Lower middle market debt and equity investor (SBIC)
Granite Creek Capital Partners
- HeadquartersChicago, IL S1
- Founded2005 S9
- Websitegranitecreek.com
- Last verifiedOctober 29, 2026
At a glance
| Latest fund | Granite Creek FlexCap III, $300M (November 2023) S10 |
|---|---|
| EBITDA range | $3M to $15M S4 |
| Revenue range | $25M to $100M S4 |
| Check size | $15M to $30M S4 |
| Deal types | Platform, Add-on, Minority, Growth S3 |
| Sectors | Industrial & Manufacturing, Distribution, Accounting & Professional Services, Consumer & Food |
What Granite Creek Capital Partners buys
Granite Creek Capital Partners is a Chicago investment firm, founded in 2005, that backs lower middle market companies with equity, subordinated debt or a mix of the two. Its corporate investing criteria call for $25 million to $100 million of revenue, $3 million to $15 million of EBITDA, EBITDA margins above 10% and gross margins above 30%, with typical investments of $15 million to $30 million. Its core areas are business services, food and agribusiness, healthcare, and niche manufacturing and distribution, and it also runs separate farmland and specialty real estate lending businesses.
Deals range from control buyouts, such as Ritchie Industries in January 2025, to minority stakes that leave owners in charge, and the firm has funded management buyouts such as Global Animal Products and Seedbox Solution in late 2024. Its latest fund, the $300 million FlexCap III, closed in November 2023 and is an SBIC fund. Smaller companies usually meet Granite Creek as add-ons, as Southern Carbide did when it joined Peak Toolworks in 2025.
Recent deals
Announced in the 24 months before October 29, 2026.
| Date | Company | Type | Sector | Source |
|---|---|---|---|---|
| Oct 2026 | Matheson IndustrialWestern US industrial coating and surface treatment services provider, acquired with Columbia Basin Partners | Platform | Source | |
| Sep 2026 | ClimalockWarsaw, Missouri maker and installer of insulation panels for storage tanks; Granite Creek appointed a new CEO at closing | Platform | Industrial & Manufacturing | Source |
| Aug 2026 | Urban EmuDigital and technical solutions agency founded in 2007, added to DCG; its CEO became DCG's technology chief | Add-on | Accounting & Professional Services | Source |
| Apr 2026 | SmashBrandConsumer packaged goods brand development agency added to Salem One; it keeps its own brand and leaders | Add-on | Source | |
| Feb 2026 | Trace EngineeringEngineering partner merged into Seedbox Solution to bring its connected seed box technology in house | Add-on | Source | |
| Oct 2025 | Southern CarbideShreveport tool sharpening and repair company founded in 1997, added to Peak Toolworks under DBW Holdings | Add-on | Industrial & Manufacturing | Source |
| Jan 2025 | Odyssey Aviation U.S.Fixed-base operator sold to Tallvine Partners alongside majority owner Equivu Capital | Exit | Transportation & Logistics | Source |
| Jan 2025 | Ritchie IndustriesEmployee-owned Iowa maker of automatic livestock waterers, bought with Rural American Fund and a management and employee rollover | Platform | Industrial & Manufacturing | Source |
| Dec 2024 | Seedbox SolutionReusable seed box and fleet service company; Granite Creek funded management's buyout of its corporate parent | Platform | Source | |
| Nov 2024 | Global Animal ProductsAmarillo maker of livestock feed additives; management buyout in which the founder kept a minority stake and board seat | Platform | Source |
Portfolio by sector
From the firm's portfolio page S6.
Agribusiness
- Global Animal Products
- Ritchie Industries
- Seedbox Solution
Business Services
- Bundle
- CP Direct
- DCG (The District Communications Group)
- Sodali & Co (Morrow Sodali)
- Salem One
Food and Agriculture
- Big Easy Blends
- Veterinary Solutions Holdings
Healthcare
- Life Spine
- Royal Biologics
Industrials
- S2 Manufacturing
- Climalock
- Diamond Blade Warehouse
- NYP Corp.
Information Technology
- Madwire
Real Estate Management and Development
- Knox Title
Specialized Real Estate
- Moraine Farmland Partners
- Renovo Financial
Other
- Matheson Industrial
Past investments: Peak Toolworks, Odyssey Aviation U.S., Sunset Pacific Transportation, Pinstripes, Sayres Defense
Greymont’s take
How Granite Creek Capital Partners fits a seller
Granite Creek fits an owner who wants choices beyond a full sale. It can buy control, take a minority stake with part of the money as subordinated debt, or fund a management team that is buying out a founder or corporate parent. In its 2019 Morrow Sodali deal, a $15 million investment split between debt and equity let management keep control. Founders can also step back while keeping a stake: at Global Animal Products in 2024, the founder kept a minority share and a board seat while managers bought in.
Because part of the capital can be debt, an owner should ask how much of the investment is equity, what the debt costs, and who will control the board. It is also worth asking how much room is left in FlexCap III, which was about two-thirds invested by April 2025, and whether a new fund is planned.
Questions owners ask
What size company does Granite Creek invest in?
Its corporate investing criteria call for $25 million to $100 million of revenue and $3 million to $15 million of EBITDA, with EBITDA margins above 10% and gross margins above 30%. It typically invests $15 million to $30 million in each company.
Will Granite Creek take a minority stake?
Yes. Its target deal types include growth financing and partial recapitalizations as well as control deals. In 2019 it put $15 million into Morrow Sodali as a mix of subordinated debt and minority equity, which let the management team keep a controlling position.
Does Granite Creek invest in agriculture businesses?
Yes. Agribusiness is a dedicated strategy with its own operating partners. Recent examples include Global Animal Products in November 2024, Seedbox Solution in December 2024, Ritchie Industries in January 2025 and Climalock in September 2026.
Does Granite Creek invest alongside other firms?
Sometimes. A partner said in 2025 that the firm usually invests on its own and brings in a partner on about one deal in five. Rural American Fund joined the Ritchie Industries buyout, and Columbia Basin Partners joined the October 2026 Matheson Industrial acquisition.
Sources
- S1Granite Creek Capital Partners home page Accessed October 29, 2026
- S2Granite Creek: About Accessed October 29, 2026
- S3Granite Creek: Our Businesses Accessed October 29, 2026
- S4Granite Creek: Corporate Investing criteria Accessed October 29, 2026
- S5Granite Creek: Agribusiness Investing Accessed October 29, 2026
- S6Granite Creek: Portfolio, current companies Accessed October 29, 2026
- S7Granite Creek: Portfolio, exited companies Accessed October 29, 2026
- S8Granite Creek: News Accessed October 29, 2026
- S9Granite Creek Capital Raises $300 Million for Growth Investments (WSJ Pro coverage posted by the firm, November 2023) Accessed October 29, 2026
- S10Granite Creek Around Two-Thirds Deployed on FlexCap III Fund (Mergermarket coverage posted by the firm, April 2025) Accessed October 29, 2026
- S11Granite Creek Announces Investment in Climalock (September 22, 2026) Accessed October 29, 2026
- S12Granite Creek Announces Investment in Matheson Industrial (October 21, 2026) Accessed October 29, 2026
- S13Peak Toolworks Announces Acquisition of Southern Carbide (October 29, 2025) Accessed October 29, 2026
Compiled by Greymont Advisors from public sources, including the firm’s own website and press releases. Greymont is not affiliated with Granite Creek Capital Partners. Figures are as reported on the dates shown and may have changed. Request a correction