Exonas Capital: Buy Box & Recent Acquisitions

At a glance

Deal types	Platform, Growth, Minority S1
Geography	United States, Germany, United Kingdom, Australia, New Zealand S1
Sectors	Accounting & Professional Services, Distribution, Consumer & Food

What Exonas Capital buys

Exonas Capital is a Darien, Connecticut investment firm founded by Dino Sawaya, whose career in private equity and investment banking spans 18 years. It works as an independent sponsor: it has no committed fund and draws on relationships with institutional investors and family offices to pay for each deal. It can buy control of a company or take a growth or minority stake, and it says it especially likes being the first outside investor in a founder- or family-owned business. It also looks at corporate carve-outs, complex buyouts and special situations.

The firm sizes deals by enterprise value, from about $10 million to more than $200 million. Its target industries are business services, software, consumer, industrials and healthcare services, in the US, Germany, the UK, Australia and New Zealand. Its newest platform is VFG Advisory, a New Jersey accounting and tax firm it backed in June 2025 and plans to grow by buying other accounting practices, which makes a small accounting firm the clearest way in.

Recent deals

Announced in the 24 months before November 2, 2026.

Date	Company	Type	Sector	Source
Jun 2025	VFG AdvisoryMorganville, New Jersey accounting and tax firm founded in 2003, with offices in the US and India; backed by Avante Capital Partners and Brightwood, with add-on acquisitions planned	Platform	Accounting & Professional Services	Source

Portfolio by sector

From the firm's portfolio page S1.

Our Portfolio

The Rack Group
TeleGeography
VFG Advisory
Howard Supply Company

Past investments: Apartment Guardian

Greymont’s take

How Exonas Capital fits a seller

Exonas suits founders of business services, accounting, consumer or industrial companies who have never taken outside money and want a hands-on partner. Because it is an independent sponsor, each deal is funded by partners it brings in. On VFG Advisory, Avante Capital Partners supplied both equity and debt, and Brightwood Capital Advisors also took part. After closing, Exonas works with the Chameleon Collective, a network of more than 150 business improvement specialists, on growth plans.

Accounting firm owners should note that VFG now runs in an alternative practice structure, with audit and attest work kept in a separate licensed CPA firm. Any owner should ask who is putting up the equity and debt for their deal, whether that money is committed before a letter of intent is signed, and how long the backers expect to hold the company.

Questions owners ask

Is Exonas Capital a private equity fund?

No. It is an independent sponsor that finds and leads deals, then funds each one with partners. Avante Capital Partners called it an experienced independent sponsor when it backed the June 2025 VFG Advisory investment with equity and debt.

What size companies does Exonas Capital look at?

Its site gives a range of roughly $10 million to more than $200 million of enterprise value, and says its institutional and family office relationships let it work across that range.

Does Exonas Capital buy accounting firms?

Yes. In June 2025 it invested in VFG Advisory, a Morganville, New Jersey accounting and tax firm founded in 2003, and its founder said the plan is to add other accounting firms to it.

Sources

S1Exonas Capital home page (about, focus and approach, portfolio, founder) Accessed November 2, 2026
S2Avante Capital Partners Announces Investment in VFG Advisory LLC (June 26, 2025) Accessed November 2, 2026
S3TeleGeography: Moa Capital Acquires TeleGeography (December 7, 2021) 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 Exonas Capital. Figures are as reported on the dates shown and may have changed. Request a correction