Lower middle market private investment firm
Iron Creek Partners
Formerly Cerca Group
- HeadquartersSanta Fe, NM S1
- Founded2009 S5
- Websiteironcreek.com
- Last verifiedNovember 4, 2026
At a glance
| Assets under management | $200M (as of March 2026) S1 |
|---|---|
| EBITDA range | $2M to $5M S2 |
| Deal types | Platform, Add-on, Growth S2 |
| Geography | United States, Canada S2 |
| Sectors | Software & SaaS, Accounting & Professional Services, Education |
What Iron Creek Partners buys
Iron Creek Partners is a Santa Fe, New Mexico investment partnership with more than $200 million under management, founded by John Bingaman in 2009 and formerly known as Cerca Group. It buys majority stakes in software and technology-enabled services companies across the United States and Canada. Target areas include SaaS and licensed software, data, communications, media, and education and training. It typically looks for $2 million to $5 million of EBITDA, or less for a company still in early growth. At least half of revenue should be recurring or re-occurring, and no customer should exceed 25% of sales.
Deals are usually acquisitions, recapitalizations or growth investments done alongside management, and it can offer a full exit or a majority recap. Main Street Capital has joined it on several. The firm also backs independent sponsors, though it is not committing to new search funds for now. Because the range starts low, a small company can approach it directly, or may fit as an add-on to a holding such as Advantage Route.
Recent deals
Announced in the 24 months before November 4, 2026.
| Date | Company | Type | Sector | Source |
|---|---|---|---|---|
| Feb 2026 | BASELoadRecapitalization of a Rock Hill, South Carolina provider data vendor to health plans and third-party administrators | Platform | Software & SaaS | Source |
Portfolio by sector
From the firm's portfolio page S3.
Accounting & Professional Services
- CredentialCheck
- Verified Credentials
Education
- Career TEAM
Software & SaaS
- Advantage Route
- BASELoad
- MoneyThumb
- SlickText
Past investments: CAI Software, Inventus, IRTH Solutions, SambaSafety
Greymont’s take
How Iron Creek Partners fits a seller
Iron Creek suits the owner of a small software, data or tech-enabled services company who wants a full exit or a majority recapitalization without waiting to get bigger. Its size range is low for institutional money, and it will either back the current team or help replace a departing leader. At MoneyThumb, the founder stepped down as CEO, moved to an advisory role and kept his board seat, while a longtime executive became CEO and invested. It can also hold for years: it backed CAI Software from 2014 until a 2021 sale.
With a three-person team and only a few new platforms in recent years, ask how much help with hiring and add-ons to expect. Also ask how much equity goes to managers and how much debt the deal will carry.
Questions owners ask
What size company does Iron Creek Partners buy?
It typically invests in companies with $2 million to $5 million of EBITDA and will go lower for businesses in early growth. It asks for at least 50% recurring or re-occurring revenue.
Is Iron Creek Partners the same firm as Cerca Group?
Yes. Iron Creek says it is the successor to Cerca Group LLC, the name on its deal announcements from 2011 to 2014, when the firm was described as based in New York City.
What is Iron Creek's most recent deal?
It led the recapitalization of BASELoad, a Rock Hill, South Carolina vendor of provider data tools for health plans, announced February 5, 2026. Before that it bought MoneyThumb in August 2024.
Does Iron Creek back search funds and independent sponsors?
It regularly backs independent sponsors and reports more than thirty such deals since 2017. It has also funded search capital and gap equity, but says it is not committing to new search funds now.
Sources
- S1Iron Creek Partners home page Accessed November 4, 2026
- S2Iron Creek Partners: Approach (criteria, segments, capabilities, independent sponsors) Accessed November 4, 2026
- S3Iron Creek Partners: Companies Accessed November 4, 2026
- S4Iron Creek Partners: News Accessed November 4, 2026
- S5Iron Creek Partners: Team Accessed November 4, 2026
- S6Leading FinTech MoneyThumb Acquired by Iron Creek (August 29, 2024) Accessed November 4, 2026
- S7Main Street Announces New Portfolio Investment (February 5, 2026) Accessed November 4, 2026
- S8BASELoad: About Accessed November 4, 2026
Compiled by Greymont Advisors from public sources, including the firm’s own website and press releases. Greymont is not affiliated with Iron Creek Partners. Figures are as reported on the dates shown and may have changed. Request a correction