Middle market private equity firm

Coalesce Capital

At a glance

Assets under management$1.8B (as of Sep 2026) S3
Latest fundCoalesce Capital Fund I, $900M (Feb 2024) S2
EBITDA range$5M+ S1
Revenue range$25M+ S1
Deal typesPlatform, Add-on, Growth, Minority S1
GeographyNorth America S1
SectorsEnvironmental & Waste, IT Services & MSP, Cybersecurity, Pest Control, Accounting & Professional Services, Healthcare Services

What Coalesce Capital buys

Coalesce Capital is a New York private equity firm led by founder Stephanie Geveda, who previously ran the business services group at Warburg Pincus. It invests in service companies whose value comes from skilled people backed by technology, headquartered in North America and typically with at least $5 million of EBITDA and $25 million of revenue. Target areas include professional services, infrastructure services, testing and compliance, facility services, information and analytics, outsourced processes, route-based services, and residential and franchise services. It closed its first fund at $900 million in February 2024 and reported more than $1.8 billion of regulatory assets in September 2026.

Coalesce mostly takes control, but it can also make minority or growth investments, as it did with Workstreet and ClearDefense in 2026. It wants asset-light companies with recurring revenue and room for add-ons, and it likes to offer equity to employees well beyond the top team. A smaller company is most likely to meet Coalesce as an add-on to Miller Environmental Group, DAS Health, Examinetics or DecisionHR, each of which has bought companies in the past year.

Recent deals

Announced in the 24 months before October 26, 2026.

DateCompanyTypeSectorSource
Sep 2026ClearDefense Pest ControlGrowth investment in a residential pest control company with 27 locations in 16 states; the founders keep a meaningful stake and keep running itGrowthPest ControlSource
Jul 2026WorkstreetGrowth investment in a security and compliance services firm offering outsourced security leadership, penetration testing and compliance programs; founders invest alongsideGrowthCybersecuritySource
Jul 2026Progressive Safety and Jurgiel & AssociatesOn-site safety staffing and industrial hygiene consulting added to ExamineticsAdd-onHealthcare ServicesSource
Jul 2026PaymastersMinnesota professional employer organization added to DecisionHRAdd-onAccounting & Professional ServicesSource
May 2026Central Ohio OilColumbus waste treatment, used oil recycling and disposal company added to Miller Environmental GroupAdd-onEnvironmental & WasteSource
Apr 2026Prime Care Technologies and Prime CloudManaged IT and cloud hosting for senior living operators, bought from Prime Holdings and added to DAS HealthAdd-onIT Services & MSPSource
Mar 2026Haz-Mat Environmental Services and CancoCarolinas industrial cleaning and waste treatment and disposal businesses added to Miller Environmental GroupAdd-onEnvironmental & WasteSource
Feb 2026Ampersand Leadership GroupLeadership assessment and advisory firm added to Pearl MeyerAdd-onAccounting & Professional ServicesSource
Jan 2026Marshall & StevensMajority recapitalization of an independent valuation and litigation support firm, closed in December 2025; management keeps a meaningful stakePlatformAccounting & Professional ServicesSource
Dec 2025Pekron Consulting and RPF EnvironmentalTwo workplace safety consulting firms added to ExamineticsAdd-onHealthcare ServicesSource
Nov 2025DecisionHRAgreement to buy a majority stake in a national professional employer organization; management stays and keeps equityPlatformAccounting & Professional ServicesSource
Nov 2025ACE Environmental ServicesMid-Atlantic environmental services provider added to Miller Environmental GroupAdd-onEnvironmental & WasteSource
May 2025DAS HealthMajority stake in a healthcare IT, cybersecurity and revenue cycle services provider; Sheridan Capital Partners keeps a minority stakePlatformIT Services & MSPSource
Jan 2025Pearl MeyerMajority growth recapitalization of an executive pay and leadership consulting firm; management keeps a meaningful stakePlatformAccounting & Professional ServicesSource

Portfolio by sector

From the firm's portfolio page S1.

Cybersecurity

  • Workstreet

Environmental Services

  • Miller Environmental Group

IT Services

  • DAS Health

Office of the CFO

  • Marshall & Stevens

Professional Employer Organization (PEO)

  • DecisionHR

Professional Services

  • Pearl Meyer

Residential Services

  • ClearDefense Pest Control

Testing, Inspection, Certification & Compliance

  • Examinetics

Greymont’s take

How Coalesce Capital fits a seller

Coalesce fits owners of larger service businesses, with at least $5 million of EBITDA, in waste and environmental services, healthcare IT, workplace compliance testing, HR outsourcing, valuation and advisory work, cybersecurity or residential services. Its deals usually leave management with a real stake: Marshall & Stevens managers kept a meaningful share in the December 2025 recapitalization, and ClearDefense's founders kept equity and kept running the company.

Smaller owners in waste treatment, industrial cleaning or healthcare IT are more likely to sell to a Coalesce platform than to Coalesce itself; Miller Environmental Group alone bought ACE, Haz-Mat, Canco and Central Ohio Oil in about six months. Because the firm is young, with its first fund closed in 2024 and no exits yet, an owner rolling equity should ask about the expected hold period and how Coalesce plans to sell the platform.

Questions owners ask

What size companies does Coalesce Capital invest in?

Its criteria call for companies headquartered in North America with, typically, at least $5 million of EBITDA and $25 million of revenue, in asset-light service businesses that depend on skilled people.

Does Coalesce Capital buy environmental and waste services companies?

Yes. It agreed to buy Miller Environmental Group in September 2024, and Miller has since added ACE Environmental Services, Haz-Mat Environmental Services, Canco and Central Ohio Oil, which treat, recycle and dispose of industrial waste.

Does Coalesce Capital invest in IT services companies?

Yes. In May 2025 it bought a majority stake in DAS Health, which provides managed IT, cybersecurity and cloud hosting to healthcare groups, and DAS added Prime Care Technologies and Prime Cloud in April 2026.

Will Coalesce Capital take a minority stake?

Coalesce says it mainly makes control investments but can take minority positions or provide other equity. Its 2026 deals for Workstreet and ClearDefense were described as growth investments, with founders and managers keeping equity.

Sources

  1. S1Coalesce Capital home page (mission, criteria, portfolio, team, news) Accessed October 26, 2026
  2. S2Coalesce Capital Closes Oversubscribed $900 Million Inaugural Fund (February 7, 2024) Accessed October 26, 2026
  3. S3Coalesce Capital Announces Growth Investment in ClearDefense (September 28, 2026) Accessed October 26, 2026
  4. S4Coalesce Capital Announces Strategic Growth Investment in Workstreet (July 23, 2026) Accessed October 26, 2026
  5. S5Miller Environmental Group Acquires Central Ohio Oil (May 5, 2026) Accessed October 26, 2026
  6. S6Miller Environmental Group Acquires Haz-Mat Environmental Services and Canco (March 30, 2026) Accessed October 26, 2026
  7. S7Miller Environmental Group Completes Acquisition of ACE Environmental Services (November 10, 2025) Accessed October 26, 2026
  8. S8Coalesce Capital Acquires DAS Health (May 27, 2025) Accessed October 26, 2026
  9. S9Coalesce Capital Announces Majority Investment in Marshall & Stevens (January 6, 2026) Accessed October 26, 2026
  10. S10Coalesce Capital Acquires Miller Environmental Group (September 11, 2024) Accessed October 26, 2026
  11. S11Coalesce Capital Invests in Pearl Meyer (January 6, 2025) 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 Coalesce Capital. Figures are as reported on the dates shown and may have changed. Request a correction

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