Lower middle market private equity and credit firm

Graycliff Partners

At a glance

Assets under management$1B (as of Oct 2026) S2
Latest fundGCP Ascend LP, $100M (Oct 2024) S6
EBITDA range$1M to $50M S3
Revenue range$10M to $200M S3
Check size$5M to $100M S3
Deal typesPlatform, Add-on, Minority S3
GeographyUnited States S3
SectorsIndustrial & Manufacturing, Distribution

What Graycliff Partners buys

Graycliff Partners is a New York firm that both buys and lends to lower middle market companies, mostly in the U.S. The team began in 1991 inside HSBC, went independent in 2011 and now manages more than $1 billion. Its equity funds make control buyouts of founder and family businesses in niche manufacturing, value-added distribution and industrial or business services. The main buyout fund looks for $4 million to $50 million of EBITDA, $10 million to $200 million of revenue, margins above 10% and strong free cash flow, and it invests $10 million to $100 million.

Smaller companies have their own door. GCP Ascend, a $100 million fund closed in October 2024, buys businesses with $1 million to $4 million of EBITDA and puts in more than $5 million each; its first two platforms were Richardson Saw & Lawnmower and ValveTek and MeterTek. Separate credit funds lend unitranche and junior debt, often with a minority equity stake, to companies with about $3 million to $25 million of EBITDA. All twelve current equity companies are seeking add-ons.

Recent deals

Announced in the 24 months before October 26, 2026.

DateCompanyTypeSectorSource
Oct 2026ValveTek and MeterTekSecond GCP Ascend platform: water meter, valve and hydrant services for Northeast water utilities; the three owners stay onPlatformSource
Jul 2026WeChemLouisiana specialty cleaning chemical maker added to Diamond ChemicalAdd-onIndustrial & ManufacturingSource
Jul 2026Vinyl KraftOhio vinyl window and door maker added to VytexAdd-onIndustrial & ManufacturingSource
Jun 2026Space Age ElectronicsCredit fund: unitranche loan backing DelCam Capital's refinancing of a fire and life safety equipment makerInvestmentIndustrial & ManufacturingSource
May 2026Apex PlumbingCredit fund: unitranche debt and equity co-investment backing Pearl Street Capital's purchase of a Tampa Bay plumbing, HVAC and electrical contractorInvestmentHVAC, Plumbing & ElectricalSource
May 2026Nyco ProductsIllinois cleaning and sanitizing chemical maker added to Diamond ChemicalAdd-onIndustrial & ManufacturingSource
May 2026Tramont ManufacturingMilwaukee maker of generator enclosures and fuel tanks for backup power; the executive chairman keeps a meaningful stakePlatformIndustrial & ManufacturingSource
May 2026Global Facility Management & ConstructionCredit fund: unitranche debt and equity co-investment backing Hastings Equity Partners' purchase of a facility repair and maintenance companyInvestmentSource
Apr 2026Premier Outdoor LivingCredit fund: subordinated debt for a maker of synthetic lumber and outdoor furnitureInvestmentIndustrial & ManufacturingSource
Feb 2026Palmetto MoonCredit fund: subordinated debt and a minority equity stake in a Southeast specialty retailer that funded a shareholder distributionMinorityConsumer & FoodSource
Dec 2025Durex ProductsWisconsin screening products maker added to Gerard Daniel WorldwideAdd-onIndustrial & ManufacturingSource
Oct 2025NualightIrish maker of refrigerated display case lighting added to FulhamAdd-onIndustrial & ManufacturingSource
Oct 2025Dynamic Drain TechnologiesCredit fund: unitranche debt and equity co-investment backing O2 Investment Partners' purchase of a trenchless pipe lining companyInvestmentConstruction ServicesSource
Sep 2025RoscoFamily-owned maker of mirrors, cameras and driver-assist vision systems for commercial vehiclesPlatformIndustrial & ManufacturingSource
Sep 2025Integrity Assessment GroupInspection and cathodic protection services added to XCEL NDTAdd-onSource
Sep 2025VytexMaryland maker of vinyl replacement windows and patio doorsPlatformIndustrial & ManufacturingSource
Jul 2025Richardson Saw & LawnmowerFirst GCP Ascend platform: Dallas dealer and servicer of outdoor power equipment; the second-generation owner stays as presidentPlatformDistributionSource
Jul 2025Griswold Home CareCredit fund: unitranche loan refinancing a non-medical home care franchisorInvestmentHealthcare ServicesSource
May 2025TriStar PlasticsCredit fund: unitranche debt and equity co-investment backing Sky Peak Capital's purchase of a plastic bearing makerInvestmentIndustrial & ManufacturingSource
Feb 2025T.F. Ehrhart CompanyIllinois HVAC equipment distributor combined with RepublicAdd-onDistributionSource
Feb 2025Guidewell EducationCredit fund: unitranche debt and minority equity for an admissions counseling and tutoring companyMinorityEducationSource
Jan 2025Global Compression ServicesCredit fund: subordinated debt and equity co-investment backing Lion Equity Partners' carve-out of a gas compressor parts distributorInvestmentDistributionSource
Jan 2025Boss IndustriesIndiana maker of vehicle-mounted air compressors and power systems for work trucksPlatformIndustrial & ManufacturingSource
Dec 2024Landmark StructuresElevated water tank designer and builder sold to Cerberus Capital ManagementExitIndustrial & ManufacturingSource

Portfolio by sector

From the firm's portfolio page S4.

Credit

  • Space Age Electronics
  • Apex Plumbing
  • Global Facility
  • Premier Outdoor Living
  • Vast Coworking
  • Palmetto Moon
  • Dynamic Drain Technologies
  • Civica Media
  • Griswold Home Care
  • TriStar Plastics
  • Guidewell Education
  • Global Compression Services
  • REI Utility Services
  • Attic Breeze
  • Phaedon
  • Rishi Tea & Botanicals
  • Griffin Fluid Management
  • Phlebotomy Training Specialists
  • Ferrovia Services
  • BDV Solutions
  • Newair
  • ATRO Engineered Systems
  • First Class Air Support
  • Japonesque
  • Custom Profile
  • AmpliSource
  • VoiceComm
  • AMTEX
  • Williams AV
  • Super Color Digital

Equity

  • Tramont
  • Rosco
  • Vytex
  • Boss Industries
  • Diamond Chemical
  • XCEL NDT
  • Republic
  • Fulham
  • CHawk International
  • Gerard Daniel Worldwide

Equity - Ascend

  • ValveTek and MeterTek
  • Richardson Saw & Lawnmower

Greymont’s take

How Graycliff Partners fits a seller

Graycliff suits owners of manufacturing, distribution and industrial service businesses who want a control buyer that keeps them involved. In its recent platform deals the people who built the company stayed: the three ValveTek owners, Richardson's second-generation owner, the family behind Rosco, and Tramont's executive chairman, who kept a meaningful stake. Owners with $1 million to $4 million of EBITDA should ask for the Ascend team, which was set up for that size, while larger companies go to the main fund. A business that fits one of the twelve equity platforms, such as Diamond Chemical in cleaning chemicals or Gerard Daniel in wire cloth, could also join as an add-on, often a faster route. Two questions to ask early: which Graycliff fund would own the company, and how much of the price would be paid in cash at closing versus equity rolled into the new company.

Questions owners ask

Does Graycliff buy companies with less than $4 million of EBITDA?

Yes. Its GCP Ascend fund, which closed with $100 million in October 2024, makes control buyouts of founder and family businesses with $1 million to $4 million of EBITDA. Its platforms so far are Richardson Saw & Lawnmower (July 2025) and ValveTek and MeterTek (October 2026).

What size company fits Graycliff's main buyout fund?

The main equity strategy looks for $4 million to $50 million of EBITDA, $10 million to $200 million of revenue and EBITDA margins above 10%, and it invests $10 million to $100 million per deal. Its fifth flagship fund closed at a $600 million hard cap in October 2023.

Does the owner stay involved after Graycliff invests?

Usually. Graycliff says most of its investments have been partnerships with founders and management teams. In its 2025 and 2026 deals the owners of ValveTek and Richardson kept their leadership roles, and Rosco's family CEO continues to run the business day to day.

Does Graycliff provide debt as well as equity?

Yes. Its credit funds provide unitranche loans, subordinated debt, structured junior capital and minority equity in any industry, for companies with roughly $3 million to $25 million of EBITDA. Most recent credit deals backed other private equity firms' purchases, such as Pearl Street Capital's acquisition of Apex Plumbing in May 2026.

Sources

  1. S1Graycliff Partners home page Accessed October 26, 2026
  2. S2Graycliff Partners: About Accessed October 26, 2026
  3. S3Graycliff Partners: Investment Approach (Equity, Credit and Ascend criteria) Accessed October 26, 2026
  4. S4Graycliff Partners: Investments Accessed October 26, 2026
  5. S5Graycliff Partners: Contact (offices) Accessed October 26, 2026
  6. S6Graycliff Holds Single Closing for $100 Million Small-cap Buyout Fund, GCP Ascend LP (October 1, 2024) Accessed October 26, 2026
  7. S7Graycliff Holds Single Closing for $600 Million Buyout Fund (October 16, 2023) Accessed October 26, 2026
  8. S8Graycliff Partners: News Accessed October 26, 2026
  9. S9Graycliff Partners Invests in ValveTek and MeterTek (October 5, 2026) Accessed October 26, 2026
  10. S10Graycliff Partners Invests in Rosco Vision (September 23, 2025) Accessed October 26, 2026
  11. S11Graycliff Partners: AmpliSource investment page 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 Graycliff Partners. Figures are as reported on the dates shown and may have changed. Request a correction

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