Fox River Capital: Buy Box & Recent Acquisitions

At a glance

EBITDA range	$0.5M to $5M S2
Deal types	Platform S2
Geography	Wisconsin, Upper Midwest S2
Sectors	Industrial & Manufacturing, HVAC, Plumbing & Electrical, Distribution

What Fox River Capital buys

Fox River Capital is an Appleton, Wisconsin group of investors and business operators that buys Wisconsin companies and plans to keep them for decades. It mainly works with owners who are close to retirement and want an orderly handoff. Its strategy page describes the ideal target as a long-running, profitable business with a tenured staff and $500,000 to $5 million of annual EBITDA, in manufacturing, distribution, engineering or industrial services and the trades. The homepage stresses Wisconsin, while the strategy page says the Upper Midwest.

Deals are usually a full sale, a majority recapitalization, a management buyout or a corporate spin-off. Fox River also backs executives and management teams who want to buy a company, helping them find and negotiate the deal and raise equity and debt. Its managing director, Jason Salisbury, previously built and sold a Wisconsin construction debris recycler. It owns two companies so far: Becker Boiler, bought in December 2024, and Dehumidifier Corporation of America, bought in August 2025.

Recent deals

Announced in the 24 months before October 28, 2026.

Date	Company	Type	Sector	Source
August 2025	Dehumidifier Corporation of AmericaCedarburg, Wisconsin maker of dehumidifiers and air-handling units for indoor pools and commercial and industrial buildings	Platform	Industrial & Manufacturing	Source
December 2024	Becker Boiler Co.Boiler repair, maintenance and installation company founded in 1956, serving commercial and industrial customers around Madison and Milwaukee	Platform	HVAC, Plumbing & Electrical	Source

Portfolio by sector

From the firm's portfolio page S3.

Portfolio of Companies

Dehumidifier Corporation of America
Becker Boiler Co.

Past investments: Landfill Reduction and Recycling

Greymont’s take

How Fox River Capital fits a seller

Fox River fits a Wisconsin owner of a small manufacturing, distribution or trades business who is nearing retirement and wants the company to stay local. With an EBITDA floor of $500,000, it will look at businesses that many funds pass over. It says it has no defined hold period and expects to own companies for decades, which suits an owner who cares about keeping the staff and the name in place.

Because the firm has made only two acquisitions so far, an owner should ask who will run the business after the sale, including whether Fox River plans to bring in one of its operating partners as the new leader. It is also worth asking how the purchase will be financed, since the firm describes arranging equity and debt as part of its role.

Questions owners ask

What size business does Fox River Capital buy?

Its strategy page targets companies with $500,000 to $5 million of annual EBITDA that have long, profitable operating histories and an experienced, tenured staff.

Does Fox River Capital buy businesses outside Wisconsin?

Its homepage and about page say it is focused on Wisconsin businesses, while its strategy page describes targets based in the Upper Midwest. Both of its current companies are based in or serve Wisconsin.

What kinds of deals does Fox River Capital do?

It most often does full sales, majority recapitalizations, management buyouts and spin-offs. It also partners with executives and management teams who want to buy a company, helping with the deal and the financing.

Sources

S1Fox River Capital home page Accessed October 28, 2026
S2Fox River Capital: Our Strategy Accessed October 28, 2026
S3Fox River Capital: Portfolio of Companies Accessed October 28, 2026
S4Fox River Capital: About Us Accessed October 28, 2026
S5Fox River Capital: Operating Partners Accessed October 28, 2026
S6Appleton private equity firm acquires boiler company (Insight on Business, January 10, 2025) Accessed October 28, 2026

Compiled by Greymont Advisors from public sources, including the firm’s own website and press releases. Greymont is not affiliated with Fox River Capital. Figures are as reported on the dates shown and may have changed. Request a correction