Golden Bear Partners: Buy Box & Recent Acquisitions

At a glance

EBITDA range	$2M+ S2
Revenue range	$10M+ S2
Deal types	Platform S4
Sectors	Healthcare Services

What Golden Bear Partners buys

Golden Bear Partners is a New Canaan, Connecticut firm started by Michael Fisher, formerly a partner at Varsity Healthcare Partners, who has spent close to 20 years investing in founder-owned service companies. It calls itself a private equity firm, but it has no announced fund; its first deal was financed with debt and co-invested equity from Monroe Capital's independent sponsor group. It wants to be the first institutional investor in a founder- or family-owned business.

Its criteria ask for essential services companies selling into healthcare, business or consumer markets, with at least $10 million of revenue, at least $2 million of EBITDA and three years of steady or rising results, though a company only needs to meet most of the list. Its one holding so far is CST Academy, a pediatric autism therapy provider with nine Illinois locations, where Golden Bear took a majority stake in February 2026. Founders of healthcare service companies near that size are the most natural fit.

Recent deals

Announced in the 24 months before November 2, 2026.

Date	Company	Type	Sector	Source
Feb 2026	CST AcademyMajority recapitalization of a Chicago-area pediatric therapy provider for children with autism; Monroe Capital led the debt and co-invested equity	Platform	Healthcare Services	Source

Portfolio by sector

From the firm's portfolio page S3.

Partnerships

CST Academy

Greymont’s take

How Golden Bear Partners fits a seller

Golden Bear fits founders of healthcare, business or consumer service companies with $2 million or more of EBITDA who are bringing in an outside investor for the first time and want to keep a real role. Its CST Academy deal was a majority recapitalization, a structure in which the investor buys control while the existing owners usually keep part of the company. Michael Fisher's background is healthcare services investing, and when the deal closed he talked about expanding CST Academy to serve more families in Chicagoland and beyond.

Because Golden Bear is young and owns one company, an owner should ask who will provide the equity for a new deal, whether the lender and co-investors are already lined up, and how involved Fisher will be after closing. A pediatric therapy owner in particular should ask whether CST Academy is adding locations in their area.

Questions owners ask

How big does a company need to be for Golden Bear Partners?

Its criteria page asks for at least $10 million of revenue and $2 million of EBITDA, plus three years of stable or growing results, though a company only needs to meet most of its criteria.

Does Golden Bear Partners invest in healthcare companies?

Yes. In February 2026 it took a majority stake in CST Academy, a pediatric therapy provider for children with autism with nine Illinois locations, and healthcare is one of the three end markets on its criteria page.

How does Golden Bear Partners fund its deals?

It has not announced a fund. For CST Academy, Monroe Capital's independent sponsor group led the debt financing and also put in equity alongside Golden Bear.

Sources

S1Golden Bear Partners home page Accessed November 2, 2026
S2Golden Bear Partners: Criteria Accessed November 2, 2026
S3Golden Bear Partners: Partnerships Accessed November 2, 2026
S4Monroe Capital Supports Golden Bear Partners' Investment in CST Academy (February 5, 2026) Accessed November 2, 2026
S5Golden Bear Partners: Contact (office location) Accessed November 2, 2026
S6Golden Bear Partners: Team 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 Golden Bear Partners. Figures are as reported on the dates shown and may have changed. Request a correction