Lower middle market private equity firm

Gryphon

  • HeadquartersSan Francisco, CA S5
  • Founded1995 S1
  • Websitegryphon-inv.com
  • Last verifiedOctober 19, 2026

At a glance

Assets under management$10B (as of Aug 2026) S6
Latest fundGryphon VI Top-Up Co-Investment Partners, $770M (Aug 2026) S6
EBITDA rangeUp to $80M S2
Check size$50M to $500M S2
Deal typesPlatform, Add-on, Growth S2
GeographyNorth America S2
SectorsEnvironmental & Waste, IT Services & MSP, Cybersecurity, Software & SaaS, Healthcare Services, HVAC, Plumbing & Electrical, Industrial & Manufacturing, Consumer & Food

What Gryphon buys

Gryphon Investors is a San Francisco firm, founded in 1995 and managing more than $10 billion, that buys lower middle market companies in five areas: business services, consumer products and services, healthcare, industrial growth, and technology solutions and services. For private equity deals it puts $50 million to $500 million into companies with EBITDA of up to $80 million, through traditional buyouts, buy and build plans or growth buyouts in which it holds or shares control. Companies must be based in North America. Niches it names include residential services, environmental services, multi-site healthcare, cloud and managed IT services, and cybersecurity.

It invests through a flagship fund, a Heritage strategy aimed at smaller companies, and a junior capital fund that lends to sponsor-backed businesses. Gryphon counts 75 platforms and more than 550 add-ons since 1995, so most owners of smaller businesses will meet it through a platform that is buying, such as Wind River Environmental in septic and liquid waste, Repipe Specialists in plumbing, or Caylent in cloud services.

Recent deals

Announced in the 24 months before October 19, 2026.

DateCompanyTypeSectorSource
Oct 2026Thermal ProductsHeat transfer and process equipment provider joined Thermal Technology Distribution SolutionsAdd-onDistributionSource
Aug 2026Jensen HughesAgreement to sell the fire protection and safety engineering firm to New Mountain CapitalExitSource
Aug 2026Gryphon VI Top-Up Co-Investment PartnersFinal close above $770 million against a $650 million target; invests next to the Gryphon VI flagship fundFund closeSource
Mar 2026J&M TransferFamily-owned Rhode Island sludge hauler joined Wind River EnvironmentalAdd-onEnvironmental & WasteSource
Mar 2026OTEXMaker of tech-enabled protective equipment joined Mechanix WearAdd-onSource
Mar 2026HRSoftMajority stake in a compensation management software company; prior backer Bow River Capital kept a minority stakePlatformSoftware & SaaSSource
Feb 2026Ophthalmic Associates of AlexandriaOphthalmology practice became the 27th add-on for Vision Innovation PartnersAdd-onHealthcare ServicesSource
Jan 2026SymproveUK probiotic brand joined MetagenicsAdd-onConsumer & FoodSource
Jan 2026Safety Management GroupOutsourced safety services provider bought from NMS Capital; the CEO keeps a meaningful stakePlatformSource
Jan 2026FortreumMajority growth recapitalization of a cybersecurity audit and compliance firm; both co-founders kept a significant stakeGrowthCybersecuritySource
Jan 20263CloudSale of the Microsoft Azure services firm to Cognizant completedExitIT Services & MSPSource
Dec 2025Safety Management ServicesProcess safety engineering and testing firm joined Jensen HughesAdd-onSource
Nov 2025Praxis SolutionsSalesforce consulting partner joined Rootstock SoftwareAdd-onSoftware & SaaSSource
Oct 2025ShermcoSale of the electrical testing and repair company to Blackstone, valued at about $1.6 billion, completedExitSource
Oct 2025Trek10AWS partner with a managed services practice joined CaylentAdd-onIT Services & MSPSource
Oct 2025Nick's Plumbing & Air ConditioningHouston plumbing and air conditioning company joined Southern Home Services and keeps its nameAdd-onHVAC, Plumbing & ElectricalSource
Jun 2025Eye Care of DelawareEye care practice joined Vision Innovation PartnersAdd-onHealthcare ServicesSource
Jun 2025KincoFamily-owned glove maker joined Mechanix Wear; the owner stays as president with a minority stakeAdd-onSource
Jun 2025Eastern High VoltageNortheast electrical testing firm joined ShermcoAdd-onSource
Jan 2025A-1 Total Service PlumbingLos Angeles plumbing and pipe lining company joined Repipe Specialists; its founder kept a significant stakeAdd-onHVAC, Plumbing & ElectricalSource
Jan 2025SpindriftMajority stake in the sparkling water brand; the founder kept equity and moved to board chairPlatformConsumer & FoodSource
Dec 2024Kano LaboratoriesSale of the industrial lubricants maker completedExitIndustrial & ManufacturingSource
Dec 2024phDataMajority growth recapitalization of a data and AI services firm; management kept a significant stakeGrowthIT Services & MSPSource
Dec 2024Applied Thermal SystemsMinneapolis distributor of electric heaters and controls joined Thermal Technology Distribution SolutionsAdd-onDistributionSource

Portfolio by sector

From the firm's portfolio page S4.

Business Services

  • Jensen Hughes
  • North American Essential Home Services (NAEHS)
  • Repipe Specialists
  • Safety Management Group
  • Wind River Environmental

Consumer Products & Services

  • Double Wood Supplements
  • Goodier
  • Mechanix Wear
  • Metagenics
  • Milani
  • Revision Skincare
  • Spindrift
  • Vetnique Labs

Healthcare

  • AQUA Dermatology
  • Heartland Veterinary Partners
  • LEARN Behavioral
  • Physical Rehabilitation Network (PRN)
  • Smile Brands
  • Vision Innovation Partners

Industrial Growth

  • AirX Climate Solutions
  • Pacur
  • RapidAir
  • Techmer
  • Thermal Technology Distribution Solutions
  • Transportation Insight
  • Vessco
  • Vivify Ingredients

Online Learning

  • Meazure Learning

Technology Solutions & Services

  • Caylent
  • Fortreum
  • HRSoft
  • NewRocket
  • phData
  • RegEd
  • Rootstock Software

Greymont’s take

How Gryphon fits a seller

Gryphon fits a sizable, well-run company whose owner wants a large partner with its own operating executives. Founders often keep a real stake: Spindrift's founder kept equity and became board chair in 2025, and Fortreum's two co-founders kept a significant share in the January 2026 deal.

For smaller service businesses the likelier buyer is a Gryphon platform. Wind River Environmental has made more than 100 acquisitions in septic, grease and wastewater services, including family-owned J&M Transfer in 2026, and Repipe Specialists let the founder of A-1 Total Service Plumbing keep a significant stake when it bought his company. Gryphon also sells steadily: it closed sales of Kano Laboratories, Shermco and 3Cloud between December 2024 and January 2026 and agreed to sell Jensen Hughes in August 2026. An owner who rolls equity should ask how long Gryphon expects to hold the platform and how the rollover is treated at exit.

Questions owners ask

What size companies does Gryphon invest in?

For private equity deals it invests $50 million to $500 million in North American companies with EBITDA of up to $80 million. A separate junior capital fund puts $5 million to $25 million into the debt and preferred securities of sponsor-backed companies.

Does Gryphon buy waste or environmental services businesses?

Yes, mainly through Wind River Environmental, its septic, grease trap and liquid waste platform since 2017. Wind River has completed more than 100 acquisitions, including J&M Transfer, a family-owned Rhode Island sludge hauler, in March 2026.

Does Gryphon invest in IT services companies?

Yes. Its technology group targets cloud, data and AI services, managed services and cybersecurity. Current holdings include Caylent, NewRocket, phData and Fortreum, and it sold Azure services firm 3Cloud to Cognizant in January 2026.

What is Gryphon's newest fund?

In August 2026 it held a final close of Gryphon VI Top-Up Co-Investment Partners with more than $770 million of commitments, above a $650 million target. That vehicle invests next to Gryphon VI, its current flagship fund.

Sources

  1. S1Gryphon Investors home page Accessed October 19, 2026
  2. S2Gryphon Investors: Investment Criteria Accessed October 19, 2026
  3. S3Gryphon Investors: Industries Accessed October 19, 2026
  4. S4Gryphon Investors: Private Equity Portfolio Accessed October 19, 2026
  5. S5Gryphon Investors: Contact Accessed October 19, 2026
  6. S6Gryphon Investors Announces Close of Gryphon VI Top-Up Co-Investment Partners (August 4, 2026) Accessed October 19, 2026
  7. S7Gryphon Investors: Fund Strategies Accessed October 19, 2026
  8. S8Gryphon Investors: Wind River Environmental Accessed October 19, 2026
  9. S9Gryphon Investors: News Accessed October 19, 2026

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

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