Evergreen private investment and holding company
Granite Partners
- HeadquartersSt. Cloud, MN S1
- Founded2002 S2
- Websitegranite.com
- Last verifiedOctober 26, 2026
At a glance
| EBITDA range | $5M to $30M S3 |
|---|---|
| Deal types | Platform, Add-on S3 |
| Geography | Minnesota and nearby states (platforms), Any location (add-ons) S3 |
| Sectors | Industrial & Manufacturing, Software & SaaS |
What Granite Partners buys
Granite Partners is a St. Cloud, Minnesota firm founded in 2002 that buys established companies from retiring owners and means to keep them for generations. It is not a fund with an end date. It is an evergreen holding company whose capital comes from more than 300 members: individuals, families and foundations, many with Minnesota roots, who own units in Granite and receive yearly cash distributions. Its ten platform companies are business-to-business niche leaders, mostly manufacturers of things like flex circuits, composites, valves, packaging machinery, medical equipment, grinding equipment and windows, plus one public safety software company.
For a new platform, Granite wants an owner-operated company in or around Minnesota with $5 million to $30 million of EBITDA and usually more than 20 years in business. Add-ons can be anywhere, and its recent ones were based in California, Texas, Pennsylvania and Illinois. A seller can take a mix of cash, retained ownership, Granite membership units, management equity and seller notes.
Recent deals
Announced in the 24 months before October 26, 2026.
| Date | Company | Type | Sector | Source |
|---|---|---|---|---|
| Jul 2026 | Flex Interconnect TechnologiesMilpitas, California maker of prototype and short-run flex circuits joined All Flex Solutions; closed June 30, 2026 | Add-on | Industrial & Manufacturing | Source |
| Jun 2026 | Bedford Reinforced PlasticsPennsylvania composites maker joined GEOTEK and Strongwell in the STRONGTEK holding company; the owner kept a stake and became a Granite member | Add-on | Industrial & Manufacturing | Source |
| Apr 2026 | LeggeroTexas mobility and seating products maker joined AltimateMedical; the founding family kept an ownership stake | Add-on | Industrial & Manufacturing | Source |
| Sep 2025 | Eric'sons (Dura Trench)Composite trench and trench drain maker joined GEOTEK | Add-on | Industrial & Manufacturing | Source |
| Apr 2025 | TherafinIllinois maker of rehabilitation seating and positioning products joined AltimateMedical | Add-on | Industrial & Manufacturing | Source |
| Mar 2025 | ADCOCalifornia cartoning machinery maker joined Massman Companies, its sixth add-on under Granite | Add-on | Industrial & Manufacturing | Source |
Portfolio by sector
From the firm's portfolio page S4.
Industrial & Manufacturing
- All Flex Solutions
- AltimateMedical
- DeZURIK
- GEOTEK
- Massman Companies
- Rotochopper
- Strongwell
- Vector
Software & SaaS
- GeoComm
Other
- Microbiologics
Greymont’s take
How Granite Partners fits a seller
Granite fits a retiring owner of a Minnesota-area manufacturer or other niche B2B company who cares most about what happens to the business and its people after the sale. Because Granite is evergreen and says it buys to own over generations, there is no fund clock pushing for a resale a few years later. Several recent sellers kept a stake: the Leggero family retained ownership when it joined AltimateMedical in April 2026, and Bedford's owner rolled equity and became a Granite member in May 2026.
Owners outside Minnesota will usually fit only as an add-on to one of the ten Granite companies. Before signing, an owner should ask how an offer splits cash and membership units, and how and when units can later be sold back, since Granite says transfers and redemptions happen once a year.
Questions owners ask
Does Granite Partners buy companies outside Minnesota?
For a new platform it looks for companies in or around Minnesota, but it says it will buy add-ons in any geography. Its add-ons since 2025 were based in California, Texas, Pennsylvania and Illinois, and one had plants in Utah, Georgia and Virginia.
What size company does Granite Partners look for?
For platform partnerships it targets companies with $5 million to $30 million of EBITDA and, in most cases, more than 20 years of operating history. It does not publish a size range for add-ons; Therafin, bought in 2025, had 33 employees.
Is Granite Partners a private equity fund?
Not in the usual sense. It is an SEC-registered investment adviser with an evergreen structure funded by more than 300 members, and it aims to own its companies for generations instead of selling them after a set holding period.
Can an owner keep a stake after selling to Granite?
Yes. Deal packages can combine cash, continued ownership, Granite membership units, leadership equity and owner's notes. Owners can also trade company stock for Granite membership units of equal value, as Bedford's owner did in 2026.
Sources
- S1Granite Partners home page Accessed October 26, 2026
- S2Granite Partners: About Accessed October 26, 2026
- S3Granite Partners: Investment Approach Accessed October 26, 2026
- S4Granite Partners: Companies Accessed October 26, 2026
- S5Granite Partners: Membership Accessed October 26, 2026
- S6Granite Partners: News & Insights Accessed October 26, 2026
- S7All Flex Solutions Welcomes Flex Interconnect Technologies (July 9, 2026) Accessed October 26, 2026
- S8Granite Partners Welcomes Bedford Reinforced Plastics (June 25, 2026) Accessed October 26, 2026
- S9AltimateMedical Welcomes Leggero (April 22, 2026) Accessed October 26, 2026
- S10GEOTEK Welcomes Eric'sons (September 5, 2025) Accessed October 26, 2026
- S11AltimateMedical Welcomes Therafin (April 7, 2025) Accessed October 26, 2026
- S12Massman Companies Welcomes ADCO (March 21, 2025) Accessed October 26, 2026
- S13Granite Partners: Disclosures 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 Granite Partners. Figures are as reported on the dates shown and may have changed. Request a correction