont’s take
How CID Capital fits a seller
CID suits owners of home and commercial service businesses, building product distributors and niche manufacturers who are ready for their first outside investor and want to hand over control. Its recent deals often keep the family involved: the Etruscan owners and the Greathouse founders stayed with their companies, and at Hittle CID partnered with both the founding family and the sitting CEO. In other deals CID brings in a new chief executive, as it did at Kaiser in 2026 and at Kind Water in 2024, so an owner should ask early whether CID plans to keep the current leader or recruit one.
Because CID builds through add-ons and its platforms have stated regional growth plans, an owner of a smaller company in a nearby market may find a quicker sale by joining an existing CID platform. Ask how long CID expects to hold the business; it sold Lettermen's about four and a half years after co-founding it.
Questions owners ask
What are CID Capital's investment criteria?
CID looks for companies in the United States or Canada with at least $10 million of revenue and $3 million of EBITDA, in deals of $10 million or more, and takes majority control. Add-ons have no minimum size.
Does CID Capital invest in roofing and landscaping companies?
Yes. Since August 2025 its Fund IV has backed Etruscan Gutters & Roofing near Chicago and Hittle Landscaping near Indianapolis, and its Roebuck Landscaping platform bought The Greathouse Company in Nashville in October 2025.
How large is CID Capital's newest fund?
CID Capital Opportunity Fund IV closed in October 2024 at its $250 million hard cap, above its $200 million target, in a single first and final close. Its first four platforms are Etruscan, Hittle, Kaiser and South Bay Hardware.
Has CID Capital sold a company recently?
In December 2025 CID sold Lettermen's Energy, a propane distributor it co-founded in 2021, to Revelar Capital. Under CID, Lettermen's made nine acquisitions and grew to operations in twenty states.
Sources
- S1CID Capital home page Accessed October 26, 2026
- S2CID Capital: Investment Strategy Accessed October 26, 2026
- S3CID Capital: Portfolio Accessed October 26, 2026
- S4CID Capital: News Accessed October 26, 2026
- S5CID Capital Announces Oversubscribed Fund IV and Names New Managing Partners (October 14, 2024) Accessed October 26, 2026
- S6CID Launches Access Control and Security Hardware Services Platform (September 30, 2026) Accessed October 26, 2026
- S7CID Launches Garage Door Platform with Investment in Kaiser Garage Doors & Gates (August 31, 2026) Accessed October 26, 2026
- S8CID & Lettermen's Energy Fuel an Exit (December 18, 2025) Accessed October 26, 2026
- S9Roebuck Landscaping Acquires The Greathouse Company (October 6, 2025) Accessed October 26, 2026
- S10CID Launches Midwest Platform with Investment in Hittle Landscaping (September 8, 2025) Accessed October 26, 2026
- S11CID Kicks Off Fund IV with Investment in Etruscan Gutters & Roofing (August 28, 2025) Accessed October 26, 2026
- S12CID Capital Partners with Kind Water (January 16, 2024) Accessed October 26, 2026
Compiled by Greymont Advisors from public sources, including the firm’s own website and press releases. Greymont is not affiliated with CID Capital. Figures are as reported on the dates shown and may have changed. Request a correction