Lower middle market private equity firm

Edgewater Capital Partners

At a glance

Latest fundEdgewater Capital Partners V, L.P., $330M (Dec 2023) S5
EBITDA rangeUp to $25M S2
Revenue rangeUp to $100M S2
Check sizeUp to $50M S2
Deal typesPlatform, Add-on S2
SectorsIndustrial & Manufacturing, Healthcare Services

What Edgewater Capital Partners buys

Edgewater Capital Partners is a Cleveland private equity firm that has invested for more than 25 years in four areas: specialty industrials, life sciences, advanced materials and specialty chemicals. It looks for niche products and services that are a small but critical part of a customer's end product, where failure is costly and selling takes technical knowledge. Its typical company has under $25 million of EBITDA and under $100 million of revenue, and it invests up to $50 million of equity per deal. Add-ons of any size qualify if they generate positive cash flow.

Edgewater says more than half of its acquisitions since it began have been carve-outs of corporate divisions, and nearly half of its deals involve owner-operators who built their companies themselves. Operating partners with long careers in each niche help with diligence and growth after closing. Its latest fund, Edgewater Capital Partners V, closed at $330 million in December 2023. A smaller company is most likely to meet Edgewater as an add-on, as Med Water Systems did when it joined AmeriWater in July 2026.

Recent deals

Announced in the 24 months before November 2, 2026.

DateCompanyTypeSectorSource
Sep 2026ProlytixBioanalytical testing and research reagents company sold to VION BiosciencesExitHealthcare ServicesSource
Jul 2026Med Water SystemsWoods Cross, Utah maker of high-purity water systems for clinical labs and sterile processing, added to AmeriWaterAdd-onIndustrial & ManufacturingSource
Jun 2026Iten DefenseAgreement to sell the Ashtabula, Ohio armor maker to NP Aerospace of the UKExitIndustrial & ManufacturingSource
Jun 2026Well MasterGolden, Colorado maker of plunger lift and production optimization systems for oil and gas wells; its leadership team stays in placePlatformIndustrial & ManufacturingSource
Oct 2025Luxium SolutionsAgreement, with co-owner SK Capital, to sell the radiation detection crystal and optics maker to Excelitas TechnologiesExitIndustrial & ManufacturingSource
May 2025CBCC Global Research (now REV Clinical)Bakersfield, California clinical research organization with operations in India; renamed REV Clinical in January 2026PlatformHealthcare ServicesSource
Nov 2024Pure WaferSale of the US silicon wafer and wafer reclaim provider; buyer not namedExitIndustrial & ManufacturingSource

Portfolio by sector

From the firm's portfolio page S3.

Current

  • AmeriWater Current
  • Deerpoint Group Current
  • Evantic Current
  • GL Chemtec Current
  • Naprotek Current
  • NeoGraf Solutions Current
  • REV Clinical Current
  • Well Master Current

Past investments: Iten Defense, Prolytix, Luxium Solutions, Pure Wafer

Greymont’s take

How Edgewater Capital Partners fits a seller

Edgewater suits owners of technical manufacturing, chemicals, specialty materials and life science service businesses who want a buyer that already understands their niche. Its sector focus lets it move through diligence quickly, and it pitches certainty of closing and a culture it calls Midwestern values to founders who care about fit. In the June 2026 Well Master deal, the company's leadership team stayed in place to run the business.

Edgewater says it does not run its companies day to day but backs management with money for people, systems and plants. Its recent exits went to strategic buyers such as Excelitas, NP Aerospace and VION Biosciences. Owners should ask which operating partner would work with them, how much equity they would roll over, and how long Edgewater expects to hold the company, since it agreed to sell Luxium about three years after buying it.

Questions owners ask

What size company does Edgewater Capital Partners look for?

Its typical target has under $25 million of EBITDA and under $100 million of revenue, with up to $50 million of equity per deal. Add-on acquisitions of any size can work if they have positive cash flow.

Does Edgewater buy founder-owned companies or only corporate divisions?

Both. Edgewater says more than half of its acquisitions since it began have been corporate carve-outs, while nearly half of its deals involve owner-operators who built their companies from scratch.

What has Edgewater done recently?

In 2026 it bought Well Master, a Colorado maker of oil and gas production equipment, added Med Water Systems to AmeriWater, agreed to sell Iten Defense to NP Aerospace and sold Prolytix to VION Biosciences.

Sources

  1. S1Edgewater Capital Partners home page Accessed November 2, 2026
  2. S2Edgewater Capital Partners: Focus Accessed November 2, 2026
  3. S3Edgewater Capital Partners: Portfolio Accessed November 2, 2026
  4. S4Edgewater Capital Partners: The Edgewater Difference Accessed November 2, 2026
  5. S5Edgewater Capital Raises $330 Million Private Equity Fund (December 21, 2023) Accessed November 2, 2026
  6. S6Edgewater Capital Partners: News Accessed November 2, 2026
  7. S7Edgewater Capital Partners Acquires Well Master (June 23, 2026) Accessed November 2, 2026
  8. S8AmeriWater, a Portfolio Company of Edgewater Capital Partners, Acquires Med Water Systems (July 14, 2026) Accessed November 2, 2026
  9. S9Edgewater Capital Partners Announces Agreement to Sell Iten Defense to NP Aerospace (June 24, 2026) Accessed November 2, 2026
  10. S10Edgewater Capital Partners Completes Sale of Prolytix to VION Biosciences (September 9, 2026) Accessed November 2, 2026
  11. S11Edgewater Capital Partners Announces Agreement to Sell Luxium Solutions to Excelitas Technologies (October 14, 2025) Accessed November 2, 2026
  12. S12Edgewater Capital Partners Announces Partnership with CBCC Global Research (May 27, 2025) Accessed November 2, 2026
  13. S13CBCC Global Research Rebrands to REV Clinical (January 8, 2026) Accessed November 2, 2026
  14. S14Edgewater Capital Partners Completes Sale of Pure Wafer (November 12, 2024) Accessed November 2, 2026

Compiled by Greymont Advisors from public sources, including the firm’s own website and press releases. Greymont is not affiliated with Edgewater Capital Partners. Figures are as reported on the dates shown and may have changed. Request a correction

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