Middle market private equity firm
Gemspring Capital
- HeadquartersWestport, CT S4
- Founded2015 S4
- Websitegemspring.com
- Last verifiedOctober 27, 2026
At a glance
| Assets under management | $5.1B (as of Sep 2026) S2 |
|---|---|
| Latest fund | Gemspring Growth Solutions II, $1.1B (Sep 2025) S4 |
| Revenue range | $5M to $2B S2 |
| Deal types | Platform, Add-on, Minority, Growth S1 |
| Geography | United States, Canada S2 |
| Sectors | IT Services & MSP, Cybersecurity, Software & SaaS, HVAC, Plumbing & Electrical, Construction Services, Industrial & Manufacturing, Distribution, Healthcare Services |
What Gemspring Capital buys
Gemspring Capital is a Westport, Connecticut private equity firm, founded in 2015, that manages $5.1 billion. It backs middle market companies based in the United States and Canada across business services, tech-enabled services, software, industrials, healthcare, consumer services, financial and insurance services, and aerospace and defense. It does leveraged buyouts, recapitalizations and corporate carve-outs, and its Growth Solutions funds take minority, growth and structured equity positions, including a $1.1 billion second fund closed in September 2025.
Platforms can be large, with revenue of up to $2 billion. For smaller owners the more realistic route is an add-on: Gemspring says add-ons need at least $5 million of revenue, and its platforms buy often. Technology advisor Amplix has made 15 acquisitions since 2022, enterprise device and managed services provider TRG has added four companies since Gemspring bought it in January 2026, and Fenceworks, Midland and Shrieve also buy regularly.
Recent deals
Announced in the 24 months before October 27, 2026.
| Date | Company | Type | Sector | Source |
|---|---|---|---|---|
| Oct 2026 | Research Solutions GroupAlabama distributor, blender and recycler of industrial solvents added to Shrieve Chemical | Add-on | Distribution | Source |
| Sep 2026 | FentronOhio cybersecurity and advisory firm folded into TRG's Inversion6 security division | Add-on | Cybersecurity | Source |
| Sep 2026 | Vista Technology SupportUK and Ireland IT field services and help desk provider added to TRG | Add-on | IT Services & MSP | Source |
| Sep 2026 | Pegasus Supply GroupAdded to fittings, valves and hose supplier Midland Industries | Add-on | Distribution | Source |
| Aug 2026 | Reverse ITDutch mobile device management provider added to TRG | Add-on | IT Services & MSP | Source |
| Jul 2026 | Key Line Construction and Palouse PowerTwo Pacific Northwest electric and communications utility contractors combined into one platform | Platform | Construction Services | Source |
| Jul 2026 | OneConnectTechnology procurement and lifecycle advisor; Amplix's 15th acquisition since 2022 | Add-on | IT Services & MSP | Source |
| Jul 2026 | Barcode SupplyBarcode, RFID and data capture solutions provider in the Southeast added to TRG | Add-on | IT Services & MSP | Source |
| Jul 2026 | CORE CommunicationsTechnology advisory and expense management firm; Amplix's 14th acquisition | Add-on | IT Services & MSP | Source |
| Jun 2026 | Coastal Fire & Integration SystemsSan Diego-area fire protection and low-voltage systems provider added to AMPAM | Add-on | Construction Services | Source |
| Jun 2026 | RAS3 Communications and ConsultingFlorida technology advisor; Amplix's 13th acquisition | Add-on | IT Services & MSP | Source |
| Jun 2026 | ComotoMinority stake in the parent of Cycle Gear, RevZilla and J&P Cycles; Prospect Hill keeps majority control | Minority | Consumer & Food | Source |
| Apr 2026 | T-Bar FenceDallas-Fort Worth fencing, gate and sport court installer added to Fenceworks | Add-on | Construction Services | Source |
| Mar 2026 | Aeromed GroupMinority stake in an aerospace and defense supply chain company, backing its three recent acquisitions | Minority | Distribution | Source |
| Feb 2026 | Security 101Commercial security integrator sold to Morgan Stanley Capital Partners | Exit | Source | |
| Feb 2026 | FORM and Trax image recognition businessRetail execution software platform created by combining the two businesses | Platform | Software & SaaS | Source |
| Jan 2026 | Accurate FenceAtlanta fencing installer added to Fenceworks | Add-on | Construction Services | Source |
| Jan 2026 | TRGCleveland enterprise mobility lifecycle, managed mobility and cybersecurity provider; founder's family keeps a significant stake | Platform | IT Services & MSP | Source |
| Nov 2025 | 24By7SecurityCybersecurity consulting and compliance firm; Amplix's 12th acquisition | Add-on | Cybersecurity | Source |
| Nov 2025 | Goodyear polymer chemicals businessCorporate carve-out from Goodyear completed; now operating as G-3 Chickadee | Platform | Industrial & Manufacturing | Source |
| Sep 2025 | Gemspring Growth Solutions II$1.1 billion hard cap reached for non-control and growth capital investments | Fund close | Source | |
| May 2025 | The Hastings GroupManaged mobility provider; Amplix's 11th acquisition | Add-on | IT Services & MSP | Source |
| Mar 2025 | Appriss RetailRetail fraud prevention and loss analytics software | Platform | Software & SaaS | Source |
| Jan 2025 | OPEXUSGovernment process software sold to a Thoma Bravo affiliate and merged with Casepoint; Gemspring kept a minority stake | Exit | Software & SaaS | Source |
Portfolio by sector
From the firm's portfolio page S1.
Aerospace & Defense
- Aeromed Group Active (minority stake)
Business Services
- Airswift Global
- AMPAM
- Amplix
- Residence
- ROR Partners
- Skyline Displays
- TRG
Consumer
- Comoto Active (minority stake)
Facility Services
- JTI
Financial Services
- A10 Capital
Healthcare
- Zavation
Healthcare Services
- Freedom Senior Services
- Golden Steps
Industrial Services
- Bridgeway Connects
- Carr & Duff
- Fenceworks
- Key Line Construction
- Midland
- Shrieve Chemical Company
Industrials
- G-3 Chickadee
Software
- Appriss Retail
- ClearCompany
- FORM
- GoldenSource
- Sigga Technologies
- Sitemetric
- Telna
Specialty Manufacturing
- Apex Geotech Solutions
- Bradford Labs
- Creative Beauty Brands
Past investments: Bobit Business Media, Cforia, Crafty Apes, Insurvia, Mantis, OPEXUS, Outform, Radancy, Security 101, Sparkstone Electrical Group, Therma Holdings, Valant Medical Solutions, Wireless Vision
Greymont’s take
How Gemspring Capital fits a seller
Gemspring is a strong fit for owners of IT advisory, managed services, device lifecycle and cybersecurity firms with at least $5 million of revenue, because Amplix and TRG are both buying steadily and Gemspring names a deal lead for add-on approaches to each portfolio company. Owners of fencing installers, electrical and mechanical contractors, utility contractors, and industrial or chemical distributors have similar paths through Fenceworks, AMPAM, Carr & Duff, Key Line, Midland and Shrieve.
Most smaller sellers will join an existing platform rather than become a new one. When Gemspring bought TRG, the founder's family and management kept a significant stake, so rolling equity is common. Gemspring also sells on a normal private equity timeline, as with Security 101 in 2026 after about four years. Owners should ask how they will fit into the platform's brand and leadership, and when the platform itself is likely to be sold.
Questions owners ask
How big does a company need to be for Gemspring Capital?
Its September 2026 brochure says platform companies can have up to $2 billion of revenue and add-on acquisitions need at least $5 million of revenue, with headquarters in the United States or Canada.
Does Gemspring buy IT services and managed service providers?
Yes, mostly as add-ons. Amplix, a technology advisory and managed services platform, has made 15 acquisitions since 2022, and TRG, bought in January 2026, has since added four companies including Vista Technology Support and Fentron.
Will Gemspring take a minority stake?
Yes. It says it invests on a majority control or minority basis, and its Growth Solutions II fund, closed at $1.1 billion in September 2025, is built for non-control and growth investments such as Comoto and Aeromed Group in 2026.
Sources
- S1Gemspring Capital home page (about, investment criteria, portfolio and news) Accessed October 27, 2026
- S2Gemspring Capital brochure (September 29, 2026) Accessed October 27, 2026
- S3Gemspring Capital: Partnering with Gemspring Accessed October 27, 2026
- S4Gemspring Capital Closes Its Second Growth Solutions Fund at $1.1 Billion (September 30, 2025) Accessed October 27, 2026
- S5Gemspring Capital Acquires TRG (January 7, 2026) Accessed October 27, 2026
- S6Amplix Acquires OneConnect, its 15th acquisition (July 15, 2026) Accessed October 27, 2026
- S7Gemspring Capital Announces Sale of Security 101 (February 24, 2026) Accessed October 27, 2026
- S8Gemspring Capital press release sitemap 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 Gemspring Capital. Figures are as reported on the dates shown and may have changed. Request a correction