Lower middle market growth private equity firm

GreyLion

Formerly PWP Growth Equity

  • HeadquartersNew York, NY S1
  • Founded2020 S7
  • Websitegreylion.com
  • Last verifiedOctober 20, 2026

At a glance

Assets under management$2B (as of June 2026) S2
Check size$25M to $125M S2
Deal typesPlatform, Add-on, Minority, Growth S9
GeographyUnited States S2
SectorsIT Services & MSP, Software & SaaS, Education, Industrial & Manufacturing, Veterinary

What GreyLion buys

GreyLion is a New York private equity firm that backs fast-growing lower middle market companies, most often as the first outside investor a founder has taken on. It puts $25 million to $125 million into each company, mainly US businesses, and keeps debt light so profits can go back into growth. Its two broad areas are services (business services, training and compliance, healthcare and veterinary services, IT services and software) and specialized industrials (aerospace and defense parts, building products, contract manufacturing and engineered components). It can take control or a minority stake and looks for owners willing to roll over part of their equity.

The team ran PWP Growth Equity inside Perella Weinberg Partners before spinning out in 2020, and now manages three funds with about $2.0 billion of commitments, counting co-investment. It does not publish a revenue or EBITDA floor. Recent new investments include Slipstream, an IT managed services provider for drug makers, Torginol, Essential Veterinary Partners and Tanis Brush. Smaller companies usually meet GreyLion as add-ons: 360training alone has made eight acquisitions since April 2025.

Recent deals

Announced in the 24 months before October 20, 2026.

DateCompanyTypeSectorSource
Sep 2026Atlantic TrainingAssets of an HR compliance, OSHA and workplace safety training provider added to 360trainingAdd-onEducationSource
Aug 2026eMedCertOnline life support certification brand for clinicians added to 360trainingAdd-onEducationSource
Aug 2026Seven compliance training brandsHealthcare, OSHA, food handler, forklift and driving safety training brands from a San Antonio operator added to 360trainingAdd-onEducationSource
Jul 2026Hyatt Die Cast & EngineeringDie casting company added to ADC AerospaceAdd-onIndustrial & ManufacturingSource
Jul 2026EcholocityWork management and project office consulting practice added to SlipstreamAdd-onIT Services & MSPSource
May 2026Tanis BrushNew partnership with a maker of custom and stock industrial brushesInvestmentIndustrial & ManufacturingSource
Feb 2026Canadian Food Safety Group (SafeCheck)Canadian online food handler certification brands added to 360trainingAdd-onEducationSource
January 2026Essential Veterinary PartnersNew platform that partners with general practice veterinary clinics; it made its first clinic acquisition in January 2026InvestmentVeterinarySource
Dec 2025Chips UnlimitedAdded to Torginol, the decorative flooring flake makerAdd-onIndustrial & ManufacturingSource
Dec 2025UST TrainingUnderground storage tank safety training added to 360trainingAdd-onEducationSource
Nov 2025The RealRealSold its interest in the listed luxury resale company, and its managing partner left the boardExitSource
Aug 2025SlipstreamInvestment alongside Denali Growth Partners in a managed IT services and consulting provider for the pharmaceutical industryInvestmentIT Services & MSPSource
Jun 2025TorginolMaker of decorative flakes and quartz for resin flooring systemsInvestmentIndustrial & ManufacturingSource
May 2025Ready Training OnlineConvenience store and restaurant workforce training provider added to 360trainingAdd-onEducationSource
Apr 2025On The Fly brandsTABC, BASSET and Certified On The Fly alcohol server training brands added to 360trainingAdd-onEducationSource
Apr 2025My Mortgage TrainerMortgage licensing and continuing education provider added to 360trainingAdd-onEducationSource
Mar 2025Canadian Concrete ExpoTrade show added to Trifecta Collective, its first outside the United StatesAdd-onSource

Portfolio by sector

From the firm's portfolio page S3.

Consumer & Food

  • Black Bear Diner
  • Luna Grill

Education

  • 360training

Industrial & Manufacturing

  • ADC Aerospace
  • Delphon
  • Tanis Brush
  • Torginol

IT Services & MSP

  • Slipstream

Software & SaaS

  • Hyphen Solutions
  • Webconnex

Veterinary

  • Essential Veterinary Partners

Other

  • Birdseye Security Solutions
  • Swyft Filings
  • Trifecta Collective

Past investments: BuildASign, Fashion to Figure, Metal-Era, MOD Pizza, MSA Security, Norwood Sawmills, Quick Med Claims, SkinSpirit, The RealReal, TickPick, Trench Plate Rental Company, Western Window Systems, YouFit Health Clubs

Greymont’s take

How GreyLion fits a seller

GreyLion suits founders of growing services, software or niche manufacturing businesses who want a first outside partner rather than a clean exit. Its equity checks start at $25 million, which points to companies with real scale, so smaller owners will more often meet it as an add-on to 360training, ADC Aerospace, Slipstream or another company the firm marks as actively buying. The firm says it uses modest or no leverage and can take a minority stake, which can leave a founder with more ownership and less balance-sheet risk than a typical leveraged buyout.

Owners should ask whether GreyLion would want control or a minority position in their case, how much equity they would be expected to roll over, and how the firm decides when it is time to sell.

Questions owners ask

How much does GreyLion invest in each company?

Its June 2026 fact sheet says it puts $25 million to $125 million into each investment, mostly in companies based in the United States, and keeps leverage modest.

Does GreyLion invest in IT services companies?

Yes. In August 2025 it invested in Slipstream, a managed IT services and consulting provider for the pharmaceutical industry, and Slipstream added the consultancy Echolocity in July 2026. IT services is one of its listed focus areas.

Will GreyLion take a minority stake?

It can. Its LIFT framework says it is open to minority investments, and its press releases describe both minority and control structures. It also looks for owners who keep part of their equity.

Is GreyLion the same firm as PWP Growth Equity?

In effect, yes. The GreyLion team ran PWP Growth Equity, the middle market private equity group of Perella Weinberg Partners, and spun out as an independent firm in 2020. Older holdings such as ADC Aerospace and 360training date from that period.

Sources

  1. S1GreyLion home page Accessed October 20, 2026
  2. S2GreyLion Fact Sheet (June 2026) Accessed October 20, 2026
  3. S3GreyLion: Current and Former Portfolio Accessed October 20, 2026
  4. S4GreyLion News Releases Accessed October 20, 2026
  5. S5GreyLion: LIFT Framework Accessed October 20, 2026
  6. S6GreyLion: Our Strategy Accessed October 20, 2026
  7. S7GreyLion Capital Completes Spin Out From Perella Weinberg Partners Capital Management LP (June 16, 2020) Accessed October 20, 2026
  8. S8Alloy Die Casting Announces Investment from PWP Growth Equity (August 26, 2019) Accessed October 20, 2026
  9. S9GreyLion Expands Portfolio with Two Investments (January 10, 2022) Accessed October 20, 2026
  10. S10GreyLion: Slipstream Accessed October 20, 2026

Compiled by Greymont Advisors from public sources, including the firm’s own website and press releases. Greymont is not affiliated with GreyLion. Figures are as reported on the dates shown and may have changed. Request a correction

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