Lower middle market private equity firm
Fulton Capital
- HeadquartersChicago, IL S1
- Founded2003 S1
- Websitefulton-capital.com
- Last verifiedNovember 5, 2026
At a glance
| EBITDA range | $2M to $10M S2 |
|---|---|
| Revenue range | $10M to $100M S2 |
| Deal types | Platform S2 |
| Geography | United States S2 |
| Sectors | Distribution, Industrial & Manufacturing, Consumer & Food, Transportation & Logistics |
What Fulton Capital buys
Fulton Capital is a Chicago private equity firm founded in 2003. It buys control of US companies in specialty distribution, niche manufacturing, logistics and business services, looking for $10 million to $100 million of revenue and $2 million to $10 million of EBITDA. Its targets are owners who need a succession plan and divisions that large corporations want to sell. It holds three companies today: Carl's Place, a Wisconsin golf simulator business; AFX, an Illinois lighting company; and Urban Surfaces, a California flooring supplier.
Fulton backs the current managers or finds new ones if they want to leave, and it also teams with seasoned industry executives to find and buy companies in their field. Managers share in the results through equity and other pay. Merit Capital Partners invested beside it in AFX in 2024 and Carl's Place in 2025, supplying subordinated debt and equity. Earlier purchases include RP Lighting & Fans, E-conolight, Green Creative, NEPW Logistics, Cobra Wire & Cable and Comtel Pro Media.
Recent deals
Announced in the 24 months before November 5, 2026.
| Date | Company | Type | Sector | Source |
|---|---|---|---|---|
| Mar 2025 | Carl's PlaceMilton, Wisconsin golf simulator maker recapitalized with its founder and managers, alongside Merit Capital Partners | Platform | Consumer & Food | Source |
Portfolio by sector
From the firm's portfolio page S3.
Portfolio Companies
- AFX
- Carl's Place
- Urban Surfaces
Past investments: Cobra Wire & Cable, Comtel Pro Media, E-conolight, Green Creative, NEPW Logistics, RP Lighting & Fans
Greymont’s take
How Fulton Capital fits a seller
Fulton suits an owner of a distributor or niche manufacturer with at least $2 million of EBITDA who is ready to retire or hand over control. Its deal notes keep returning to one story: a founder or long-time owner steps back while managers or an industry executive carry on, as at AFX, RP Lighting & Fans and Cobra Wire & Cable. Expect Fulton to want a controlling stake, with managers holding equity beside it.
The site names two managing directors, and its recent deals brought in outside capital from Merit. Ask where the money comes from, who will sit on the board, and who has the last word if Fulton and a co-investor disagree. Owners of lighting businesses should also ask how a sale would sit alongside AFX.
Questions owners ask
Does Fulton Capital take control of the companies it buys?
Yes. Its criteria call for a controlling position in US-headquartered companies with $10 million to $100 million of revenue and $2 million to $10 million of EBITDA.
What happens to the management team after Fulton invests?
Fulton either partners with the current team or recruits new managers if that team wants to retire, and it gives managers a share of the results through equity and other pay plans.
Who leads Carl's Place, Fulton or Merit Capital Partners?
Neither firm's page says. Fulton describes partnering with the founder and managers to recapitalize the business, and Merit says it provided equity and subordinated debt alongside Fulton and the founder.
Has Fulton bought lighting companies before?
Yes. AFX is a current holding, and its prior transactions include RP Lighting & Fans, E-conolight and Green Creative. Merit's AFX announcement calls Fulton a sponsor with experience in the lighting industry.
Sources
- S1Fulton Capital home page Accessed November 5, 2026
- S2Fulton Capital: Investment Criteria Accessed November 5, 2026
- S3Fulton Capital: Portfolio Companies and Prior Transactions Accessed November 5, 2026
- S4Fulton Capital: Team Accessed November 5, 2026
- S5Merit Capital Partners and Fulton Capital Invest in Carl's Place (March 4, 2025) Accessed November 5, 2026
- S6Merit Capital Partners and Fulton Capital Acquire AFX, Inc. (March 7, 2024) Accessed November 5, 2026
- S7Merit Capital Partners: Portfolio Accessed November 5, 2026
Compiled by Greymont Advisors from public sources, including the firm’s own website and press releases. Greymont is not affiliated with Fulton Capital. Figures are as reported on the dates shown and may have changed. Request a correction