Lower middle market private equity firm
Goldner Hawn
- HeadquartersMinneapolis, MN S2
- Founded1989 S2
- Websitegoldnerhawn.com
- Last verifiedOctober 26, 2026
At a glance
| Latest fund | Goldner Hawn Fund VIII, $364M (May 2024) S6 |
|---|---|
| EBITDA range | $5M to $20M S6 |
| Check size | $10M to $30M S4 |
| Deal types | Platform, Add-on S4 |
| Geography | North America S6 |
| Sectors | Environmental & Waste, IT Services & MSP, Distribution, Industrial & Manufacturing, Consumer & Food, Construction Services |
What Goldner Hawn buys
Goldner Hawn is a Minneapolis private equity firm founded in 1989, one of the longest-running in the Midwest. It buys control of lower middle market companies in four areas: specialty manufacturing, value-added distribution, consumer products and business services. Its usual deal is a management-led recapitalization, in which owners and managers reinvest alongside the firm on the same terms. Its eighth fund closed above target in May 2024 with about $364 million of commitments.
The firm wants stable, mature cash flow, generally more than $5 million of EBITDA, and its fund announcement gives a target range of $5 million to $20 million. Platform deals usually total $25 million to $150 million, with $10 million to $30 million of equity from Goldner Hawn and more available from co-investors. Smaller companies can still fit as add-ons: its newest platforms, Lone Star Environmental Companies and International Filtration Services, both say they are looking for acquisitions.
Recent deals
Announced in the 24 months before October 26, 2026.
| Date | Company | Type | Sector | Source |
|---|---|---|---|---|
| Oct 2026 | International Filtration ServicesRecapitalization, with management, of a Belleville, Michigan distributor of industrial filtration products and services | Platform | Distribution | Source |
| Apr 2026 | Matrix Adhesives GroupAdhesives and sealants maker sold to TruArc Partners | Exit | Industrial & Manufacturing | Source |
| Mar 2026 | Lone Star Environmental CompaniesHouston and San Antonio provider of vacuum truck, sewer and storm drain cleaning, lift station and hydro-excavation services | Platform | Environmental & Waste | Source |
| Mar 2026 | Cyber AdvisorsManaged IT and cybersecurity provider sold to Sterling Investment Partners | Exit | IT Services & MSP | Source |
| Oct 2025 | Infranet Technologies GroupNorth Carolina and Virginia IT consulting and managed services firm; the tenth acquisition for Cyber Advisors under Goldner Hawn | Add-on | IT Services & MSP | Source |
| Apr 2025 | Stratum SecurityReston, Virginia security testing and consulting firm added to Cyber Advisors | Add-on | Cybersecurity | Source |
| Feb 2025 | Wasatch I.T.Salt Lake City managed service provider added to Cyber Advisors | Add-on | IT Services & MSP | Source |
| Jan 2025 | Roman ProductsWallcovering adhesives maker in Calumet City, Illinois, added to Matrix Adhesives Group | Add-on | Industrial & Manufacturing | Source |
| Dec 2024 | Nexterra EnvironmentalErosion control and stormwater products distributor formed by combining Ramy Turf Products, Jen-Hill Construction Materials and Ero-Guard | Platform | Distribution | Source |
| Nov 2024 | eDotSchaumburg, Illinois managed service provider added to Cyber Advisors | Add-on | IT Services & MSP | Source |
Portfolio by sector
From the firm's portfolio page S5.
Business Services
- Lone Star Environmental Companies
- Renovation Systems
Food Manufacturing
- Midas Foods
Healthcare, Specialty Manufacturing
- Steven Label
Industrial Manufacturing
- Trystar
Value Added Distribution
- Adherex Group
- Concept Advanced Manufacturing Solutions
- International Filtration Services
- Nexterra Environmental
Past investments: Cyber Advisors, Matrix Adhesives Group
Greymont’s take
How Goldner Hawn fits a seller
Goldner Hawn suits owners of established, profitable companies who want to sell a majority stake but keep a real share and stay involved. The firm asks managers to invest in the same securities and on the same terms as it does, and it says it does not rely on heavy debt to make its returns, which matters to a seller who rolls equity. It also likes to form platforms by combining founder-owned businesses, as it did with three erosion control distributors that became Nexterra Environmental in December 2024, where the founders stayed on as investors.
It grows platforms through add-ons and then sells them. Cyber Advisors went to Sterling Investment Partners in March 2026 after ten acquisitions, and Matrix Adhesives went to TruArc Partners a few weeks later. Owners should ask how long the firm expects to hold the business and what their role would be after that next sale.
Questions owners ask
What size companies does Goldner Hawn invest in?
Its criteria call for EBITDA generally above $5 million, and its 2024 fund announcement describes targets with $5 million to $20 million of EBITDA. Platform deals usually run $25 million to $150 million, with $10 million to $30 million of Goldner Hawn equity.
Does Goldner Hawn invest in environmental or wastewater services?
Yes. In March 2026 it partnered with Lone Star Environmental Companies, a Houston-based provider of vacuum truck, sewer cleaning, lift station maintenance, CCTV inspection and hydro-excavation services. Lone Star says it is looking for add-ons across the South and Midwest.
Has Goldner Hawn invested in managed IT services?
Yes. It backed Cyber Advisors, a Minnesota managed IT and cybersecurity provider that completed ten acquisitions under its ownership, including eDot, Wasatch I.T. and Infranet Technologies Group. Goldner Hawn sold Cyber Advisors to Sterling Investment Partners in March 2026.
Do owners and managers invest alongside Goldner Hawn?
Yes. The firm says it wants management to invest with it in the same securities and on the same terms, and its standard deal is a management-led recapitalization. In the Nexterra deal, the principals of all three founding companies stayed on as investors.
Sources
- S1Goldner Hawn home page Accessed October 26, 2026
- S2Goldner Hawn: About Accessed October 26, 2026
- S3Goldner Hawn: Approach Accessed October 26, 2026
- S4Goldner Hawn: Investment Criteria Accessed October 26, 2026
- S5Goldner Hawn: Companies Accessed October 26, 2026
- S6Goldner Hawn Closes New $364 Million Private Equity Fund (May 1, 2024) Accessed October 26, 2026
- S7Goldner Hawn Partners with Lone Star Environmental Companies (March 23, 2026) Accessed October 26, 2026
- S8Goldner Hawn: Recent News Accessed October 26, 2026
- S9Goldner Hawn Completes the Sale of Trystar (August 27, 2024) Accessed October 26, 2026
- S10Goldner Hawn Completes the Sale of Cyber Advisors (March 19, 2026) Accessed October 26, 2026
Compiled by Greymont Advisors from public sources, including the firm’s own website and press releases. Greymont is not affiliated with Goldner Hawn. Figures are as reported on the dates shown and may have changed. Request a correction