Lower middle market private investment firm
Evanston Partners
- HeadquartersEvanston, IL S1
- Websiteevanstonpartners.com
- Last verifiedNovember 3, 2026
At a glance
| EBITDA range | $0.5M+ S2 |
|---|---|
| Revenue range | $5M to $20M S2 |
| Deal types | Platform, Add-on S2 |
| Sectors | Consumer & Food, Transportation & Logistics, Distribution |
What Evanston Partners buys
Evanston Partners is a small Evanston, Illinois firm led by managing members Bill Glastris and Jeff Ellis. It recapitalizes, buys and builds small, profitable growth companies together with their managers. Glastris was a founding principal of Chicago buyout firm Prospect Partners from 1997 to 2013. Evanston says it will pursue companies too small for most lower middle market investors: it looks at businesses with as little as $500,000 of EBITDA, and its ideal target is profitable, growing and has $5 million to $20 million of revenue. It considers many industries, with the most experience in food manufacturing and distribution, transportation and logistics, packaging, and niche consumer products and services.
Its principals invest alongside groups of private investors and partner firms rather than from a described fund. Current holdings include Cajun food maker Acadian Kitchens, vehicle transport company Auto Driveaway, Felbro (bought with Clover Capital Partners), railroad maintenance supplier Heavy Duty Specialists, wheat germ producer Viobin and a stake in mobile car wash platform Washos. Auto Driveaway alone has made more than 30 add-on acquisitions.
Recent deals
Announced in the 24 months before November 3, 2026.
| Date | Company | Type | Sector | Source |
|---|---|---|---|---|
| Mar 2025 | Felbro Food Products (now Felbro Culinary Specialties)Los Angeles food and beverage maker founded in 1946; recapitalization co-led with Clover Capital Partners that gave the founding family liquidity | Platform | Consumer & Food | Source |
Portfolio by sector
From the firm's portfolio page S4.
Portfolio Companies
- Acadian Kitchens
- Auto Driveaway Transport Logistics
- Felbro Culinary Group
- Heavy Duty Specialists
- Kouzina Foods
- Rainbo Sports & Skating
- Taratsa Hospitality Partners
- Viobin
- Washos
- Wild Hare Music
Past investments: Avli Foods, Sparkl Mobile, Sinbad Foods, Lockhart Fine Foods
Greymont’s take
How Evanston Partners fits a seller
Evanston Partners is one of the few firms that will look at a company with $500,000 of EBITDA, so it suits owners of small, profitable businesses that most private equity firms would pass over, especially in food production, logistics, distribution or consumer niches. Its partners take board seats and sometimes operating roles: Jeff Ellis is the chief financial officer of Auto Driveaway, which the firm formed with its CEO in 2014 and grew through more than 30 add-ons.
A deal with Evanston often brings in other investors. The March 2025 Felbro recapitalization was co-led with Clover Capital Partners, gave the founding family significant liquidity and kept a family member in a senior role. Because the firm does not describe a committed fund, an owner should ask early who will supply the equity and debt and how firm that financing is.
Questions owners ask
What is the smallest company Evanston Partners will consider?
It says it will actively pursue companies with as little as $500,000 of EBITDA, smaller than most lower middle market firms will look at. Its ideal target has $5 million to $20 million of revenue and is profitable and growing.
What industries does Evanston Partners invest in?
It invests across many industries, with the most experience in food manufacturing and distribution, transportation and logistics, packaging, and niche consumer products and services. Current holdings include food makers, a vehicle transport company and an industrial distributor.
Does Evanston Partners invest alongside other firms?
Yes. It co-led the March 2025 recapitalization of Los Angeles food and beverage maker Felbro with Clover Capital Partners, and its own site says a group of private investors also took part.
Sources
- S1Evanston Partners home page Accessed November 3, 2026
- S2Evanston Partners: Investment Focus Accessed November 3, 2026
- S3Evanston Partners: Team Accessed November 3, 2026
- S4Evanston Partners: Portfolio Companies Accessed November 3, 2026
- S5Evanston Partners: Prior Investments Accessed November 3, 2026
- S6Felbro Food Products Recapitalized by Management and New Investor Group (March 5, 2025) Accessed November 3, 2026
Compiled by Greymont Advisors from public sources, including the firm’s own website and press releases. Greymont is not affiliated with Evanston Partners. Figures are as reported on the dates shown and may have changed. Request a correction