Independent sponsor
Expedition Capital Partners
- HeadquartersChicago, IL S1
- Founded2009 S1
- Websiteexpedition-partners.com
- Last verifiedOctober 27, 2026
At a glance
| EBITDA range | $2M+ S1 |
|---|---|
| Deal types | Platform, Add-on S1 |
| Geography | United States, Canada S1 |
| Sectors | Environmental & Waste, Transportation & Logistics, Industrial & Manufacturing |
What Expedition Capital Partners buys
Expedition Capital Partners (ECP) is a Chicago independent sponsor that Michael Hendrie started in 2009. It does not invest from a committed fund. Each deal is paid for by its own network of lenders and equity investors, often alongside other firms such as Tecum Capital, Ironwood Capital, PGIM Private Capital and Firmament. ECP wants profitable, cash-generating companies based in the US or Canada with at least $2 million of EBITDA. It prefers board control and often puts one of its operating executives into a senior role to carry out a growth plan. It says it has bought 35 companies across six main platforms.
ECP calls itself open to most industries, and names business services, distribution and logistics, manufacturing, healthcare, education, infrastructure, consumer, and waste and recycling. It buys from owners who want full or partial liquidity, from managers leading a buyout, and from corporations selling a division, and it backs roll-ups. A smaller company is most likely to meet ECP as an add-on to BP Environmental Services or TFA Logistics.
Recent deals
Announced in the 24 months before October 27, 2026.
| Date | Company | Type | Sector | Source |
|---|---|---|---|---|
| May 2026 | CMS Logistics and GEACManaged waste and jobsite services firm plus a compactor and baler leasing company, added to BP Environmental Services | Add-on | Environmental & Waste | Source |
| Sep 2025 | Dillon TransportationTennessee dry van truckload carrier added to TFA Logistics; the combined fleet passed 700 tractors | Add-on | Transportation & Logistics | Source |
| Jan 2025 | BP Environmental ServicesRecapitalized with Firmament as a new partner; ECP stayed invested | Investment | Environmental & Waste | Source |
Portfolio by sector
From the firm's portfolio page S1.
Environmental & Waste
- BP Environmental Services
Industrial & Manufacturing
- United Tactical Systems (PepperBall)
Transportation & Logistics
- TFA Logistics
Past investments: Waste Harmonics, Wild Sports, United American Security
Greymont’s take
How Expedition Capital Partners fits a seller
ECP fits owners of waste services, trucking and similar service businesses with at least $2 million of EBITDA who want a hands-on partner and are open to a creative deal. Its record in waste is real: it built Waste Harmonics through three add-ons before selling it in 2019, and it has backed BP Environmental Services since 2021. In the September 2025 Dillon Transportation sale, the founding owner sold into TFA Logistics, ECP's trucking platform.
Because ECP raises money deal by deal, an owner should ask early who the lenders and co-investors are and how firm the financing is. ECP says it will pay with cash, earnouts, seller notes or profit sharing, so ask how much of the price is paid at closing. It also tends to place its own operating executives in leadership roles, so ask who will run the company after the sale.
Questions owners ask
Does Expedition Capital Partners buy waste and recycling companies?
Yes. Waste and recycling is one of its named interests. It has backed BP Environmental Services, a managed waste company, since 2021, recapitalized it with Firmament in January 2025, and in May 2026 BP added CMS Logistics and the equipment lessor GEAC.
Does Expedition Capital Partners have a fund?
No committed fund is named on its site. It says its deals are financed by its own network of debt and equity investors, and its platforms have been backed alongside firms such as Tecum Capital, Ironwood Capital, PGIM Private Capital and Firmament.
What size company does Expedition Capital Partners look for?
Its criteria call for at least $2 million of EBITDA, a steady record of profits and cash flow, and main operations in the United States or Canada. It does not publish an upper limit.
How long does Expedition Capital Partners hold a company?
It says it generally holds for three to seven years but is willing to own attractive companies indefinitely. It describes taking a board seat and working with management on budgets, add-on deals and hiring.
Sources
- S1Expedition Capital Partners website (one page: about, criteria, companies, team, media, address) Accessed October 27, 2026
- S2Firmament Recapitalizes BP Environmental Services (PR Newswire, January 21, 2025) Accessed October 27, 2026
- S3Firmament-Backed BP Environmental Services Acquires CMS Logistics and GEAC (PR Newswire, May 6, 2026) Accessed October 27, 2026
- S4TFA Logistics Acquires Dillon Transportation (release dated September 1, 2025, posted by the seller's advisor and linked from ECP's media list) Accessed October 27, 2026
Compiled by Greymont Advisors from public sources, including the firm’s own website and press releases. Greymont is not affiliated with Expedition Capital Partners. Figures are as reported on the dates shown and may have changed. Request a correction