Evolution Strategy Partners: Buy Box & Recent Acquisitions

At a glance

Revenue range	Up to $75M S6
Deal types	Platform, Add-on, Minority S3
Geography	United States S1
Sectors	Construction Services, Landscaping, HVAC, Plumbing & Electrical

What Evolution Strategy Partners buys

Evolution Strategy Partners is an Austin, Texas independent sponsor launched in April 2023 by Stenning Schueppert, who brought three existing companies with him from his previous firm. It has no committed fund. Each deal is backed by outside equity partners, and the firm says its own team usually puts in 20 percent or more of the equity. It focuses on founder, family and entrepreneur-owned industrial and commercial service businesses with revenue under $75 million, and says it has invested more than $175 million over the last five years. Most of its companies are infrastructure and site contractors: water and sewer work, fiber and low-voltage cabling, municipal parks and streetscapes, electrical contracting and commercial landscaping.

It adds only one or two new platforms a year and then grows them with add-ons, such as Lodestar Construction joining DiPonio in January 2025 and LEED Electric joining Amped Electric in March 2025. A smaller contractor in Michigan, the Carolinas or Texas is most likely to meet Evolution as an add-on. It also takes small, non-controlling stakes alongside other investors.

Recent deals

Announced in the 24 months before November 3, 2026.

Date	Company	Type	Sector	Source
Sep 2026	Performance Cabling TechnologiesSoutheast fiber optic, low-voltage and access control infrastructure contractor; its president and leadership team keep meaningful ownership	Platform	Construction Services	Source
Jun 2026	DiPonio ContractingRecapitalization of the Michigan water, sewer and storm sewer contractor with new equity partners and BMO debt to fund growth into the upper Midwest; Evolution stays invested	Investment	Construction Services	Source
Jul 2025	The Fain GroupFort Worth prime contractor for parks, trails, streetscapes and other municipal projects; founder Larry Frazier keeps a meaningful stake and stays President	Platform	Construction Services	Source
Mar 2025	LEED ElectricCharlotte commercial and industrial electrical contractor added to Amped Electric, its first North Carolina location; LEED's president stays	Add-on	HVAC, Plumbing & Electrical	Source
Jan 2025	Lodestar ConstructionGrand Rapids infrastructure contractor added to DiPonio Contracting, extending it across Michigan's lower peninsula	Add-on	Construction Services	Source

Portfolio by sector

From the firm's portfolio page S3.

Additional Investments

Sentry Safety Solutions
Zapata Solar
Shear Drive Group (Floyd's 99 Barbershop franchisee)

Current Portfolio

Ethoscapes
Allied Underground
DiPonio Contracting
Amped Electric
The Fain Group
Performance Cabling Technologies

Greymont’s take

How Evolution Strategy Partners fits a seller

Evolution suits the owner of an infrastructure or commercial services contractor who wants to keep a real stake and keep running the company. In its two newest platforms, the founder of The Fain Group and the leaders of Performance Cabling Technologies kept meaningful ownership and stayed in charge, and the firm promises at least weekly meetings with management after closing. Its add-ons at DiPonio and Amped Electric show it will also buy smaller regional contractors and fold them into an existing company.

Because Evolution is an independent sponsor, each deal is funded by partners it brings in, and the investor group can change over time: the June 2026 DiPonio recapitalization brought in a new set of equity investors several years after Evolution first backed the company. An owner should ask who will supply the equity and debt for their deal, how a later recapitalization would affect any stake they keep, and how long Evolution expects to stay invested.

Questions owners ask

What size companies does Evolution Strategy Partners buy?

Its press releases say it targets industrial and commercial service businesses with revenue under $75 million. It does not publish an EBITDA range, and it says it adds only one or two new platform companies a year.

Does the owner keep a stake after Evolution invests?

Often, yes. In the July 2025 Fain Group deal the founder kept a meaningful stake and stayed as President, and in the September 2026 Performance Cabling Technologies deal the president and leadership team kept meaningful ownership.

Is Evolution a private equity fund?

No. It calls itself an independent sponsor, so outside partners supply most of the equity for each deal while its own team invests alongside them. The equity partners in the June 2026 DiPonio recapitalization included BMO Capital Partners and the University of Illinois Foundation.

Sources

S1Evolution Strategy Partners home page Accessed November 3, 2026
S2Evolution Strategy Partners: Our Approach Accessed November 3, 2026
S3Evolution Strategy Partners: Portfolio (current portfolio and additional investments) Accessed November 3, 2026
S4Evolution Strategy Partners: Why Evolution Accessed November 3, 2026
S5Evolution Strategy Partners Announces Launch and Addition of Team Member (April 4, 2023) Accessed November 3, 2026
S6Evolution Strategy Partners Completes Recapitalization of DiPonio Contracting (June 22, 2026) Accessed November 3, 2026
S7Evolution Strategy Partners Announces Partnership with Performance Cabling Technologies (September 8, 2026) Accessed November 3, 2026
S8Evolution Announces Strategic Partnership with The Fain Group (July 17, 2025) Accessed November 3, 2026
S9Amped Electric Expands Footprint with LEED Acquisition (March 5, 2025) Accessed November 3, 2026
S10DiPonio Contracting Adds Lodestar Construction to Growing Family (January 16, 2025) Accessed November 3, 2026
S11Evolution Strategy Partners: News 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 Evolution Strategy Partners. Figures are as reported on the dates shown and may have changed. Request a correction