Lower middle market private equity firm

Eagle Merchant Partners

At a glance

Latest fundEagle Merchant Partners Fund II, $415M (May 2025) S6
EBITDA range$2M to $20M S2
Revenue range$20M to $200M S2
Deal typesPlatform, Add-on S6
GeographySoutheastern US, Texas S2
SectorsAuto Services & Collision, Environmental & Waste, Roofing, Construction Services, Education, Healthcare Services, Consumer & Food

What Eagle Merchant Partners buys

Eagle Merchant Partners is an Atlanta private equity firm that takes control of founder-owned companies, mainly in the Southeast and Texas. It looks for $20 million to $200 million of revenue and $2 million to $20 million of EBITDA, and it often provides a company's first outside institutional capital. It works in two areas. In consumer services it backs franchisors, franchisees and other multi-unit brands in fitness, medical aesthetics, education and home services. In commercial services it targets roofing, facility and industrial services, mechanical work and infrastructure.

Eagle closed its second fund at $415 million in May 2025, two years after a $266 million first fund, and made four platform investments from it by December 2025: Aligned Fitness, Guidewell Education, ES Integrated and Atlantic Pipe Services. Its plan for each company leans on new locations and add-on acquisitions, so a smaller business may meet Eagle as an add-on to a current holding such as Eskola Roofing, Aligned Fitness or AYA Medical Spa.

Recent deals

Announced in the 24 months before October 26, 2026.

DateCompanyTypeSectorSource
Apr 2026CAM PilatesSix Club Pilates studios in Columbus, Ohio added to Aligned Fitness, its first market outside the SoutheastAdd-onConsumer & FoodSource
Dec 2025Four Club Pilates franchise groups (13 studios)Studios in Charlotte, metro Atlanta, Pinehurst and Athens added to Aligned Fitness, bringing it to 47 locationsAdd-onConsumer & FoodSource
Dec 2025Atlantic Pipe ServicesFlorida stormwater and wastewater pipe inspection, cleaning and repair company; fourth Fund II platformPlatformConstruction ServicesSource
Sep 2025ES IntegratedCharleston, South Carolina industrial cleaning, environmental and waste services provider; the CEO and leadership team stayPlatformEnvironmental & WasteSource
Sep 2025Guidewell EducationSacramento college counseling, test prep and tutoring company; second Fund II investmentGrowthEducationSource
Jun 2025Aligned FitnessSoutheast Club Pilates franchisee; first Fund II deal, closed alongside two add-ons, Crescent Concepts and Next TwentyPlatformConsumer & FoodSource
May 2025Eagle Merchant Partners Fund IIClosed at $415 million, above its original hard capFund closeSource
Feb 2025Tribeca MedSpaTwo Manhattan medical spa locations added to AYA Medical SpaAdd-onHealthcare ServicesSource
Nov 2024AYA Medical SpaAtlanta medical spa with nine locations in metro Atlanta and Dallas; seventh Fund I platformPlatformHealthcare ServicesSource
Nov 2024Frontier Roofing, BBG Contracting Group and Keating RoofingThree commercial roofers in Texas and New Mexico, North Florida and Charleston added to EskolaAdd-onRoofingSource

Portfolio by sector

From the firm's portfolio page S4.

Auto Services & Collision

  • Puget Collision Current

Construction Services

  • Atlantic Pipe Services Current
  • Sam The Concrete Man Current

Consumer & Food

  • Aligned Fitness Current

Education

  • Code Ninjas Current
  • Guidewell Education Current

Environmental & Waste

  • ES Integrated Current

Healthcare Services

  • AYA Medical Spa Current

Roofing

  • Eskola Roofing & Waterproofing Current

Other

  • Enviro-Master Services Current
  • Impact Home Services Current
  • TCB Franchising Current

Past investments: Caliber Car Wash, Chicken Salad Chick, The Recreational Group, United PF Partners

Greymont’s take

How Eagle Merchant Partners fits a seller

Eagle fits a founder in the Southeast or Texas who has not taken outside capital before and wants help building a team, opening locations or making acquisitions. Its releases show leaders staying in place, as at ES Integrated and Aligned Fitness, and its approach page stresses hiring ahead of growth. Owners of industrial cleaning and waste, commercial roofing, collision repair or franchise businesses sit closest to its current holdings.

Eagle describes itself as a control investor, so an owner who wants to keep a majority may fit better elsewhere. Good questions to ask: how much equity the owner would roll and keep, how long Eagle expects to hold the company, and which add-ons it would chase first. The exits listed on its site went to other private equity firms, such as Caliber Car Wash to Percheron Capital and The Recreational Group to Sentinel Capital Partners.

Questions owners ask

Does Eagle Merchant Partners invest outside the Southeast?

Its focus is the Southeast and Texas, but it has gone further for the right company: Puget Collision in the Pacific Northwest, Guidewell Education in Sacramento, and Aligned Fitness's 2026 move into Columbus, Ohio.

Does Eagle buy environmental and waste services companies?

Yes. In September 2025 it invested in ES Integrated, a Charleston, South Carolina provider of industrial cleaning, environmental and waste services with eight Southeast locations, and kept its leadership team in place.

What size company does Eagle look for?

Its criteria call for $20 million to $200 million of revenue and $2 million to $20 million of EBITDA, usually in a company taking institutional capital for the first time.

Does Eagle invest in collision repair or other auto services?

Yes. It owns Puget Collision, a group of CARSTAR and Fix Auto collision repair shops that had 19 locations when Eagle invested in 2022, and it previously owned Caliber Car Wash, which it sold to Percheron Capital.

Sources

  1. S1Eagle Merchant Partners home page Accessed October 26, 2026
  2. S2Eagle Merchant Partners: Investment Criteria Accessed October 26, 2026
  3. S3Eagle Merchant Partners: Our Approach Accessed October 26, 2026
  4. S4Eagle Merchant Partners: Portfolio (current and exited) Accessed October 26, 2026
  5. S5Eagle Merchant Partners: News Accessed October 26, 2026
  6. S6Eagle Merchant Partners Closes Fund II at $415 Million (May 19, 2025) Accessed October 26, 2026
  7. S7Eagle Merchant Partners Invests in ES Integrated (September 29, 2025) Accessed October 26, 2026
  8. S8Eagle Merchant Partners Invests in Atlantic Pipe Services (December 4, 2025) Accessed October 26, 2026
  9. S9Eagle Merchant Partners Invests in 19 Auto Collision Centers in Pacific Northwest (September 27, 2022) 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 Eagle Merchant Partners. Figures are as reported on the dates shown and may have changed. Request a correction

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