Middle market private equity firm
Excellere Partners
- HeadquartersDenver, CO S4
- Founded2006 S8
- Websiteexcellere.com
- Last verifiedNovember 3, 2026
At a glance
| Latest fund | Excellere Capital Fund IV, $875M (Nov 2021) S7 |
|---|---|
| Deal types | Platform, Add-on S7 |
| Geography | North America S7 |
| Sectors | Healthcare Services, Construction Services |
What Excellere Partners buys
Excellere Partners is a Denver private equity firm, started in 2006, with $2.3 billion of committed capital across four funds. It partners with founders and management teams through growth recapitalizations and management buyouts, then builds each company with add-on acquisitions and its own value creation program. It works in three areas: healthcare (care delivery, pharmacy and diagnostics, and healthcare business services), business services (such as compliance, data and outsourced insurance services), and industrial growth, where water and wastewater treatment and water infrastructure services are a recurring theme. Target companies have their main operations in North America.
Excellere does not publish a revenue or EBITDA range. Its latest fund, Fund IV, closed at its $875 million hard cap in 2021 and made its fifth platform investment, Hinterland Group, in January 2026, so each new platform draws on a large pool of capital. Smaller owners are most likely to meet Excellere as an add-on to a current platform such as Apex Water and Process, Hinterland Group, LucidHealth or AIS Healthcare.
Recent deals
Announced in the 24 months before November 3, 2026.
| Date | Company | Type | Sector | Source |
|---|---|---|---|---|
| Mar 2026 | Biocare MedicalCancer diagnostics maker, owned with GHO Capital, agreed to be sold to Agilent Technologies for $950 million in cash; the sale closed in June 2026 | Exit | Source | |
| Jan 2026 | Hinterland GroupFifth Fund IV platform: underground water, wastewater and stormwater pipe repair and trenchless rehabilitation across the Southern US; the founder stays CEO | Platform | Construction Services | Source |
Portfolio by sector
From the firm's portfolio page S3.
Business Services
- Medlogix
Business Services / Healthcare
- ParcelShield
Healthcare
- Molecular Designs
- SCA Pharma
- ADVENT
- LucidHealth
- AIS Healthcare
Industrial Growth
- Hinterland Group
- Apex Water and Process
- CDL Nuclear Technologies
Past investments: Biocare Medical, SePRO Corporation, Concord Technologies
Greymont’s take
How Excellere Partners fits a seller
Excellere suits founders of growing healthcare, business services or water services companies who want to sell a majority stake, stay involved, and use a private equity partner to make acquisitions. Its releases describe hands-on work after closing: after the Hinterland deal it set out a plan to add service lines, enter new states and strengthen the company's back office, while the founder stayed on as CEO.
Its exits show the end game. Biocare Medical, owned with GHO Capital, went to Agilent Technologies in a $950 million all-cash sale that closed in June 2026, and SePRO went to Stanley Capital Partners in 2024. Owners of smaller companies should ask whether they would be a new platform or an add-on, what size Excellere needs for a platform, and how much equity they would roll into the next sale.
Questions owners ask
Does Excellere invest in water and wastewater companies?
Yes. Hinterland Group, added in January 2026, was its fourth platform investment in the water industry, and it also owns Apex Water and Process, which runs water treatment programs for cooling towers, boilers and wastewater systems.
What size company does Excellere target?
It does not publish a revenue or EBITDA range. It has $2.3 billion of committed capital across four funds, and Fund IV closed at its $875 million hard cap in 2021 and had made five platform investments by January 2026.
Who has Excellere sold companies to recently?
Together with GHO Capital it sold Biocare Medical to Agilent Technologies, announced in March 2026 and completed in June 2026. In 2024 it exited SePRO when Stanley Capital Partners invested in the company.
Sources
- S1Excellere Partners home page (Denver address, focus areas, recent news) Accessed November 3, 2026
- S2Excellere Partners: Focus (industry expertise) Accessed November 3, 2026
- S3Excellere Partners: Representative Investments (sector and active or realized status) Accessed November 3, 2026
- S4Excellere Completes Partnership with Hinterland Group (January 27, 2026) Accessed November 3, 2026
- S5Excellere Partners and GHO Capital Sell Biocare Medical to Agilent Technologies (March 9, 2026) Accessed November 3, 2026
- S6Excellere Partners and GHO Capital Complete Sale of Biocare Medical to Agilent Technologies (June 25, 2026) Accessed November 3, 2026
- S7Excellere Partners Raises $875 Million for its Fourth Fund (November 30, 2021) Accessed November 3, 2026
- S8Excellere Partners: Apex Water and Process (page footer gives 2006 inception) Accessed November 3, 2026
- S9Excellere Partners Announces Exit of SePRO Corporation (July 29, 2024) Accessed November 3, 2026
- S10Excellere Partners: Hinterland Group Accessed November 3, 2026
- S11Excellere 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 Excellere Partners. Figures are as reported on the dates shown and may have changed. Request a correction