Middle market private equity firm
Edgewater Funds
- HeadquartersChicago, IL S2
- Founded2001 S6
- Websiteedgewaterfunds.com
- Last verifiedOctober 20, 2026
At a glance
| EBITDA range | $3M to $40M S3 |
|---|---|
| Check size | $10M to $100M S3 |
| Deal types | Platform, Add-on, Minority, Growth S3 |
| Geography | United States, Canada S3 |
| Sectors | Industrial & Manufacturing, HVAC, Plumbing & Electrical, Healthcare Services, Distribution |
What Edgewater Funds buys
Based in Chicago, The Edgewater Funds has collected over $4 billion of investor commitments since 2001. It invests through its Edgewater Growth Capital Partners funds in three areas: industrials (specialty manufacturing, engineered components and distribution), business services, including field and facility services such as commercial HVAC, and healthcare services such as revenue cycle management. Its criteria call for $3 million to $40 million of EBITDA and a first equity check of $10 million to $100 million, in the US or Canada. It can take control or a minority stake, and it does recapitalizations, management buyouts, family successions, carve-outs and growth capital.
Edgewater's model is buy and build. It starts a platform with one company, often owner-led, then adds smaller businesses in the same niche, and it sets no minimum size for add-ons. Recent platforms include Silver State in commercial HVAC service, Nationwide Cooling Group in HVAC coils, Boulden in industrial wear parts, and a new engineered fastener group that began with AFT Industries in April 2026.
Recent deals
Announced in the 24 months before October 20, 2026.
| Date | Company | Type | Sector | Source |
|---|---|---|---|---|
| Jul 2026 | Parker Manufacturing GroupArizona maker of precision fasteners for aerospace, defense and semiconductor equipment joins Edgewater's fastener platform; the co-founder stays on | Investment | Industrial & Manufacturing | Source |
| May 2026 | Deerfield GroupHealthcare marketing agency, held since 2021, sold to Martis Capital | Exit | Source | |
| Apr 2026 | AFT IndustriesTexas fastener and industrial hardware supplier, owner-operated since 2001, launches an engineered fastener platform | Platform | Distribution | Source |
| Mar 2026 | ProtecallHVAC coatings, indoor air quality and restoration services added to Nationwide Cooling Group | Add-on | HVAC, Plumbing & Electrical | Source |
| December 2025 | Cooney Coil & EnergyPennsylvania maker of replacement HVAC/R coils added to Nationwide Cooling Group | Add-on | Industrial & Manufacturing | Source |
| November 2025 | Ace Precision IndustriesThird-generation family-owned Ohio machine shop added to Boulden | Add-on | Industrial & Manufacturing | Source |
| September 2025 | Westaire, Tri-Point Refrigeration, The Whitman Co. and Atlantic Coast Restaurant & Mechanical ServicesFour commercial HVAC and facility service firms in California, Texas and Florida added to Silver State | Add-on | HVAC, Plumbing & Electrical | Source |
| August 2025 | Boulden CompanyPennsylvania supplier of wear parts and services for refinery and power equipment, new aftermarket platform | Platform | Industrial & Manufacturing | Source |
| July 2025 | Triple Threat CommunicationsNew Jersey healthcare marketing firm added to Deerfield Group; the founder joined Deerfield's leadership | Add-on | Source | |
| July 2025 | Elevate Patient Financial SolutionsRevenue cycle management company sold to Audax Private Equity and Parthenon Capital after seven add-ons | Exit | Healthcare Services | Source |
| May 2025 | AquatrolIllinois safety and pressure relief valve maker added to Flow Control Management | Add-on | Industrial & Manufacturing | Source |
| April 2025 | Precision Coils, Specialty Coils, Emergent Coils and JMG ThermalFour commercial HVAC/R coil makers and distributors added to Nationwide Cooling Group | Add-on | Industrial & Manufacturing | Source |
| January 2025 | Master Packing & Rubber CompanyIowa gasket and seal maker added to Flow Control Management | Add-on | Industrial & Manufacturing | Source |
| November 2024 | NYX Health Eligibility ServicesMedicaid eligibility and enrollment services firm added to Elevate Patient Financial Solutions | Add-on | Healthcare Services | Source |
Portfolio by sector
From the firm's portfolio page S4.
Business Services
- FCM (Flow Control Management)
- Spartan Aerospace
- Silver State
- Brilliance Financial Technology
- AIMS
- DataBank
- ExteNet Systems
- Ouro
- Switch
Business Services, Healthcare
- Anesthesia Dynamics
Business Services, Industrials
- AFT
- Boulden Company
- Turbine Engine Specialists
- Industrial Service Solutions Active (minority stake)
- P1 Service Group
Industrials
- Flex Pack
- Integra-Cast
- Nationwide Cooling Group
- Orizon
- Parker Manufacturing Group
Past investments: Deerfield Group, Elevate Patient Financial Solutions
Greymont’s take
How Edgewater Funds fits a seller
Edgewater suits owners of fragmented service businesses and niche manufacturers who want a partner that will keep buying competitors after the deal. A company below the $3 million EBITDA floor is most likely to meet Edgewater as an add-on, for example a commercial HVAC contractor joining Silver State or a coil maker joining Nationwide Cooling Group. Founders often stay involved: Edgewater called its 2026 AFT deal a partnership with the longtime owner, and Parker's co-founder continued with the business.
Edgewater can also take a minority stake, which may appeal to an owner who wants growth capital without giving up control. An owner should ask how long Edgewater expects to hold the platform (it owned Deerfield from 2021 to 2026), and whether the owner or the platform's management will run the combined business.
Questions owners ask
Does Edgewater buy HVAC companies?
Yes, on the commercial side and in HVAC parts. Silver State, a commercial HVAC, refrigeration and plumbing service company it backed in 2024, bought four more commercial HVAC service firms in 2025, and Nationwide Cooling Group has bought several HVAC coil makers and distributors. Its older platform P1 Service Group backs residential HVAC, plumbing and electrical companies.
What size company does Edgewater look for?
Its criteria call for $3 million to $40 million of EBITDA and a first equity investment of $10 million to $100 million in a US or Canadian company. Add-on acquisitions for its existing platforms have no minimum size.
Will Edgewater take a minority stake?
Yes. Edgewater says it structures both growth equity, which it treats as minority investing, and buyouts. When it sold the majority of Industrial Service Solutions to Wynnchurch Capital in 2022, it kept a minority position and stayed an investor.
Who has Edgewater sold companies to recently?
In 2025 it sold Elevate Patient Financial Solutions, a revenue cycle management company, to Audax Private Equity and Parthenon Capital. In May 2026 it sold Deerfield Group, a healthcare marketing agency, to Martis Capital.
Sources
- S1Edgewater Funds home page Accessed October 20, 2026
- S2Edgewater Funds: About Us Accessed October 20, 2026
- S3Edgewater Funds: Investment Criteria Accessed October 20, 2026
- S4Edgewater Funds: Portfolio Accessed October 20, 2026
- S5Edgewater Funds: News Accessed October 20, 2026
- S6Boulden Holdings Acquires Ace Precision Industries (November 2025) Accessed October 20, 2026
- S7The Edgewater Funds Announces Investment in Parker Manufacturing Group (July 2026) Accessed October 20, 2026
- S8The Edgewater Funds Sells Majority Interest in ISS to Wynnchurch Capital (December 2022) Accessed October 20, 2026
- S9The Edgewater Funds Announces Investment in Silver State Refrigeration & HVAC (July 2024) Accessed October 20, 2026
- S10P1 Service Group Acquires Three HVAC Companies (January 2024) Accessed October 20, 2026
- S11The Edgewater Funds Exits DataBank Investment (February 2020) Accessed October 20, 2026
Compiled by Greymont Advisors from public sources, including the firm’s own website and press releases. Greymont is not affiliated with Edgewater Funds. Figures are as reported on the dates shown and may have changed. Request a correction